Delete or not Delete

[Jennifer331]

So I have a Chase Card which is closed, but I am still paying on the balance owed through their credit repair program.  This account is my oldest account @ 7 years old.  I have been paying on time for the past 24 months, but my oldest derogatory for the account before the repair program took affect was 180 days late.  I was informed by an Exec @ Chase that once my balance is paid that they could delete the entire account.  I just want to know if that would be a smart thing to do since this is considered my oldest account.

Any advice will be appreciated..

[pizzadude]

IF this is the only derogatory TL on your CR then I would have it removed, as a 180 day late is certainly having a major negative impact on your FICO scores.

[Booner72]

I agree w/ Pizza.  If it was me, I'd want it gone.  I'd rather have clean credit w/ a lower score that I can quickly build up than the dirty stinky credit I have now!

[Jennifer331]

How much of an impact do you believe it will have on my score? I mean my scores aren't great now, but I have come a long way from a year ago.

[Booner72]

No one can know this and you have to decide for yourself what to do.

15% of your score is age of accounts

35% of your score is payment history.

Good Luck!

[Booner72]

I bet it will seriously help when that is gone, but that's just a guess.

[pizzadude]

Is this the only negative TL on your report ?

If so then I would guess that you would a get a FICO score boost.

If it is not the only negative TL then I would guess that you might not see much.

[Jennifer331]

Thank you for the advice. I am going to pay off the balance this month and have the account deleted. I will keep you guys posted on the impact it will have if any on my scores.