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
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.