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Regular Contributor
Oyiwaa
Posts: 212
Registered: ‎09-25-2012

Should I Close this account or Keep it Open?

Hello Folks - the Comenity Bank is reporting the TL below for a Blair Card, that went delinquent, but totally paid off. Even though it is paid off, the OC still kept it open and there has been no activity on the account since 2010. I have disputed and sent GW letters to remove the derogs but has not been successful. I don't want to apply for a credit increase now (and reopen the account), so is there any benefit to closing the account? Please find below the TLs as reported to EX and TU:

 

 

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Cheers, Oyiwaa


Starting Score: USAA-FACO(10/2012) - EX=498 / EQ = 498 / TU = 508
Recent Scores:
myFICO - Jun-2013: EX=595 / EQ = 582 / TU = 649
myFICO - Nov-2013: EX=634 / EQ = 649 / TU = 666
LenderPull - Nov-2013: EX=682 / EQ=649 /TU=687

Goal Score: 700


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WALLET (Secured):  Capital One: $700  --- WellsFargo: $300 --- CapitalBank: $300

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Should I Close this account or Keep it Open?


Oyiwaa wrote:

Hello Folks - the Comenity Bank is reporting the TL below for a Blair Card, that went delinquent, but totally paid off. Even though it is paid off, the OC still kept it open and there has been no activity on the account since 2010. I have disputed and sent GW letters to remove the derogs but has not been successful. I don't want to apply for a credit increase now (and reopen the account), so is there any benefit to closing the account? Please find below the TLs as reported to EX and TU:

 

 

Image Hosted by ImageShack.us

 

 

Image Hosted by ImageShack.us

 

Cheers, Oyiwaa


It is so small I can't read anytthing on it.

 

When was it opened?  If the only reason it is adverse is the lates, they will come off 7 years from each occurence.  When the last one comes off it will become a positive account and stay for up to 10 years from the date closed.

 

Why would you dispute it?

Regular Contributor
Oyiwaa
Posts: 212
Registered: ‎09-25-2012

Re: Should I Close this account or Keep it Open?

thanks very much -- sorry the image is small - you can actually (double)-click on it to enlarge it.  At any rate, it was opened in 2008, had a couple of 60, 90 & 120 day lates, forcing the OC to reduce the credit limit until the balance was paid off. Given that most of the serious lates are about 2 yrs old now, will they still have a negative impact on my scores?

 

cheers, Oyiwaa


Starting Score: USAA-FACO(10/2012) - EX=498 / EQ = 498 / TU = 508
Recent Scores:
myFICO - Jun-2013: EX=595 / EQ = 582 / TU = 649
myFICO - Nov-2013: EX=634 / EQ = 649 / TU = 666
LenderPull - Nov-2013: EX=682 / EQ=649 /TU=687

Goal Score: 700


Take the myFICO Fitness Challenge

WALLET (Secured):  Capital One: $700  --- WellsFargo: $300 --- CapitalBank: $300

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Should I Close this account or Keep it Open?

Unfortunately, yes.  A 120+ is considered a major derogatory.  But since the account is not CO'd or in collections it will remain adversely until the lates are gone.

 

If it isn't your oldest and you are not worried about AAoA, I would rather have a clean report than a longer history. 

 

It would be 2017 before the last late came off.

Regular Contributor
Oyiwaa
Posts: 212
Registered: ‎09-25-2012

Re: Should I Close this account or Keep it Open?

Yes, I would rather have a clean history -  though my AAoA is about 5 yrs.  In order to remove it, should I just keep sending in GWs or dispute (and hope they don't verify or respond)?

 

Thanks - Oyiwaa


Starting Score: USAA-FACO(10/2012) - EX=498 / EQ = 498 / TU = 508
Recent Scores:
myFICO - Jun-2013: EX=595 / EQ = 582 / TU = 649
myFICO - Nov-2013: EX=634 / EQ = 649 / TU = 666
LenderPull - Nov-2013: EX=682 / EQ=649 /TU=687

Goal Score: 700


Take the myFICO Fitness Challenge

WALLET (Secured):  Capital One: $700  --- WellsFargo: $300 --- CapitalBank: $300

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Should I Close this account or Keep it Open?

It's an accurate account so I wouldn't dispute.  Just keep sending in GW letters.

Moderator
Shogun
Posts: 12,896
Registered: ‎04-15-2011

Re: Should I Close this account or Keep it Open?


guiness56 wrote:

It's an accurate account so I wouldn't dispute.  Just keep sending in GW letters.


+1


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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