topic Re: Is there a way to delete a bad account? in Understanding FICO® Scoring

Is there a way to delete a bad account?

Anonymous — Wed, 21 May 2008 17:16:43 GMT

While in college (4 years ago), I totally ruined my credit by overusing by credit cards to a point where I could not pay them. Shortly after graduating and after numerous phonecalls from the credit card companies and one collections agency I paid everything off. All of those credit cards are closed and I now have three credit cards all in excellent standing. My credit score has gone up slowly over the past four years to now a 670 (whoohoo). How long will these bad accounts stay on my credit report? And if so is there a way to get these bad closed accounts off my credit report?

Re: Is there a way to delete a bad account?

Anonymous — Wed, 21 May 2008 18:03:44 GMT

As to how long they stay... they stay for seven years.
I don't know how to delete them. I waited for them to expire.

(I charged textbooks. I considered it an emergency. So foolish. I should have gotten an additional loan.)

Re: Is there a way to delete a bad account?

Anonymous — Wed, 21 May 2008 18:17:00 GMT

You can send a good will letter to the lender to request that they remove them. Search "Good Will" and "GW letter". Other wise 7 years.

Re: Is there a way to delete a bad account?

Junejer — Wed, 21 May 2008 18:55:10 GMT

Trock, welcome to the forums. Please read credit scoring 101 and the Terms of Service Agreement. The only way that we encourage members to have legitimate items removed from their CRs, is by way of GW. We don't encourage members to dispute valid derogatory items, as this violates our TOS. I encourage you to read, read, read and learn as much as you can about your credit. There is a wealth of knowledge on these forums, so please take advantage of it. GL on your journey.

Re: Is there a way to delete a bad account?

RobertEG — Thu, 22 May 2008 04:38:15 GMT

Divorcedcapone, in view of Byrd's caution, I would never suggest any way to get a legit derog removed from your CR, other than through a GW letter. But I can't resist the obvious tease....!

Perhaps spelling out your name, "Capone," in large print, and with caps, in a GW letter would expedite favorable consideration of their good will???

Maybe it would be an offer that they could not refuse?

ROFL!!!!!

Message Edited by RobertEG on 05-21-2008 09:35 PM

Message Edited by RobertEG on 05-21-2008 09:37 PM

Message Edited by RobertEG on 05-21-2008 09:38 PM

Re: Is there a way to delete a bad account?

Junejer — Thu, 22 May 2008 15:42:10 GMT

Robert, capone is CapOne. He divorced Capital One. Thus the screen name. He is not a gangster.

Re: Is there a way to delete a bad account?

Anonymous — Thu, 22 May 2008 15:54:42 GMT

RobertEG-- I hadn't considered using the capone in a GW letter before. LOL!
Sorry I should've capitalized! Seeing your post made me
laugh this morning..

Re: Is there a way to delete a bad account?

fused — Fri, 23 May 2008 00:53:29 GMT

I hurd tings Joey...I don't know, I just hurd tings...

Re: Is there a way to delete a bad account?

RobertEG — Sat, 24 May 2008 04:49:35 GMT

I am thinking about changing my name to RobertSoprano to spread the "goodwill" impact in the future!

Re: Is there a way to delete a bad account?

Junejer — Sat, 24 May 2008 18:00:49 GMT

Do it Robert, except it should be RobbySaprano.

Re: Is there a way to delete a bad account?

fused — Sun, 25 May 2008 19:38:12 GMT

ByrdMan wrote:
Do it Robert, except it should be RobbySaprano.

Robby Saprano...that sounds menacing...not

Re: Is there a way to delete a bad account?

RobertEG — Wed, 28 May 2008 01:15:41 GMT

Also remember that there is a big distinction between "deleting and account" and "deleting a derog." Successfully disputing and deleting a prior derog does not delete the account upon which the derog was based fron your CR. The onlly way I know to actually delete an account is to dispute that you did not authorized it be be estabished in the first instance.

Re: Is there a way to delete a bad account?

Anonymous — Wed, 28 May 2008 01:23:39 GMT

RobertEG wrote:

Successfully disputing and deleting a prior derog does not delete the account upon which the derog was based fron your CR.

Sometimes a CRA will delete an account entirely as a result of a dispute of a single derog. Why they do this is anyone's guess, but this is just one reason to tread lightly when disputing old baddies on otherwise healthy accounts. Often just the presence of that account is helping much more than the presence of the baddie is hurting, and the dispute ends up being an example of the old maxim to "be careful what you wish for."

Re: Is there a way to delete a bad account?

RobertEG — Wed, 28 May 2008 03:29:47 GMT

Good caution, Cheddar. The FCRA does not regulate, in any manner, what accounts a CRA must report on a CR, or how long they must continue to include it. It only regulates how long they can continue to report a derog on an acccount thqt continues to be included within their CR.

Apparently, the CRAs have an unofficial policy of routine deletion of an account from your CR once it has been closed for over ten years, but I know of no prohibition of them deleting an account at any time, for any reason.

So your caution is well placed. It could be nothing more than their desire to delete accounts that are causing them constant headaches in hearing the back and forth bitching.