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Do "Current Closed" trade lines negatively impact my FICO?

New Member

Do "Current Closed" trade lines negatively impact my FICO?

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?

Message 1 of 7
6 REPLIES
Epic Contributor

Re: Do "Current Closed" trade lines negatively impact my FICO?

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.

Message 2 of 7
New Member

Re: Do "Current Closed" trade lines negatively impact my FICO?

What if it says

 

"Current Closed"

 

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?

Message 3 of 7
Moderator Emeritus

Re: Do "Current Closed" trade lines negatively impact my FICO?

"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.

Message 4 of 7
New Member

Re: Do "Current Closed" trade lines negatively impact my FICO?

Thanks for the info. Go Skins!

Message 5 of 7
Moderator Emeritus

Re: Do "Current Closed" trade lines negatively impact my FICO?


digginout2013 wrote:

Go Skins!


*likes* HTTR!

Message 6 of 7
Moderator Emeritus

Re: Do "Current Closed" trade lines negatively impact my FICO?

     


llecs wrote:

digginout2013 wrote:

Go Skins!


*likes* HTTR!


Smiley Happy

 

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Message 7 of 7