07-05-2013 01:20 PM
I have a few "current closed" tradelines showing up on my experian report and I am trying to find out if they are negatively impacting my FICO. I also have some listed as "Potentially Negative Closed" which are showing some 30, 60, 90, 120 lates even know the tradeline is closed (paid for or settled). How bad do these affect my score?
07-05-2013 02:21 PM
Current closed accounts will stay for up to 10 years (or longer) from the date closed, in a positive way. These help your AAoA.
The ones with late payments that were not charged off or sent to collections are adverse due to the lates. Each late will come off 7 years from the date of the late and when the last one is gone the account will turn positive and stay for up to 10 years (or longer).
If they were charged off or a collections, they will impact your score for nearly 7.5 years from the DoFD when the CO or collection annotation will be removed.
07-05-2013 05:27 PM
What if it says
but in the additional info it reads
"Paid, was a collection account, insurance claim or government claim or was terminated for default".
Also in the payment history it reads
"Key derogatory" all the way across a whole year and four months with the exception of one payment made.
Does this information within the "Current Closed" Tradeline negatively impact my FICO?
07-06-2013 06:38 AM
"current closed" is not a negative in the eyes of FICO. Your other comment of "Paid, was a collection account, insurance claim or government claim or was terminated for default" is scored negatively by FICO as are the lates.
07-07-2013 10:07 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO