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Should I have this old CC account TL removed?

 

I e-mailed CHASE and requested a goodwill adjusment to my CC opened in 2007. The account was closed by then in 2010 cause of several late payments [Year 2010: 30+ January, 60+ February, 90+ March, 120+ April, 120+ May, 120+ June, 30+ November; Year 2011: 30+ July] I have just finished paying what I owe them. I asked if they could delete/remove all these lates since (according to myFico.com) it "hurts my score". The lady told me they COULD NOT do it cause of policy, however, she said she'd be happy to delete the entire TL. My AAoA is 4 years. Like I mentioned earlier, this CC is one of my oldest opened in 2007, the only CC that did not go into Charge-Off status. Any suggestions on what should I do? will removing this TL history affect my AAoA? will it lower my score? thanks in advance!


Starting Score: 486 EQ, 529 TU, 518 EX 12/6/2011 (FICOS - lender pull)
Current Score: 595 EQ SW 1/10/13 628 TU08 1/10/2013 593 EX (BoA HP) 1/5/12
Goal Score: > 620
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Re: Should I have this old CC account TL removed?

The first thing I would do is see what kind of effect losing this TL would have on my AAoA.

 

I will say that a string of 90 and 120 days lates as recent as those is absolutely killing your scores. It might be worth it to have everything gone but only you can make that call. Once you figure out what will happen to your AAoA if you go ahead with the TL deletion let us know.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Re: Should I have this old CC account TL removed?


MarineVietVet wrote:

The first thing I would do is see what kind of effect losing this TL would have on my AAoA.

 

I will say that a string of 90 and 120 days lates as recent as those is absolutely killing your scores. It might be worth it to have everything gone but only you can make that call. Once you figure out what will happen to your AAoA if you go ahead with the TL deletion let us know.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


Thanks, how can I find out the effect this will have on my AAoA? Is there some kind of math calculation to this? or some simulator I can use?


Starting Score: 486 EQ, 529 TU, 518 EX 12/6/2011 (FICOS - lender pull)
Current Score: 595 EQ SW 1/10/13 628 TU08 1/10/2013 593 EX (BoA HP) 1/5/12
Goal Score: > 620
Take the FICO Fitness Challenge! | Diamond Spade Garden Club Member: App free since 7/2012
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Re: Should I have this old CC account TL removed?


2NE1 wrote:
 

Thanks, how can I find out the effect this will have on my AAoA? Is there some kind of math calculation to this? or some simulator I can use?


Your AAoA is the sum of the ages of every account (except CA collections and public records) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

All you have to do is subtract the number of months this CC has been open and then divide by the number of accounts (not counting this one) and then divide by 12.

 

Or if you want to list all your accounts (open and closed) that are reporting with their opening date it won't be hard to figure.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


Established Contributor
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Registered: ‎12-06-2011
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Re: Should I have this old CC account TL removed?


MarineVietVet wrote:

2NE1 wrote:
 

Thanks, how can I find out the effect this will have on my AAoA? Is there some kind of math calculation to this? or some simulator I can use?


Your AAoA is the sum of the ages of every account (except CA collections and public records) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

All you have to do is subtract the number of months this CC has been open and then divide by the number of accounts (not counting this one) and then divide by 12.

 

Or if you want to list all your accounts (open and closed) that are reporting with their opening date it won't be hard to figure.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".



Okay, I'll give this a try... one more thing I should've mentioned though... I have just opened this month two CCs, which will deff affect my AAoA, but how much (I'm not too sure how to calculate it) they haven't been reported to my CRs yet :smileyindifferent:


Starting Score: 486 EQ, 529 TU, 518 EX 12/6/2011 (FICOS - lender pull)
Current Score: 595 EQ SW 1/10/13 628 TU08 1/10/2013 593 EX (BoA HP) 1/5/12
Goal Score: > 620
Take the FICO Fitness Challenge! | Diamond Spade Garden Club Member: App free since 7/2012
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Registered: ‎12-30-2011
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Re: Should I have this old CC account TL removed?

Those 120 day lates are going to count against your score for something like 7 years.

 

Airstrike that TL if you can and just keep rebuilding imo, the fact is your current AAoA is less than the penalty box time that one TL has put you in, any hit to your AAoA is temporary, and probably not 5 years of additional purgatory.

 

Take their offer, thank them for small mercies, and continue on your path of fixing your stuff.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Re: Should I have this old CC account TL removed?

2NE1 wrote:

Okay, I'll give this a try... one more thing I should've mentioned though... I have just opened this month two CCs, which will deff affect my AAoA, but how much (I'm not too sure how to calculate it) they haven't been reported to my CRs yet :smileyindifferent:


Calculate those two new accounts as if they were already reporting. Use one month as the age of each.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Posts: 1,002
Registered: ‎12-06-2011
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Re: Should I have this old CC account TL removed?


Revelate wrote:

Those 120 day lates are going to count against your score for something like 7 years.

 

Airstrike that TL if you can and just keep rebuilding imo, the fact is your current AAoA is less than the penalty box time that one TL has put you in, any hit to your AAoA is temporary, and probably not 5 years of additional purgatory.

 

Take their offer, thank them for small mercies, and continue on your path of fixing your stuff.


Hmmm... yes, I figured with these 120+ days late, it will take some years for this account to go into "good standing"... I did get my other CHASE (charged-off status) acct. entire TL deleted and seems like it didn't hurt my AAoA, this one was opened in 2007 as well! I was just thinking that if CHASE were to check my CR in two years or so and saw that I used to be a member, I would have a better chance to get one of their prime CCs. Do you think it would be helpful to keep it?


Starting Score: 486 EQ, 529 TU, 518 EX 12/6/2011 (FICOS - lender pull)
Current Score: 595 EQ SW 1/10/13 628 TU08 1/10/2013 593 EX (BoA HP) 1/5/12
Goal Score: > 620
Take the FICO Fitness Challenge! | Diamond Spade Garden Club Member: App free since 7/2012
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Posts: 10,907
Registered: ‎12-30-2011
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Re: Should I have this old CC account TL removed?

[ Edited ]

2NE1 wrote:

Revelate wrote:

<snip>


Hmmm... yes, I figured with these 120+ days late, it will take some years for this account to go into "good standing"... I did get my other CHASE (charged-off status) acct. entire TL deleted and seems like it didn't hurt my AAoA, this one was opened in 2007 as well! I was just thinking that if CHASE were to check my CR in two years or so and saw that I used to be a member, I would have a better chance to get one of their prime CCs. Do you think it would be helpful to keep it?


I think it will make no difference whatsoever with Chase.

 

Lenders absolutely keep their own internal lists; regardless of what your credit report states in two years, Chase will know about the status of your two previous accounts with them. I don't know Chase's policy, but it's individual lender by lender as to whether they will extend you credit again or not in the future, or how long the theoretical black-listing will be (if any).

 

If the only reason you're considering keeping that TL is to up your chances with Chase, take the nuclear option and airstrike it in my opinion.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Re: Should I have this old CC account TL removed?

[ Edited ]

Bottom line is that the consumer really has no way to "get a TL removed."

That is solely at the option of the creditor.

They can assert, and correctly so, that they have an obligation to preserve the record of your prior history with them in your credit file for the good of the system, permitting other prospective lendors to view accurate information.  That is what the credit reporting system is all about.

I am not quite sure how you would go about getting account deletion.........

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