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fico64
Posts: 59
Registered: ‎09-19-2010

Delinquent And Positive Closed Account Questions

[ Edited ]

In general, when a delinquent account drops off report after 7 years, in general what is the Fico score increase? In points please, from your experience.

 

Why do my old, non deliquent, paid, closed accounts, eight, nine years old, show up as "current" on Equifax credit report? On Experian and Tranunion, they show as closed which is correct.

 

Thank you.

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Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Delinquent And Positive Closed Account Questions

[ Edited ]

fico64 wrote:

In general, when a delinquent account drops off report after 7 years, in general what is the Fico score increase? In points please, from your experience.

 

Why do my old, non deliquent, paid, closed accounts, eight, nine years old, show up as "current" on Equifax credit report? On Experian and Tranunion, they show as closed which is correct.

 

Thank you.


The delinquency drops off after 7 years. The account itself should continue to report for 10 years after closing. Two different things.

 

Are you looking at a credit monitoring service report? Things often display oddly on those, especially on EQ reports. I would say that the "current" means that there were no lates on it. Just a guess.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
fico64
Posts: 59
Registered: ‎09-19-2010

Re: Delinquent And Positive Closed Account Questions


haulingthescoreup wrote:

fico64 wrote:

In general, when a delinquent account drops off report after 7 years, in general what is the Fico score increase? In points please, from your experience.

 

Why do my old, non deliquent, paid, closed accounts, eight, nine years old, show up as "current" on Equifax credit report? On Experian and Tranunion, they show as closed which is correct.

 

Thank you.


The delinquency drops off after 7 years. The account itself should continue to report for 10 years after closing. Two different things.

 

Are you looking at a credit monitoring service report? Things often display oddly on those, especially on EQ reports. I would say that the "current" means that there were no lates on it. Just a guess.


Eqifax and Transunion credit reports and Fico scores ordered from this site, My Fico. Experian no longer available here, ordered from their site.

 

Can you tell me in general, what can I expect in Fico score increase when one (1) delinquent accout drops off my report. Thank you.

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llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Delinquent And Positive Closed Account Questions

Are you specifically referring to the 8-9 year old TL? Is that 8-9 years from DOFD or 8-9 years old from when it was first opened? The 7-yr clock for bad accounts starts at the DOFD. The 10-yr clock for positive accounts starts at the date of closure. Sometimes, a negative account can turn positive at or about the 7-yr mark and continue to report as a positive. In your FICO reports, is there a red flag next to it in the accounts page?

 

Per the point change, it is always a YMMV-thing. There's no way to accurately guess. What kind of account(s) are falling off? CAs? OCs? And if they are 8-9 years old OCs, how is your AAoA and how old are your oldest accounts?

New Contributor
fico64
Posts: 59
Registered: ‎09-19-2010

Re: Delinquent And Positive Closed Account Questions


llecs wrote:

Are you specifically referring to the 8-9 year old TL? Is that 8-9 years from DOFD or 8-9 years old from when it was first opened? The 7-yr clock for bad accounts starts at the DOFD. The 10-yr clock for positive accounts starts at the date of closure. Sometimes, a negative account can turn positive at or about the 7-yr mark and continue to report as a positive. In your FICO reports, is there a red flag next to it in the accounts page?

 

Per the point change, it is always a YMMV-thing. There's no way to accurately guess. What kind of account(s) are falling off? CAs? OCs? And if they are 8-9 years old OCs, how is your AAoA and how old are your oldest accounts?


Just old accounts, that are fully paid, never delinquent and closed long ago. I'm told they will drop off completely in 10 years.

 

The account about to drop off: Revolving, Opened May, 1997, status as of May, 2005: Balance $0, current status: Pays account as agreed, one 30 day late Aug, 2004.

 

Just wondering if anyone monitoring their scores in this forum, have insights on score increases when they see delinquent accounts drop off their own reports, ie; 3,5, 7 points, or ... ?

 

Thank you

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Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: Delinquent And Positive Closed Account Questions

How many lates do you have, and spread out over how many different accounts, and how severe (30-day, 60-day, 90 etc.)?

