Although the FCRA prohibits the reporting of derogs after 7 years, other than bankrupticies (10 yrs) and unpaid tax liens (forever), it also provides for a 180 day window to cease reporting after those dates, so it may continue to report for up to 7 1/2 years, but after that, it is a clear violation of law to continue reporting. So dont hold them to a strict 7 years to the day! Ease off....
As for other steps, yeah! I know it is hard to do, but you just gotta sit back and GET OLDER! Age is the major healer!
As for closing of the Cap1, knowing them, I would suppose that it was a low CL card, so you probably lost little, especially if it had a yearly fee attached.
A major consideration in your FICO plan right now should be whether you need your FICO to apply for new credit in the near future, or whether you are rebuilding into the farther future. Taking hard inqs now to set up a new account that, 5 years from now, will contribute to payment history and an aged account is a rebuilding strategy that is wise, since the inq will drop from scoring in a year, and the account history will grow over time. But I would definately ease off of seeking new CCs as time goes by, for the effect on your avg age of accounts will suffer more.
So, as with all things in FICO, it all depends on your individual needs You clearly understand the game. Play it according to your plan and needs.
Message Edited by RobertEG on
05-14-2008 11:36 PMMessage Edited by RobertEG on
05-14-2008 11:43 PMMessage Edited by RobertEG on
05-14-2008 11:45 PM