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When will accounts with no close date fall off?

Community Leader
Senior Contributor

Re: When will accounts with no close date fall off?

Disdreamin --

 

What is the "date closed" as it appears on the EX and EQ report?

 

If it is of real interest to you, you might want to pull your reports from another source from myFICO.  (There are a number of ways to do this for free.)  The EQ report from Credit Karma will give you the exact "Date Closed."  Reports obatined from ACR (AnnualCreditReport.com) should do this as well.  The free monthly report from Experian might well do that too.  

 

If you would really like the account removed from your reports, I'd first use a few different report sources to see how EQ and EX are really recording the date closed.  Then you could give JC Penney a shout to see what their records show.  Shouldn't be hard to get the record corrected or deleted if as you say it has closed 15+ years ago.

 

Of course, if this account is also several years older than any other account on your reports, then you should bear in mind that its removal will hurt your "age of oldest account" factor and therefore your score. 

Message 11 of 18
Community Leader
Super Contributor

Re: When will accounts with no close date fall off?

Why is everyone so fast to want to delete positive history from their reports? LOL...I have an old Bloomingdales card, paid/good/standing etc... from 1999 on my reports with NO close date, and should have dropped off long ago.

Im not about to contact the CRA and dispute that! They can leave it on forever if they want. Its adding positive History my reports, and adding to my AHOA! Smiley Wink
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Message 12 of 18
Valued Contributor

Re: When will accounts with no close date fall off?


pizza1 wrote:
Why is everyone so fast to want to delete positive history from their reports? LOL...I have an old Bloomingdales card, paid/good/standing etc... from 1999 on my reports with NO close date, and should have dropped off long ago.

Im not about to contact the CRA and dispute that! They can leave it on forever if they want. Its adding positive History my reports, and adding to my AHOA! Smiley Wink

Agree with Pizza.🍕

Leave it alone. It's only helping you.


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 13 of 18
Established Contributor

Re: When will accounts with no close date fall off?


grillandwinemaster wrote:

pizza1 wrote:
Why is everyone so fast to want to delete positive history from their reports? LOL...I have an old Bloomingdales card, paid/good/standing etc... from 1999 on my reports with NO close date, and should have dropped off long ago.

Im not about to contact the CRA and dispute that! They can leave it on forever if they want. Its adding positive History my reports, and adding to my AHOA! Smiley Wink

Agree with Pizza.🍕

Leave it alone. It's only helping you.


While I understand what removing old, positive accounts might do to my credit score now, you have to understand that my request to remove the account dates back more than 10 years. Do you think these forums were around then to help people understand the imact? Nope. At that time, common wisdom was that old accounts should be removed and reports "cleaned up" to the extent possible.

Replanted a seedling 5/9/2015.
Message 14 of 18
Community Leader
Senior Contributor

Re: When will accounts with no close date fall off?

Disdreamin --

 

I will give you one reason why it might be a good idea to get it removed.  It's just one reason, but it's useful to know all the pros and cons for a thing before you make any decision -- whether it is credit or going on a vacation or what food you want to eat.

 

The card we are discussing is a store card.  Insurance companies purchase credit scores (typically from LewsiNexis).  In the LN insurance score model, store cards are considered a bad thing.  Every store card you have (even closed cards) lowers your score.  There are "reason codes" that specify this.  In FICO's models store cards are not considered bad.  (I cannot be absolutely certain about FICO 9 but this is true about all the other models.)  But in the LN insurance model they are.

 

Thus, you would likely benefit a bit on your LN score for having it removed.  And that LN score is used by some insurance vendors to assist in setting your premium. 

 

Here's the bottom line, in my opinion:

 

If the card is much older than all your other cards,

      then keep it.

 

If it is not.....

     Then look at how much it is helping you with your AAoA.  

     Crunch the numbers and see what your AAoA is like with it, and without it.

     If it is helping your AAoA by a substantial margin,

           then keep it

           otherwise get it deleted to help you with your LN score.

 

Message 15 of 18
Valued Contributor

Re: When will accounts with no close date fall off?


disdreamin wrote:

grillandwinemaster wrote:

pizza1 wrote:
Why is everyone so fast to want to delete positive history from their reports? LOL...I have an old Bloomingdales card, paid/good/standing etc... from 1999 on my reports with NO close date, and should have dropped off long ago.

Im not about to contact the CRA and dispute that! They can leave it on forever if they want. Its adding positive History my reports, and adding to my AHOA! Smiley Wink

Agree with Pizza.🍕

Leave it alone. It's only helping you.


While I understand what removing old, positive accounts might do to my credit score now, you have to understand that my request to remove the account dates back more than 10 years. Do you think these forums were around then to help people understand the imact? Nope. At that time, common wisdom was that old accounts should be removed and reports "cleaned up" to the extent possible.


I do understand your reasoning as far as "conventional wisdom" from back in the day goes. I probably would have done the exact same thing you did back in the 90's, in a misguided effort to clean or prune my reports. 

 

However, I was responding to the OP and there question about removing old car loan tradelines from there reports. In the case of the OP I see no benefit gained by removing ancient, positive tradelines from there reports. It's only helping them.


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 16 of 18
Moderator

Re: When will accounts with no close date fall off?

Um.

 

 

If I had a 800+ FICO score, and a tradelne that was reporting positively but in some sort of possibly broken state, I wouldn't touch it with a pole that would reach the moon from my living room.

 

Just leave it in my opinion, insurance scores (pulling any sort of credit) aren't even legal in some states, and with a file that pretty the odds you're going to get dinged on it (and to be clear we do not have direct or even ancedotal data from insurance scores other than what we've been able to find out from some posts online from LN and others) meaningfully is somewhat doubtful.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 17 of 18
Highlighted
Community Leader
Super Contributor

Re: When will accounts with no close date fall off?


Revelate wrote:

Um.

 

 

If I had a 800+ FICO score, and a tradelne that was reporting positively but in some sort of possibly broken state, I wouldn't touch it with a pole that would reach the moon from my living room.

 

Just leave it in my opinion, insurance scores (pulling any sort of credit) aren't even legal in some states, and with a file that pretty the odds you're going to get dinged on it (and to be clear we do not have direct or even ancedotal data from insurance scores other than what we've been able to find out from some posts online from LN and others) meaningfully is somewhat doubtful.


My thoughts exactly Rev!! 

 

Im just gonna let my little accts stay there, and pray they stay, LOL Smiley Wink

(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Message 18 of 18