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New Member
Posts: 2
Registered: ‎03-11-2010
0

last 2 derog

I've been working to clean up & build up my credit. I'm in a bad situation and need to get my own place soon.  I want to buy a house and now is definitely the market for buying, but my combined score averages out to 603 and I need to be at 620. I have 2 more derog items (both are cc's) left and they are due to drop off in Nov & Dec.  When they drop I will be left with one cc that is good but is only 9 mths old.  Will my score drop because of the short time of credit history on that card?

Moderator Emeritus
Posts: 4,470
Registered: ‎12-31-2008
0

Re: last 2 derog

Hi SunShine,

 

If your derogs are 30 days late or some such, when they age off, the accounts they are affiliated with will likely still be reporting for some time.  If so, your AAofA will not change.

 

What derogs do you have that will be aging off?

 

 

Just puttin' syrup on something, don't make it pancakes.
Moderator
Posts: 17,080
Registered: ‎07-14-2009
0

Re: last 2 derog

 


SunShineSmiles wrote:

I've been working to clean up & build up my credit. I'm in a bad situation and need to get my own place soon.  I want to buy a house and now is definitely the market for buying, but my combined score averages out to 603 and I need to be at 620. I have 2 more derog items (both are cc's) left and they are due to drop off in Nov & Dec.  When they drop I will be left with one cc that is good but is only 9 mths old.  Will my score drop because of the short time of credit history on that card?


Hello and welcome to the forums.

 

Are these CC's still open or have the accounts been closed? If they have been closed what was the date of closure?

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


New Member
Posts: 2
Registered: ‎03-11-2010
0

Re: last 2 derog

Thanks!  The two left on are:

 

Capital One- DOFD 12/2003

Chase - DOFD 11/2003

 

I don't see where it says when they were closed, but they were first reported in 2004.

Moderator
Posts: 17,080
Registered: ‎07-14-2009
0

Re: last 2 derog

Closed accounts in good standing generally keep reporting for up to 10 years after closing. If these were closed then once the lates drop off the accounts will again be considered in good standing and will report for the remainder of that 10 year period. (Did that make sense? It confused me.  :smileyhappy: )

 

If they are still open it will continue to help your AAoA (Average Age of Accounts) and credit length history.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


 

 

Epic Contributor
Posts: 20,551
Registered: ‎03-19-2007
0

Re: last 2 derog

Closed accounts are not regulated, at all, by the FCRA as to continued inclusion in your CR.

They can continue to be in your credit tile, and thus your credit report, forever.

Montthly reporting updates are not necessary to keep an account in your credit file, or report, even if the account was closed a decade ago, in good standing.

Most creditors dont go through the time and expense to update old, closed accounts in good standing.  So they just stop updating.

 

There is no requirement for any deletion at any time, such as 10 years from closing date.

I have three accounts, closed in full good-standing, much more than a decade ago, and one closed 31 years ago, that is still in my credit report, and assisting both my oldest age of accounts, and my average age of accounts.

 

Account deletion from your credit file comes from only two ways.  If the creditor posts a specific deletion to the CRA, then yes, poof, it is gone.

But for old accounts, the credtior rarely reviews the "cold case files."

The CRA can choose to purge their files of old accounts, but they do that with some peril.  They want to retain account data that may later be the subject of any diispute, even after their bar againsit CR inclusion has passed.  Normally 7-10 years.  But the bar against CR inclusion of data in their credit files has exemptions under FCRA 605(c) that permits certain information in your file to be reported forever.

So the 10-year deletion date is arbitrary.  They have reason to retain forever.

 

 

 

 

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