Re: Delinquent And Positive Closed Account Questions
07-25-2011 05:24 PM
If I am reading you right, you have one TL that is about 14 years old, an OC account, and only has one late from 8/2004, right? And you want to know how many points your FICO would change when the late drops and/or the account drops. Am I on track?
The late should drop sometime next month and the account will remain. You won't gain any points from that late dropping. It stopped hurting a long time ago. The account will drop 10 years from the date of closure, whenever that was (guessing sometime before 5/2005) and will likely fall off within the next 2 yrs.. Once that drops your score change will vary. If this 14 year old account drops and is among your oldest accounts and/or older than your AAoA (hence the prior question), I'd predict a loss in points. If it is one of your youngest accounts, then maybe a gain.
My credit history is 21 years old F/Y/I. I look at the analyis on the reports, they say you have 3 delinquent accounts hurting your score. If one of those accounts drops off, now two delinquent accounts, not three and I order an update to my score, I'm expecting an increase to my score ... is this not right? Not so???
I bet not with a 7-year old 30 day late. I just had a 30 and a 60 removed off my CR (at 7 yrs) and saw no impact at all, and that's on a clean report. 30-day lates generally stop hurting at 2 yrs, give or take. Now you will see an annoying red flag in your Accounts page up till it falls off. You'll also see that annoying red flag in the # of accounts with a negative indicator on the Glance page.
If your length of history is 21 years, do you know your AAoA (would be less than 21 yrs unless you opened up all accounts 21 yrs ago)? If your AAoA is older than 14 yrs, as mentioned, you could see a gain when it falls off within a couple of years.
That's dissapointing. I appreciate your input. Thank you.