topic Re: Keeping a good TL from aging off in Understanding FICO® Scoring

Keeping a good TL from aging off

Anonymous — Sun, 22 Jul 2007 02:37:32 GMT

We all want the baddies to disappear but what about the golden TLs on our CRs?

Can't have our cake & eat it too, can we?

I have a very good account, an auto loan for $20k, no lates, that will age off my report in a few months.

Due to it's age I guess it doesn't contribute much to my score (?), but I sure like seeing it on my CR.

So, is there any way of keeping it alive?

Thanks-

Message Edited by Anderson on 07-21-2007 07:37 PM

Re: Keeping a good TL from aging off

fused — Sun, 22 Jul 2007 02:42:05 GMT

Anderson wrote:
We all want the baddies to disappear but what about the golden TLs on our CRs?

Can't have our cake & eat it too, can we?

I have a very good account, an auto loan for $20k, no lates, that will age off my report in a few months.

Due to it's age I guess it doesn't contribute much to my score (?), but I sure like seeing it on my CR.

So, is there any way of keeping it alive?

Thanks-

Message Edited by Anderson on 07-21-2007 07:37 PM

Actually, any closed positive TL reporting helps your scores, just as open positive ones do. I can't think of anything you can do to prevent it from falling off though. Maybe you can ask the lender to keep reporting it but it would be a long shot!

Re: Keeping a good TL from aging off

Anonymous — Sun, 22 Jul 2007 02:49:26 GMT

Aha! a GW in reverse? Thoughts anyone?

fused111 wrote:

Actually, any closed positive TL reporting helps your scores, just as open positive ones do. I can't think of anything you can do to prevent it from falling off though. Maybe you can ask the lender to keep reporting it but it would be a long shot!

Re: Keeping a good TL from aging off

fused — Sun, 22 Jul 2007 02:53:01 GMT

Anderson wrote:
Aha! a GW in reverse? Thoughts anyone?
fused111 wrote:

Actually, any closed positive TL reporting helps your scores, just as open positive ones do. I can't think of anything you can do to prevent it from falling off though. Maybe you can ask the lender to keep reporting it but it would be a long shot!

Hmmm! Well it's a novel idea. I'll see if I can dig up something and get back with you.

Re: Keeping a good TL from aging off

Anonymous — Sun, 22 Jul 2007 03:27:38 GMT

Not much you can do here.. But if you have other TLs with similar Hx you shouldn't take a hit.

Rob

Re: Keeping a good TL from aging off

Anonymous — Sun, 22 Jul 2007 04:53:06 GMT

I've got other TLs with perfect histories, but not the age. When this drops off my average age will take a big hit.

Also- This is the only automobile loan on my CR. If I need to get an auto loan there will be no prior auto history on record (or is there a special report available to auto lenders that will continue to show this?).

Thx

FICO_Focused wrote:
Not much you can do here.. But if you have other TLs with similar Hx you shouldn't take a hit.

Rob

Re: Keeping a good TL from aging off

Anonymous — Mon, 23 Jul 2007 17:04:57 GMT

Well, how's this for an absurd thought?:

Send them a small payment and see if they update the date of last activity. I highly doubt it, but I'd be curiuos to see what they do. OR the reverse GW letter might work, though I doubt it.

I'm betting they don't even had it in your system anymore.

Re: Keeping a good TL from aging off

fused — Mon, 23 Jul 2007 22:13:16 GMT

barderspond wrote:
Well, how's this for an absurd thought?:

Send them a small payment and see if they update the date of last activity. I highly doubt it, but I'd be curiuos to see what they do. OR the reverse GW letter might work, though I doubt it.

I'm betting they don't even had it in your system anymore.

Give em money, good idea! Problem is, they will be labeled as a consumer prostitute like me!

Message Edited by fused111 on 07-23-2007 12:13 PM

Re: Keeping a good TL from aging off

Anonymous — Mon, 23 Jul 2007 22:11:32 GMT

fused111 wrote:

Give em money, good idea! Problem is, they will be labeled as a consumer whore like me!

Call it a Brittany (Spears). Ooops, I did it again. Musta been the word consumer that made me think of her.

Re: Keeping a good TL from aging off

Anonymous — Mon, 23 Jul 2007 22:38:45 GMT

I'm not going to comment on that , but yeah, maybe I'll just send them a check for $ 10.43 and see what happens.

Noah_Bodie wrote:

fused111 wrote:

Give em money, good idea! Problem is, they will be labeled as a consumer whore like me!

