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Valued Member
Posts: 158
Registered: ‎06-15-2007
0

Consumer Finance Loans

in college needed some consumer finance loans to keep me afloat back in 98 should I get these off? all good payment history on these?
Super Contributor
Posts: 8,178
Registered: ‎03-25-2007
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Re: Consumer Finance Loans

I don't think you can get them off.  FICO does not really like them, but if they are all good payment histories it is better than bad payment histories.  :smileyhappy:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Valued Member
Posts: 158
Registered: ‎06-15-2007
0

Re: Consumer Finance Loans

they are waaaay over the 7 year statute so why couldnt I get them off? are they lowering my score?
Super Contributor
Posts: 8,178
Registered: ‎03-25-2007
0

Re: Consumer Finance Loans

closed accounts should stay on for 10 years.  Are they waaaay over that?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Valued Member
Posts: 158
Registered: ‎06-15-2007
0

Re: Consumer Finance Loans

9.5 year mark,,,,,i dont need to delete them,,,just wasnt sure if they were hurting my score
Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
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Re: Consumer Finance Loans

I wonder them being so old if they are hurting your score?
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Consumer Finance Loans



motoracer wrote:
in college needed some consumer finance loans to keep me afloat back in 98 should I get these off? all good payment history on these?


How thin or full is your report? I think a solid, credible argument could be made that since these are negative TLs you could dispute them with the CRAs as too old to report. I say dispute them.
 
 
15 USC 1681c
 
(a) Information excluded from consumer reports
Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:
...
(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.
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