topic Open or Closed- make a difference? in General Credit Topics

Open or Closed- make a difference?

Dani62384 — Tue, 24 Apr 2012 17:24:09 GMT

If a CA is listed under Other Accounts under CLOSED ACCOUNTS, but the Type of Account says OPEN, does that make a difference?

Re: Open or Closed- make a difference?

pizzadude — Tue, 24 Apr 2012 18:02:43 GMT

@Dani62384 wrote:
If a CA is listed under Other Accounts under CLOSED ACCOUNTS, but the Type of Account says OPEN, does that make a difference?

I'm not sure that I understand, are you saying that you have a Collection that is closed, but the account type is listed as "open" ? Did you pull this report directly from one of the CRAs or from a CMS ? Sometimes the reporting of collection accounts is a bit strange....

If this is a collection then it doesn't matter if it is open or closed, it will hurt your score equally.

Re: Open or Closed- make a difference?

Dani62384 — Tue, 24 Apr 2012 18:22:04 GMT

Well then, you answered my question....it is a collection. My only collection, and it is nearly 7 years old...could that make that big of an impact on my score, since it's reporting as $477 toward my utilization?

Re: Open or Closed- make a difference?

Dani62384 — Tue, 24 Apr 2012 18:27:12 GMT

Actually, the further I think about this, if I am correct, and I won't know until I go home tonight and look at my CR from last March, but I think this is a new CA reporting this Sprint bill, and I never received anything in the mail or phone calls, but it's showing that its been reporting since 8/2011....interesting. Anyone think I should DV this even though it's set to fall off in about 6 months?

Re: Open or Closed- make a difference?

namvet — Tue, 24 Apr 2012 18:30:15 GMT

That one collection is having a major impact on the bureau it is showing up on (EX,EQ,TU). Once it falls off you should see a big score increase. So since it's been reporting for 7 years it would appear it would be coming off in the next 6 months.

Re: Open or Closed- make a difference?

Dani62384 — Tue, 24 Apr 2012 19:47:56 GMT

See...i've been studying this crap for over a year, and assumed that something that old wouldn't impact my score really. The things I learn just blow my mind sometimes!! What can I do if I don't wanna wait 6 months? Anything?

Re: Open or Closed- make a difference?

Anonymous — Tue, 24 Apr 2012 20:12:38 GMT

The only way to remove it earlier would be to negotiate a payment for delete with the collection agency. Not all of them will do this and if they do make sure you get the agreement in writing before you send funds.

As to whether or how much it is hurting I can tell you from personal experience that I have an old (6+ years) collection showing on TU and EX but not on EQ. My scores purchased on this site are more than 60 points difference between TU and EQ. I can not seem to break 700 on TU no matter what my utilization, etc. EQ has been over 700 consistently for a while.

Re: Open or Closed- make a difference?

MarineVietVet — Tue, 24 Apr 2012 20:18:00 GMT

@namvet wrote:
That one collection is having a major impact on the bureau it is showing up on (EX,EQ,TU). Once it falls off you should see a big score increase. So since it's been reporting for 7 years it would appear it would be coming off in the next 6 months.

This is a classic YMMV situation in my opinion. If this is the only negative left then after all this time the impact is greatly reduced but I agree that a collection will hurt the entire CRTP. How much it hurts after 7 years? I don't believe anyone can answer that.

Re: Open or Closed- make a difference?

RobertEG — Tue, 24 Apr 2012 20:22:44 GMT

Take another quick peek at the collection. How long it has been reporting, and when it was opened, has zero to do with its credit report exclusion date.

The DOFD on the OC account is the controlling date for CR exclusion calculation, which is almost always prior to the date of a collection referral.

You need that date plus 7 years plus 180 days to determine the CR exclusion date.

All collections have a status of either open or closed. Unfortunately, the same term "open" is used for OC accounts, collections, and even for an account type that does not permit the carrying of revolving balances, such as utilities.

Re: Open or Closed- make a difference?