Call it a Brittany (Spears). Ooops, I did it again. Musta been the word consumer that made me think of her.

Re: Keeping a good TL from aging off

Anonymous — Mon, 23 Jul 2007 22:46:42 GMT

hehe that's great.

Re: Keeping a good TL from aging off

Anonymous — Tue, 24 Jul 2007 00:29:40 GMT

Anderson wrote:

yeah, maybe I'll just send them a check for $ 10.43 and see what happens.

If you've got the old account number, be sure to put it in the memo line of the check.

I daresay the process at most OCs is to record the account number and amount, then toss the check into the deposit bag. Checks get cashed, regardless. Only later, if they discover an overpayment, will the account get credited and/or will a refund be issued.

It's conceivable, if this works, that it could be used to keep old good TLs on your CRs indefinitely, or longer, unless the OC figures out the hustle. Until then, it's likely they'd update the CRAs with a new last reported date.

Maybe you get your $10.43 back. Maybe not.

Re: Keeping a good TL from aging off

Anonymous — Tue, 24 Jul 2007 03:10:08 GMT

Unbelievably I do have the account #. I still have the truck, 15yrs old & running strong, and the release of lien with accnt # is stapled to the title.

It is already gone from EQ. Still showing with TU & EX. On EX there is a notation- 'This account is scheduled to continue on record until Dec 2007'. So, do old good TLs fall off after 15yrs?

Noah_Bodie wrote:

If you've got the old account number, be sure to put it in the memo line of the check.

I daresay the process at most OCs is to record the account number and amount, then toss the check into the deposit bag. Checks get cashed, regardless. Only later, if they discover an overpayment, will the account get credited and/or will a refund be issued.

It's conceivable, if this works, that it could be used to keep old good TLs on your CRs indefinitely, or longer, unless the OC figures out the hustle. Until then, it's likely they'd update the CRAs with a new last reported date.

Maybe you get your $10.43 back. Maybe not.

Message Edited by Anderson on 07-23-2007 08:10 PM

Re: Keeping a good TL from aging off

Anonymous — Tue, 24 Jul 2007 03:33:22 GMT

10 years from last activity on positive accounts.

Going to work on this my self - my oldest accounts would drop next year....

Anderson wrote:
Unbelievably I do have the account #. I still have the truck, 15yrs old & running strong, and the release of lien with accnt # is stapled to the title.

It is already gone from EQ. Still showing with TU & EX. On EX there is a notation- 'This account is scheduled to continue on record until Dec 2007'. So, do old good TLs fall off after 15yrs?
Noah_Bodie wrote:

If you've got the old account number, be sure to put it in the memo line of the check.

I daresay the process at most OCs is to record the account number and amount, then toss the check into the deposit bag. Checks get cashed, regardless. Only later, if they discover an overpayment, will the account get credited and/or will a refund be issued.

It's conceivable, if this works, that it could be used to keep old good TLs on your CRs indefinitely, or longer, unless the OC figures out the hustle. Until then, it's likely they'd update the CRAs with a new last reported date.

Maybe you get your $10.43 back. Maybe not.

Message Edited by Anderson on 07-23-2007 08:10 PM

Re: Keeping a good TL from aging off

Anonymous — Tue, 24 Jul 2007 03:38:11 GMT

Ok, makes sense, was a 5yr loan.

Timothy wrote:
10 years from last activity on positive accounts.

Going to work on this my self - my oldest accounts would drop next year....

Re: Keeping a good TL from aging off

Anonymous — Tue, 24 Jul 2007 04:04:40 GMT

What about disputing the account? If the last reported date is recent would it start the clock over again? Not sure but I thought it may work.

Re: Keeping a good TL from aging off

Anonymous — Tue, 24 Jul 2007 04:16:04 GMT

r92503lind wrote:
What about disputing the account?

Disputing good TLs tends to make them disappear. That's not a desired result, so I say don't do it.

Re: Keeping a good TL from aging off

Anonymous — Tue, 24 Jul 2007 04:19:41 GMT

Anderson wrote:
do old good TLs fall off after 15yrs?

In theory, good TLs remain forever.

In practice, good TLs drop after "some period of time". The CRAs and some OCs tend to follow a 10 year rule, but there's nothing under law and no caselaw I'm aware you. You basically are under the GW of the CRAs, which ain't a good place to be. There's nothing to prevent a good TL from dropping off your CRs once the OC stops reporting.

Re: Keeping a good TL from aging off

Anonymous — Wed, 25 Jul 2007 03:31:45 GMT

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=1231

This is a big reason to try & keep the TL on my CR.