General Credit Topics

[JohnnyG]

I'm trying to raise my credit score, and slowly but surely I'm paying off my debts, but I have a question about my two oldest accounts. Should I ask for them to be removed from my credit report? I feel that the comments "Credit line closed-grantor request-reported by subscriber" and "Paid: was a charge-off" are hurting my score. Or should I leave them since they are old and paid?

Account 1

Acct Name: Ford Credit

Acct Type: Auto Loan

Date Opened: 10/1/2001

Acct Status: Closed

Payment Status: Paid, was a charge-off

Account 2

Acct Name: Wells Fargo Banck

Acct Type: Credit Card

Date Opened: 8/1/2002

Acct Status: Closed

Payment Status: Paid satisfactorily

High Balance: $911

Limit: $500

Terms: Revolving

Comments: Credit line closed-grantor request-reported by subscriber

[apandabear]

Account 2 looks fine : Paid Satisfactorily as the Account Status looks good. No idea what your payment history looks like though. That would definitely play a part. Did you have any late payments?

Account 1 could be hurting you.. The paid, was a charge-off could be dragging you down. Though I would be interested to see what the veterans think about that status.

Your payment history (30, 60, 90+ lates) is probably the most important aspect of these accounts. A little more detail about that (how many, how bad, and when) would be important information if you're looking for input.

[JohnnyG]

My history is pretty bad, I was young and stupid and figured it wouldn't come back to bite me. My current Experian Score is 592, but about 6 months ago it was 542. I have 7 accounts in collections, one installment account that is current and w/ $0 balance, one credit card with $500 limit and only $29 balance. I've had the credit card for a little over a year and always been on time. I'm working on paying the collection accounts (it used to be 11 accounts).

[pizzadude]

The Auto loan charge~off comment is very likely hurting your FICO score.    I think the WF credit card comments are fine, and shouldn't impact your score negatively at all.

[drkaje]

If you can get a paid CO deleted, do it.