topic Re: Accounts older than 7 years in General Credit Topics

Accounts older than 7 years

Anonymous — Wed, 12 Sep 2007 14:52:19 GMT

just went for a car loan and they indicated that I have a lot of old, closed accounts on my report. They told me these are bringing my score down. Has anyone ever heard about this>

And how do I get rid of them?

Re: Accounts older than 7 years

MidnightVoice — Wed, 12 Sep 2007 14:56:17 GMT

I guess it depends by what they mean by "a lot". I have about 14 old closed accounts in good standing and they age my score very nicely and improve my score. They will drop off after 10 years, so my average will drop and my score might suffer a little

Re: Accounts older than 7 years

Anonymous — Wed, 12 Sep 2007 15:00:15 GMT

First of all, never believe what a car dealer tells you. Those old closed accounts are adding to the age of your credit file. Are they delinquent? Or old charge offs? If they are in good standing then you most definitely DONOT want to try and remove them. You may be subject to some rather unpleasant results. Even having a derog account that is helping the age of your credit file removed will hurt your score.

That being said, try going to our bank or a local credit union to see what they have to say.

Message Edited by Brammy on 09-12-2007 11:00 AM

Re: Accounts older than 7 years

Anonymous — Wed, 12 Sep 2007 18:37:04 GMT

When you pulled your credit score and reprot your self from anywhere what negative factors were given to you? We can't really answer this until we know what problems are on your credit report. What is your current score?

Re: Accounts older than 7 years

Anonymous — Thu, 13 Sep 2007 02:53:21 GMT

My current score is in the low 500s . I have one judgement for about $150 and alot of open accounts with balances. I had a tough year last year and fell behind on all of my bills, so I have a lot of late payments. Also a few accounts closed by the creditor.

Sadly, I had extremely strong credit about 5 years ago and it has steadily been dropping. I am trying to turn this train wreck around!!

Any suggestions as who can give me a reliable/honest answer on the items on my credit report?

Thanks for all of your help

Re: Accounts older than 7 years

Anonymous — Mon, 17 Sep 2007 06:56:24 GMT

suzi1967 wrote:

just went for a car loan and they indicated that I have a lot of old, closed accounts on my report. They told me these are bringing my score down.
...
My current score is in the low 500s
...
Any suggestions as who can give me a reliable/honest answer on the items on my credit report?

The car dealer is full of it, but a lot of people professing to be knowledgeable don't know their bum hole from an exhaust pipe.

Old closed accounts don't hurt. They help. Old open accounts in good standing help more.

Post more details about specific TLs on your CRs.

Re: Accounts older than 7 years

Anonymous — Mon, 17 Sep 2007 07:52:36 GMT

Maybe the loan guy at the car dealer got grumpy because it took an entire ink cartridge to print up your report..

Message Edited by Pants on 09-17-2007 03:52 AM