 

And how severe is the one getting ready to fall off?

 

Score changes depend on what else will still be reporting after this one falls off, so that's why it's important to know all that that I asked.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
fico64
Posts: 59
Registered: ‎09-19-2010

Re: Delinquent And Positive Closed Account Questions


fico64 wrote:

llecs wrote:

Are you specifically referring to the 8-9 year old TL? Is that 8-9 years from DOFD or 8-9 years old from when it was first opened? The 7-yr clock for bad accounts starts at the DOFD. The 10-yr clock for positive accounts starts at the date of closure. Sometimes, a negative account can turn positive at or about the 7-yr mark and continue to report as a positive. In your FICO reports, is there a red flag next to it in the accounts page?

 

Per the point change, it is always a YMMV-thing. There's no way to accurately guess. What kind of account(s) are falling off? CAs? OCs? And if they are 8-9 years old OCs, how is your AAoA and how old are your oldest accounts?


Just old accounts, that are fully paid, never delinquent and closed long ago. I'm told they will drop off completely in 10 years.

 

The account about to drop off: Revolving, Opened May, 1997, status as of May, 2005: Balance $0, current status: Pays account as agreed, one 30 day late Aug, 2004.

 

Just wondering if anyone monitoring their scores in this forum, have insights on score increases when they see delinquent accounts drop off their own reports, ie; 3,5, 7 points, or ... ?

 

Thank you


I forgot to say the account about  to drop off is reported closed. Just wondering on score point increase to expect when it drops.

New Contributor
fico64
Posts: 59
Registered: ‎09-19-2010

Re: Delinquent And Positive Closed Account Questions


haulingthescoreup wrote:

How many lates do you have, and spread out over how many different accounts, and how severe (30-day, 60-day, 90 etc.)?

 

And how severe is the one getting ready to fall off?

 

Score changes depend on what else will still be reporting after this one falls off, so that's why it's important to know all that that I asked.


The account about to drop off: Revolving, Opened May, 1997, status as of May, 2005: Balance $0, current status: Pays account as agreed, one 30 day late Aug, 2004 and reported closed.

 

When this one drops off, I will have a total of two left. One is 5 years old and 60 days late, the other is 6 years old and is 30 days late. No collections.

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Delinquent And Positive Closed Account Questions

[ Edited ]

If I am reading you right, you have one TL that is about 14 years old, an OC account, and only has one late from 8/2004, right? And you want to know how many points your FICO would change when the late drops and/or the account drops. Am I on track?

 

The late should drop sometime next month and the account will remain. You won't gain any points from that late dropping. It stopped hurting a long time ago. The account will drop 10 years from the date of closure, whenever that was (guessing sometime before 5/2005) and will likely fall off within the next 2 yrs.. Once that drops your score change will vary. If this 14 year old account drops and is among your oldest accounts and/or older than your AAoA (hence the prior question), I'd predict a loss in points. If it is one of your youngest accounts, then maybe a gain.

New Contributor
fico64
Posts: 59
Registered: ‎09-19-2010

Re: Delinquent And Positive Closed Account Questions


llecs wrote:

If I am reading you right, you have one TL that is about 14 years old, an OC account, and only has one late from 8/2004, right? And you want to know how many points your FICO would change when the late drops and/or the account drops. Am I on track?

 

The late should drop sometime next month and the account will remain. You won't gain any points from that late dropping. It stopped hurting a long time ago. The account will drop 10 years from the date of closure, whenever that was (guessing sometime before 5/2005) and will likely fall off within the next 2 yrs.. Once that drops your score change will vary. If this 14 year old account drops and is among your oldest accounts and/or older than your AAoA (hence the prior question), I'd predict a loss in points. If it is one of your youngest accounts, then maybe a gain.


My credit history is 21 years old F/Y/I.  I look at the analyis on the reports, they say you have 3 delinquent accounts hurting your score. If one of those accounts drops off, now two delinquent accounts, not three and I order an update to my score, I'm expecting an increase to my score ... is this not right? Not so???


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