Dani62384 — Tue, 24 Apr 2012 21:05:38 GMT

Thanks for all the advice/info....I must say- I am still thoroughly confused as to why my credit score is still sooooo low!!! I guess I will just wait out this year and see what happens since the 1 collection and 2 charge-offs left on my report fall off....

Re: Open or Closed- make a difference?

Anonymous — Wed, 25 Apr 2012 19:44:01 GMT

@Dani62384 wrote:
Thanks for all the advice/info....I must say- I am still thoroughly confused as to why my credit score is still sooooo low!!! I guess I will just wait out this year and see what happens since the 1 collection and 2 charge-offs left on my report fall off....

This is information you left out of your earlier statements. The charge-offs are probably affecting you worse than the collection.

Re: Open or Closed- make a difference?

Dani62384 — Wed, 25 Apr 2012 19:47:42 GMT

Yep- 1 from Cap One, set to fall off May 2012 & 1 from GECRB/Care Credit set to fall off April 2012 (at least that's what it says on my TU report- Estimated month and year that this item will be removed)....you would think that these are literally falling off in a matter of a month- they really wouldn't have the big of an impact.

Re: Open or Closed- make a difference?

MarineVietVet — Wed, 25 Apr 2012 19:47:44 GMT

@Dani62384 wrote:
Thanks for all the advice/info....I must say- I am still thoroughly confused as to why my credit score is still sooooo low!!! I guess I will just wait out this year and see what happens since the 1 collection and 2 charge-offs left on my report fall off....

Your score is so low because of of the 3 negatives still reporting. If those CO's are credit cards and both the credit limit and balance are still being reported then these CO's are being factored into your utilization and that also can potentially hurt your score.

Re: Open or Closed- make a difference?

Dani62384 — Wed, 25 Apr 2012 19:49:58 GMT

@MarineVietVet wrote:
@Dani62384 wrote:
Thanks for all the advice/info....I must say- I am still thoroughly confused as to why my credit score is still sooooo low!!! I guess I will just wait out this year and see what happens since the 1 collection and 2 charge-offs left on my report fall off....
Your score is so low because of of the 3 negatives still reporting. If those CO's are credit cards and both the credit limit and balance are still being reported then these CO's are being factored into your utilization and that also can potentially hurt your score.

Both CO's are reporting 0 balances. The only thing reporting a balance is the old Sprint which is a collection status for $477.

Re: Open or Closed- make a difference?

Dani62384 — Wed, 25 Apr 2012 19:51:23 GMT

So which has a higher impact.....Those 2 CO's & 1 Collection, or a bunch of 30-day lates in 2007? Just out of curiosity....

Re: Open or Closed- make a difference?

MarineVietVet — Wed, 25 Apr 2012 19:53:07 GMT

@Dani62384 wrote:
Both CO's are reporting 0 balances. The only thing reporting a balance is the old Sprint which is a collection status for $477.

That's a good thing.

Re: Open or Closed- make a difference?

Anonymous — Wed, 25 Apr 2012 20:05:46 GMT

@Dani62384 wrote:
So which has a higher impact.....Those 2 CO's & 1 Collection, or a bunch of 30-day lates in 2007? Just out of curiosity....

If i had to rank them I would say the unpaid collection, then the 30 days then the charge offs. Is there any more to the story?

Re: Open or Closed- make a difference?

Dani62384 — Wed, 25 Apr 2012 20:11:25 GMT

@Anonymous wrote:
@Dani62384 wrote:
So which has a higher impact.....Those 2 CO's & 1 Collection, or a bunch of 30-day lates in 2007? Just out of curiosity....
If i had to rank them I would say the unpaid collection, then the 30 days then the charge offs. Is there any more to the story?

Haha...no, that about sums it up....2 CO's, 1 collection, quite a few 30-day lates in 2007, pretty much everything that requires me playing the waiting game I suppose. I am highly considering trying to PFD the sprint bill since that is the last one to fall off this year- in September or October I think...i'm not very patient. But my head says just to wait it out