Would this account removal hurt me?

[StriderM99]

Some quick info...

I have 24 accounts in my report(s)

My AAoA is 4 Years

My oldest account is only 8 years, 9 months old

I had an auto loan through Chase Auto Financial; it was opened in 5/2004 and closed in 8/2007 (traded the car in and went with a loan from another bank)

There is one late payment of 30 days posted on the account... EQ has the late payment reported in 1/2007, TU says 2/2007

If I were to get this account removed from my report(s) all together, would that hurt me in some way? Or would it be beneficial to keep the account listed and try to GW the one late payment instead... There's some inaccurate info in my report with my personal info and the account, so I think I could get the account removed if need be..

I wanted to get the board's input on it first, though. Which route would be better to go?

Thanks guys!

PS... If you need more info to fill in any blank spots I'm forgetting to mention, let me know. Thanks!

[MarineVietVet]

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@StriderM99 wrote:

Some quick info...

I have 24 accounts in my report(s)

My AAoA is 4 Years

My oldest account is only 8 years, 9 months old

I had an auto loan through Chase Auto Financial; it was opened in 5/2004 and closed in 8/2007 (traded the car in and went with a loan from another bank)

There is one late payment of 30 days posted on the account... EQ has the late payment reported in 1/2007, TU says 2/2007

If I were to get this account removed from my report(s) all together, would that hurt me in some way? Or would it be beneficial to keep the account listed and try to GW the one late payment instead... There's some inaccurate info in my report with my personal info and the account, so I think I could get the account removed if need be..

I wanted to get the board's input on it first, though. Which route would be better to go?

Thanks guys!

PS... If you need more info to fill in any blank spots I'm forgetting to mention, let me know. Thanks!

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A single 30 day late from over 5 years ago is doing very little damage (if any) at this point. Once the late drops off at the 7 year mark (or sooner if you're lucky) the account will show as being in good standing and will continue to report as such for (generally) 10 years after the closing date.

If it were me I'd leave it alone.

[StriderM99]

If it isn't  really doing anything to my score anymore, I guess I'll leave it alone. I guess a GW letter wouldn't help much either at this point, right?

[MarineVietVet]

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@StriderM99 wrote:

If it isn't  really doing anything to my score anymore, I guess I'll leave it alone. I guess a GW letter wouldn't help much either at this point, right?

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There's nothing wrong with trying a GW letter. You might get lucky!

I also should have mentioned that if you get the entire TL removed you'll lose it's credit length history and your AAoA will also be affected. By leaving it on your reports both those things will be helped.

[StriderM99]

That's mainly what I was wondering about.. I don't want to hurt my AAoA,  so if removing it would do so, I'll definitely just keep it.

[bettercreditguy1]

Most bankers do not put much weight in one thirty day late after four years. If you have a lot of them and are applying for a mortage, that is a different story. IMHO I would just leave it.