Old, Closed, First Premier Account

[Boldilocks]

We have an old first premier cc account that was opened in 2002 and settled and closed in May 2004.  Experian report says it is due to remain on until Feb 2011.  I figured that was fine to remain there as it is paid and shows all "OK" in the boxes except for two 30 day lates and one 60 day late back in 2003. 

But it is listed as one of the negatives that could be affecting our score - so is there a way to try get it removed or so we have to just wait until it drops?  Not sure how the GW thing works with cc as I have only tried it with colledtion accounts thus far...  

[Anonymous]

It wasn't a charge off? Just a closed account with lates?

As long as there are lates it will be flagged. The lates themselves will fall off next year as they reach 7 years old and the account may then convert to a positive account and remain until 2014. Which is a good thing for you.

You can GW them to remove the entire account. Just as you would GW a CA to remove an account.

The older the lates are the less they hurt, it is possible that the age of this account is helping more than the lates are hurting.....do you have other accounts this old?

[Boldilocks]

Heck yeah, there's a student loan paid and in good standing from the 1980s still in there!

It wasn't a charge-off, just settled for less than the full amount.  Creditor's statement says "Legally paid in full for less than full balance.  Account closed at consumer's request."

30 day late August 2003 and May 2003.

60 day late Sept 2003.

Date opened May 2002.

Reported since June 2002.

Last reported May 2004.

It says it is due to stay on until Feb 2011 - I can't for the life of me work out where they got that date from???

[Anonymous]

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Boldilocks wrote:

Heck yeah, there's a student loan paid and in good standing from the 1980s still in there!

It wasn't a charge-off, just settled for less than the full amount.  Creditor's statement says "Legally paid in full for less than full balance.  Account closed at consumer's request."

30 day late August 2003 and May 2003.

60 day late Sept 2003.

Date opened May 2002.

Reported since June 2002.

Last reported May 2004.

It says it is due to stay on until Feb 2011 - I can't for the life of me work out where they got that date from???

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Is there a DOFD being listed on EQ?

When did you settle?

If you add 7 1/2 years to the August 2003 date, you would get Feb 2011.