topic What is considered a positive account? in Understanding FICO® Scoring

What is considered a positive account?

Anonymous — Wed, 06 Aug 2008 18:13:47 GMT

I'm trying to clean up my credit report and was looking at all the accounts I have listed.

I have an account on my credit report that was closed in May 2001. It doesn't have any deliquencies but it does show that my highest balance was higher than the credit card limit. Would this be considered a positive account? It was always paid on time.

Thanks for your help. I know I'll have more questions later.

Michele

Re: What is considered a positive account?

Anonymous — Wed, 06 Aug 2008 18:21:32 GMT

yes that would be a positive account.

Re: What is considered a positive account?

MidnightVoice — Wed, 06 Aug 2008 18:22:09 GMT

Positive. Except that it is due to drop off very soon - antime between 3 months ago and November!

Re: What is considered a positive account?

Anonymous — Wed, 06 Aug 2008 18:43:49 GMT

I thought positive closed accounts came off in 10 years, not 7.

Re: What is considered a positive account?

smallfry — Wed, 06 Aug 2008 18:50:23 GMT

@Anonymous wrote:
I thought positive closed accounts came off in 10 years, not 7.

Normally but if its Equifax it could be at any time.

Re: What is considered a positive account?

fused — Wed, 06 Aug 2008 19:06:10 GMT

@smallfry wrote:

@Anonymous wrote:

I thought positive closed accounts came off in 10 years, not 7.

Normally but if its Equifax it could be at any time.

Yup, it's happened to me.

Re: What is considered a positive account?

smallfry — Wed, 06 Aug 2008 20:36:25 GMT

Someone mentioned to me that you can try to "rebuild" an account with Equifax by pointing out that an account was jettisoned before its time. I'm not going to bother. It is not reco'd you try this with Experian or Transunion. TU bless their hearts would do God knows what with it.

Re: What is considered a positive account?

RobertEG — Thu, 07 Aug 2008 02:04:48 GMT

Hi eighteeschick.

Going over CL, to the best of my knowlege, only affects %util scoring while its util is high. FICO does not score on prior %util history. If you closed the account in good standing (zero balance), then its utilization is no longer even scored in FICO. It is a "positive" account.

You dont want it dropped from your CR. It is a positive benefit, since its age will continue to score in your avg account age computation until it is finally deleted from yoour CR, which normally does not occur until 10 years after it is closed.

I dont think you have anything to clean up here!