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Survey: reporting of closed credit cards

Blogger

Re: Survey: reporting of closed credit cards


lg8302ch wrote:
I am completely confused. BofA reporting the same account as OPEN and CLOSED (with comment " card lost/stolen) - Does this mean it gets counted twice for the AAofA ? it shows up as sep TL. Sorry but I am new to US reporting issues.

Can you post a screenshot of the sections that say "open" and "closed" in a new thread? This thread is for the survey .. Smiley Happy

 

Message 21 of 43
New Contributor

Re: Survey: reporting of closed credit cards

I closed Target and first premier

Citi Bank X2/ 29k-USAA Amex/Mastercard 24k-PP Mastercard 20k_
WMDiscover 20k-PenFed X2/15k
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Remaining Days-170
Message 22 of 43
Regular Contributor

Re: Survey: reporting of closed credit cards

1. When did the account get closed? 5/2004

2. How long did account reporting last after that? If your account is still being reported, please tell us the amount of time elapsed from account closing date, in years and months if possible. EQ has already taken it off their report when I checked last month - 8 years and 10 months. The account is still reporting on EX. Haven't checked TU recently so I can't comment on that.

3. What card is it? Who's the creditor? M&I Bank

4. Did the consumer or the creditor close the card? Consumer

5. Any other information and stories about the card? 

 

Also that card had perfect history. I believe there are different rules for accounts with baddies (taken off after 7 years from close?).

 


Starting Score (07/2011): EQ 706 TU 709
Current Score (6/2013): EQ 740 TU 732 EX 740
Goal Score: 750+ on all 3


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Message 23 of 43
Blogger

Re: Survey: reporting of closed credit cards

Can others share their experience as well? I don't think there are that few people that have closed credit cards ...

 

Message 24 of 43
Blogger

Re: Survey: reporting of closed credit cards

Message 25 of 43
Highlighted
Frequent Contributor

Re: Survey: reporting of closed credit cards


Roarmeister wrote:

HiLine wrote:

Roarmeister wrote:

 

Equifax removes an item from its database after 6 years after the last report so old deleted items do not enter into its AAofA.  Transunion has a different retention period and a really wacky way of doing business.  I also have a lot of accounts that I thought were closed but Transunion says they are reporting for example a car lease that closed in 2000 but was reported in 2009 and was still in their records in 2010.  A car loan that closed in 1994 that reported in 2009 was still in their records.  How does a car loan get reported on 15 years AFTER it was closed????  That makes no freaking sense!  Even more strange - Transunion has a record of hard inquires going back to 2002!

 

Hey maybe they just keep their records permanently but don't enter into their scoring system?  I don't know but Transunion is one funky weird company.


I believe that TU isn't responsible for reporting accounts; if the original creditor is still reporting closed accounts, the accounts will still stay on your report when you pull it.




Point 1:  And yet those same reported accounts aren't logged by Equifax but they ARE by Transunion. 

 

Point 2:  What would set off a lender company to report on a car loan that has been closed for 15 years except an back inquiry by the CRA itself?  There would be no point in the original creditor releasing that information unless it was in turn requested by somebody!

 

Point 3:  Transunion keeping inquires beyond 3 years is not an acceptible practise if the other CRAs automatically drop the inquires at that point.

 

I don't know if Transunions' practices are different south of the border but I find their business practices weird up here.



Mystery solved with a phone call.  Transunion pulled all records for my pre mortgage review in 2009 and in so doing created new activity dates for these old records.  They will drop off in about three years.


Starting Score: 732 October 2007; Current Score: EQ 836; TU 806, November 2017; Oldest Reporting EQ Account: 15.8 years; EQ AAoA: 8.0 years; Typical credit utilization 1.8% typical single card utilization 10.6%
Message 26 of 43
Blogger

Re: Survey: reporting of closed credit cards


Roarmeister wrote:

Roarmeister wrote:

HiLine wrote:

Roarmeister wrote:

 

Equifax removes an item from its database after 6 years after the last report so old deleted items do not enter into its AAofA.  Transunion has a different retention period and a really wacky way of doing business.  I also have a lot of accounts that I thought were closed but Transunion says they are reporting for example a car lease that closed in 2000 but was reported in 2009 and was still in their records in 2010.  A car loan that closed in 1994 that reported in 2009 was still in their records.  How does a car loan get reported on 15 years AFTER it was closed????  That makes no freaking sense!  Even more strange - Transunion has a record of hard inquires going back to 2002!

 

Hey maybe they just keep their records permanently but don't enter into their scoring system?  I don't know but Transunion is one funky weird company.


I believe that TU isn't responsible for reporting accounts; if the original creditor is still reporting closed accounts, the accounts will still stay on your report when you pull it.




Point 1:  And yet those same reported accounts aren't logged by Equifax but they ARE by Transunion. 

 

Point 2:  What would set off a lender company to report on a car loan that has been closed for 15 years except an back inquiry by the CRA itself?  There would be no point in the original creditor releasing that information unless it was in turn requested by somebody!

 

Point 3:  Transunion keeping inquires beyond 3 years is not an acceptible practise if the other CRAs automatically drop the inquires at that point.

 

I don't know if Transunions' practices are different south of the border but I find their business practices weird up here.



Mystery solved with a phone call.  Transunion pulled all records for my pre mortgage review in 2009 and in so doing created new activity dates for these old records.  They will drop off in about three years.


That's hilarious, and possibly a loophole to boost your AAoA by getting closed accounts revived!

Message 27 of 43
Established Contributor

Re: Survey: reporting of closed credit cards

my paypal mastercard still "updates" every month on TU. The notes show it as closed(in good standing), doesn't factor into credit lines and utizilation, but if you aren't paying attention it looks like an active tradeline. it was closed spring of 2013.

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Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 28 of 43
Blogger

Re: Survey: reporting of closed credit cards

Was wondering if we can get more input for this survey.

Message 29 of 43
Regular Contributor

Re: Survey: reporting of closed credit cards

1. When did the account get closed? 3/2011
2. How long did account reporting last after that? If your account is still being reported, please tell us the amount of time elapsed from account closing date, in years and months if possible. Still reporting (been 3.5 years i guess)
3. What card is it? Who's the creditor? Citi student credit card
4. Did the consumer or the creditor close the card? Creditor (still have no idea why, never any lates or baddies)
5. Any other information and stories about the card? I will never do business with Citi again! i don't think there were any rewards. This was my 1st major CC (2nd CC ever, first card was a store card).

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Message 30 of 43