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Do old accounts that were in good standing

Valued Member

Do old accounts that were in good standing

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! 

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4 REPLIES
Contributor

Re: Do old accounts that were in good standing

They generally report for 10 years

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Message 2 of 5
Valued Member

Re: Do old accounts that were in good standing

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! 

Message 3 of 5
Contributor

Re: Do old accounts that were in good standing

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.

*USAA WORLD MC 18k* *USAA VISA 12k* *AMEX BCE 10k* *DISCOVER IT 15k* *AMEX ZYNC* *B of A SIGNATURE CASH 15k* *NAVY FEDERAL PLATINUM 20k* *CITI DOUBLE CASH 15k* *Veridian CU 14k* *Barclays Apple 12.5k*

Message 4 of 5
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Moderator Emeritus

Re: Do old accounts that were in good standing

I like the answer above, you will need some open positive accounts to help maintain a thicker and healthier file.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
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