Delete entire trade line or keep the history?

[jgeorge8292]

i have a 90 day late in BOA  account  happend 3.4 years ago and the card is is 8 years old. will be better to delete the entire credit line or having the late payment in history. Now I have almost 5 accounts open with average age is 2.6 years and one vehicle loan of 40K. And i dont have any negative items in my accounts except this. Please advise.

[Anonymous]

Have you tried to send a Goodwill letter in hopes that they just remove the lates? 

[Anonymous]

Is the BOA still open?  YOu could try a GW letter to them to see if they will remove the negative mark.

If it is closed, I have come to the understanding from this forum, that a clean report is better than the age of account.  Particularly since you are building new, good credit history now.

[jgeorge8292]

I sent  GW letter about 6 months ago and 1 month ago. i have been contacted by the CEO's office and asked for the reasons and i said i was laid off during time of late payments but they said it cannt be removed as per the law.

[gdale6]

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@jgeorge8292 wrote:

I sent  GW letter about 6 months ago and 1 month ago. i have been contacted by the CEO's office and asked for the reasons and i said i was laid off during time of late payments but they said it cannt be removed as per the law.

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There is no such law. What the law says is they must report accurate information but there is no law that says they have to report at all. I would continue GW letter requests to the CEOs office until you get the goodwill or it drops off at the 7 yr mark. A 90 day late is a major derog and it will affect your Fico the entire time its on file. Good luck

[RobertEG]

It is helping your AAoA and hurting your scoring under payment history.

It is also a major derog, so is keeping you in a less favorable scoring category of payment history.

You have approx 3 1/2 years until exclusion of the late from your credit report.

Assuming they will only delete the account and not the delinquency, if you dont plan on applying for significant credit in that time, then you would want to keep the account.

Otherwise, it might be beneficial to get it deleted.

It depends upon your situation.....

[Anonymous]

If it were a 30 or 60 I would say keep it.  That 90 day'er is going to ding you until it falls off.  I believe your score is going to plateau because of it, whereas your AAoA would rebound before the late fell off.  Keep in mind, payment history is 35% of your score, while AAoA is only 15%, IIR.

[jgeorge8292]

so if i go for a mortgage in the near future which one would be helpful. deleting the entrire account or keeping the account with late payment.  if i delete this one, i have 4 other cards with 15k limits and 2 yrs of history . My current score is around 700 now.

[Anonymous]

It's not going to make a real difference for a mortgage.  If your mortgage scores are 700+ you're going to get a good rate.