03-27-2014 08:58 AM
So focused on the mess I've made in past few years since divorce and just had a thought... If old bad accounts fall off in 7 years... what about accounts that were positive? Mixed in with my bad are quite a few good! Will they fall away leaving me with all negative thus bringing my score down? I have just begun my repairing and am worried already!
03-27-2014 09:04 AM
They generally report for 10 years
03-27-2014 09:11 AM - edited 03-27-2014 09:17 AM
Ok. SoI have several good accounts paid in full and closed at the end of 2007. When those fall off will I see a big drop in scores due to more recent negative issues? This is not good as I'm trying to improve scores to get a mortgage!
03-27-2014 09:28 AM - edited 03-27-2014 09:30 AM
It depends, how many active accounts do you have now in good standing? How old are the negative items?
Worst case scenario, by the time your good stuff falls of your report your negatives will also have a reduce affect on your score as they will be older as well. To combat this affect it may help to open a few trade lines now and keep them in good standing if you dont have a significant amount of good accounts now.
03-27-2014 02:13 PM
I like the answer above, you will need some open positive accounts to help maintain a thicker and healthier file.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO