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Old debt

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Anonymous
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Old debt

I have an old credit that is about to come off my credit report so its about 7yrs old. It was written off and has a zero balance will it raise my credit any when it comes off?
Message 1 of 7
6 REPLIES 6
sl
Established Contributor

Re: Old debt

It may affect your score a few points but generally at the 7 year point, it really does not count in your fico score.
Message 2 of 7
Anonymous
Not applicable

Re: Old debt

Depending on what else is on your CR, you may see a slight bounce. However, most people overestimate the benefit they will receive from an old baddie falling off or being deleted.
Message 3 of 7
KarimaKC
Established Member

Re: Old debt

Would you say that it is beneficial to have old debts removed for the sake of showing fewer lates, say when repaying for the loan?  I think that the few points earn can be worth it, not to mention the decrease of lates on a credit report.  Just a thought.
Message 4 of 7
Anonymous
Not applicable

Re: Old debt



KarimaKC wrote:
Would you say that it is beneficial to have old debts removed for the sake of showing fewer lates, say when repaying for the loan?  I think that the few points earn can be worth it, not to mention the decrease of lates on a credit report.  Just a thought.



Of course it is better as you want perfect credit with no derogs, but goodwill letters
and getting the lates removed and showing pays on time is what the goal is...
Message 5 of 7
Anonymous
Not applicable

Re: Old debt

Depending on other factor it could be minor or major.  I just had a delinquency from 2000 come off my report with a 10 point bounce.  There could be other factors involved as well such as the score aging more (young accounts give you a faster bounce than older accounts).  In my case, this may have factored in as well since until June all of my open accounts with the exception of one was less than a year old.
 
What else in on your report?  What about the age of your open accounts.
Message 6 of 7
Anonymous
Not applicable

Re: Old debt



KarimaKC wrote:
Would you say that it is beneficial to have old debts removed for the sake of showing fewer lates, say when repaying for the loan?  I think that the few points earn can be worth it, not to mention the decrease of lates on a credit report.  Just a thought.


If you can get the old lates removed, by all means do.  Are we talkng multiple lates or just one? Late  payments affect the score less as time passes which explains why the 7 year mark removal doesn't have as much of an effect as some people hope, BUT having multiple lates goodwilled as ppossible can have a great impact on the score.  As long as it is ther the score does consider it
Message 7 of 7
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