topic Re: Old Account in General Credit Topics

Old Account

Anonymous — Sat, 12 Feb 2011 15:04:43 GMT

I have an old limited express account opened in 1998 that should have fallen off in 2008. Transunion is telling me I have too many accounts. Should I get this removed?

Re: Old Account

haulingthescoreup — Sat, 12 Feb 2011 16:14:51 GMT

Lordy, no, I sure wouldn't, unless you have a nice high AAoA. Even if this isn't your oldest account, it's influencing your average age in a positive way, unless your AAoA is 13 years or more.

If the "too many accounts" is on your TU FICO report, it appears to have very little (very few??) teeth in the warning.

If it's on TrueCredit or another TU FAKO, it's meaningless, period.

Re: Old Account

Anonymous — Sun, 13 Feb 2011 14:24:38 GMT

Thanks for answering my question. It's funny because I have another account just like it. Do you think they just forgot to delete them? One other question I have a capital one chargeoff on my tu report and just says payment after chargeoff but does not list any delinquent dates how do I know when that's suppose to fall off?

Re: Old Account

MarineVietVet — Sun, 13 Feb 2011 17:05:40 GMT

@Anonymous wrote:
Thanks for answering my question. It's funny because I have another account just like it. Do you think they just forgot to delete them? One other question I have a capital one chargeoff on my tu report and just says payment after chargeoff but does not list any delinquent dates how do I know when that's suppose to fall off?

Reports from third party sites often don't have the most complete information. If you pull your free reports from annualcreditreport.com (or buy them from each CRA) Experian and Transunion will have the drop off dates. The Equifax report will show the actual DoFD.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Old Account

Anonymous — Tue, 15 Feb 2011 07:39:28 GMT

What is actually the the time frame from the Statutes of Limitation? because I have an old account (with a balance of 666 dollars and the last status was 60 day past due) and the last date of activity 4/2004 im thinking that it is 7 yrs and it falls off am I right because i think that this will be a tremendous boost to my score.

EQ 613 TU 635 EX ???

Re: Old Account

Anonymous — Tue, 15 Feb 2011 12:02:15 GMT

You said you have a balance of $666 was this account charged off? As far as the statute of limitations it depends on which state you live in. It is 7 years from the date of first delinquency.

Re: Old Account

Anonymous — Tue, 15 Feb 2011 12:21:41 GMT

Let me clarify this some more. Each late falls off 7 years later. If the account was charged off then it is 7.5 years from the DOFD. Once the statute of limitations runs out they cannot sue you.

Re: Old Account

LIGHTNIN — Tue, 15 Feb 2011 13:13:27 GMT

@Anonymous wrote:
Let me clarify this some more. Each late falls off 7 years later. If the account was charged off then it is 7.5 years from the DOFD. Once the statute of limitations runs out they cannot sue you.

Phughes let me add alittle if you dont mind.....

Once the statute of limitations runs out they cannot sue you.and win.

They can TRY to sue you but show up and use passed SOL as a defense.

Also, if they try to sue you passed SOL and you dont show up.....They can WIN by default.

Re: Old Account

LIGHTNIN — Tue, 15 Feb 2011 14:05:41 GMT

@Anonymous wrote:

What is actually the the time frame from the Statutes of Limitation? because I have an old account (with a balance of 666 dollars and the last status was 60 day past due) and the last date of activity 4/2004 im thinking that it is 7 yrs and it falls off am I right because i think that this will be a tremendous boost to my score.

EQ 613 TU 635 EX ???

SOL(Statute of Limitation) and CRTP(credit reporting time period) is 2 very different things..

very common confusing these 2, many threads here about this.....Use the search box " SOL CRTP"

SOL is the time period the creditor has to sue and win.

SOL vary widely state to state and by the type of debt. States often have different rules for oral, written contracts,and open contracts.

The best way to find your states sol is to check your state laws.

Just google your states name plus SOL,you should find what you are looking for.

CRTP is the time period an item can be reported on your CR.

Heres a thread about SOL vs CRTP http://ficoforums.myfico.com/t5/General-Credit-Topics/SOL-versus-7-5-Years/m-p/24478

Re: Old Account

RobertEG — Wed, 16 Feb 2011 09:13:09 GMT

"Accounts" have NO mandated fall-of dates under the FCRA.

What "fallls-off" are only individual items of derogtory information reported under the account.

What "falls" is the ability of the CRA to continue to include those derogatory items in any credit report they issue after the dates set forth in FCRA 605(a).

The account itself remains, unless the OC specifically reports its entire deletion to the CRA.