Reply
Established Member
keepoff
Posts: 25
Registered: ‎09-15-2007

If an account has been CLOSED for over 7 years should I have it DELETED

I have accounts that is older than 7 years old and would like to know if I have them DELETED will it affect my score negatively or positively? Experian shows a lot of old closed accounts older than 7 years, however Transunion and Equifax does not list them anymore. Transunion is higher than Experian and Transunion has a "Collection" account when Experian dosen't show the collection account. WOW, how is that possible. Any advice?
Frequent Contributor
andyaycw
Posts: 290
Registered: ‎07-25-2007

Re: If an account has been CLOSED for over 7 years should I have it DELETED

It is my understanding that closed accounts stay on your report for ten years after it has been closed.

Personally, I would keep the account on. Since it has been 7 years, even if you did have late payments on the account they will have fallen off by now, and having it removed even earlier will probably decrease the average age of accounts, which might lower your FICO a little.

Starting Score: EQ 773, TU 766
Current Score: EX 794, EQ 787, TU 776
Goal Score: 800


Take the FICO Fitness Challenge
Established Member
keepoff
Posts: 25
Registered: ‎09-15-2007

Re: If an account has been CLOSED for over 7 years should I have it DELETED

Thanks so much for the quick response. It greatly appreciated.
Moderator Emeritus
fused
Posts: 16,253
Registered: ‎03-12-2007

Re: If an account has been CLOSED for over 7 years should I have it DELETED

Closed accounts in goodstanding stay on your reports for up to ten years after they are closed and help your scores. As far as FICO scoring goes, these closed, goodstanding accounts are weighted equally with open goodstanding accounts. So you obviously want these to stay on your reports as long as possible.
 
Accounts that have charged-off and collections stay on for 7 years after the date of first default. These you don't want...get them deleted!
Credit Cards:
Amex BCP 25K ~ Amex Clear 25K ~ Amex Platinum NPSL ~ Chase Freedom Visa 19.3K ~ CITI Dividend World Mastercard 20.3K ~ FIA Fidelity Investments Platinum Plus Visa 40K ~ First Hawaiian Bank Gold Visa 10K
Member
Scorpio1
Posts: 15
Registered: ‎09-08-2007

Re: If an account has been CLOSED for over 7 years should I have it DELETED

Accounts that have charged-off and collections stay on for 7 years after the date of first default. These you don't want...get them deleted!
 
Can you get these deleted before 7 years ?
Moderator Emeritus
fused
Posts: 16,253
Registered: ‎03-12-2007

Re: If an account has been CLOSED for over 7 years should I have it DELETED



Scorpio1 wrote:
Accounts that have charged-off and collections stay on for 7 years after the date of first default. These you don't want...get them deleted!
 
Can you get these deleted before 7 years ?


Yes it is possible! PFD (pay for delete) if unpaid, GW (goodwill) if paid. Here are some helpful threads.
 
 
Credit Cards:
Amex BCP 25K ~ Amex Clear 25K ~ Amex Platinum NPSL ~ Chase Freedom Visa 19.3K ~ CITI Dividend World Mastercard 20.3K ~ FIA Fidelity Investments Platinum Plus Visa 40K ~ First Hawaiian Bank Gold Visa 10K

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
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+