Will this disappear next year?

[Anonymous]

I am still trying to understand what sorts of things will disappear and what sorts of things won't disappear next year (7 years after BK).  I ask because it seems like accounts that are closed in good standing seem to stay on your CR forever (maybe they don't really, but it seems so).  Listed below is an account that was resolved in my BK, and while it doesn't show any late payments, it does show that I had the account for less than a year, went $200+ over my limit and then rolled it into a BK. Not a good thing to see.  I would love to see it go away completely. Is that what is likely to happen next year?

Date opened  Dec, 2000

Date of last activity May, 2001

Date paid out  May, 2001

Date closed May, 2001

Credit Card Credit limit $1,500

Largest past balance $1,717

Credit Type  Revolving Account

Account holder Individual Account

Descriptions

• Account closed by consumer/Chapter 7

[Anonymous]

It should be off in June 08. You can try disputing it now and maybe get it removed a few months early.

[Anonymous]

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KevKaos wrote:

I am still trying to understand what sorts of things will disappear and what sorts of things won't disappear next year (7 years after BK).  I ask because it seems like accounts that are closed in good standing seem to stay on your CR forever (maybe they don't really, but it seems so).  Listed below is an account that was resolved in my BK, and while it doesn't show any late payments, it does show that I had the account for less than a year, went $200+ over my limit and then rolled it into a BK. Not a good thing to see.  I would love to see it go away completely. Is that what is likely to happen next year?

Date opened  Dec, 2000

Date of last activity May, 2001

Date paid out  May, 2001

Date closed May, 2001

Credit Card Credit limit $1,500

Largest past balance $1,717

Credit Type  Revolving Account

Account holder Individual Account

Descriptions

• Account closed by consumer/Chapter 7

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closed accounts in good standing stay on CR 10 years. Baddies stay 7 years.

This is a thread by NOAH. It will explain drop off times & state laws.  some state laws are in your favor but only apply to law suits that could be filed against you, NOT drop off time limits. 

Message Edited by HappyDays on 08-02-2007 04:45 PM

[Anonymous]

looking at the numbers...it seems like it was a baddie. I would say it would come off next year also.

[jackg]

Accounts that are closed and in good standing are the accounts you want to report forever. They are excellent for "AGING". DO NOT try to get them removed, you'll be sorry.

[Anonymous]

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@jackg wrote:

Accounts that are closed and in good standing are the accounts you want to report forever. They are excellent for "AGING". DO NOT try to get them removed, you'll be sorry.

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Descriptions

* Account closed by consumer/Chapter 7