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When does the clock start running on when a closed card will fall off your credit report in a situation where you continue pay down the balance after the card is closed out? Does the time run from the date the card is closed or from the date of the last payment made?
Thanks. The balance was paid off a year or two ago, so its just helping with the AAoA for now and the foreseeable future. Without that account I think this credit journey would be even tougher for sure.
@09Lexie wrote:
Hopefully, it will stay on our CR's for 7-10 yrs. I had an auto loan that was showing PIF as of6/2008 for my BMW- on my EX/EQ but not on good ol' TU. I requested an update with TU and sure enough they updated it right off my cr. I checked my other 2 CR's and it was gone from there too!
I should have left it alone and explained the discrepancy if needed.
Damn!, it seems as if the CRA's always do what is worse for you in just about any situation. If this was a negative account that should have been off of your report already, they probably would have re-aged it to today's date and told you that they won't investigate it anymore.
@red259 wrote:Thanks. The balance was paid off a year or two ago, so its just helping with the AAoA for now and the foreseeable future. Without that account I think this credit journey would be even tougher for sure.
10 yrs YMMV it should stay reporting. I know EX keeps it on the longest out of all 3 bureaus.
@LS2982 wrote:
@red259 wrote:Thanks. The balance was paid off a year or two ago, so its just helping with the AAoA for now and the foreseeable future. Without that account I think this credit journey would be even tougher for sure.
10 yrs YMMV it should stay reporting. I know EX keeps it on the longest out of all 3 bureaus.
I have a auto loan on my credit reporting still showing paid off with a zero balance as of 2005, so auto loans can be 8-10 years, credit cards, i would say if a charge off will drop in 7, but for positive closed accounts could stay on there for 10 years depending on your credit file.
It depends on why the card was closed. Was it closed due to only late payments or was it charged off or sent to collections?