DISCOVER FORM 4506-T???

[GApeachy]

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@dragontears wrote:
GA Peachy must be confused. Negative account information stays on your report for 7 years, positive account information stays on your report for ~10 years, HP quite effecting your score after 12 months and are completely removed after 24 months.

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Not confused at all.....what are you referring to?  ETA: Thanks, I stand corrected, 10 years; not 7.  I went back and noted a correction.

[dragontears]

The 7 year remark... a closed account is not a negative so the 7 year exclusion doesn't apply.

[GApeachy]

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@dragontears wrote:
The 7 year remark... a closed account is not a negative so the 7 year exclusion doesn't apply.

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I'm speaking of it as a negative if under a manual review which can happen, does happen. Opened and closed immediately does raise eyebrows with certain lenders and for certain products.  But like I told K, it's not gonna scream, "look at me" but it's still a shame that it's the product/outcome of an app process.  A denial and hp for two years would be better to me than having, for seven (10) years a opened/closed acct. by grantor. 

[dragontears]

It is NOT a negative account so the 7 years doesn't apply. It is a positive account so it will stay on reports for approx 10 years.

[GApeachy]

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@dragontears wrote:
It is NOT a negative account so the 7 years doesn't apply. It is a positive account so it will stay on reports for approx 10 years.

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After DH had a card opened/closed by Comenity due to "security and identity" I called Exp. to see about removal and was told we  he could request EE but probably would have to wait closer to seven years and he said it's like the same time period as a negative which falls off automatically but he'd have to request it from either Comenity or call them back.  

So is this NOT true?  Will DH be stuck with that stupid card on his report for 10 years no matter what?

[dragontears]

The removal of negative information is legally mandated, the removal of positive accounts are not but instead are removed periodically during a "clean up" by the CRAs. I personally have a account that was closed in 2008 on EQ.
It is possible in your situation that your DH could get a positive account removed at 7 years but I think it is more likely that the CSR at EX had no idea what they were talking about.

[FinStar]

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@GApeachy wrote:

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@dragontears wrote:
It is NOT a negative account so the 7 years doesn't apply. It is a positive account so it will stay on reports for approx 10 years.

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After DH had a card opened/closed by Comenity due to "security and identity" I called Exp. to see about removal and was told we  he could request EE but probably would have to wait closer to seven years and he said it's like the same time period as a negative which falls off automatically but he'd have to request it from either Comenity or call them back.  

So is this NOT true?  Will DH be stuck with that stupid card on his report for 10 years no matter what?

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More than likely.  And, it's up to 10 years.  Some tradelines can fall off sooner while others may remain beyond 10 years.

FWIW, there wouldn't be any negative ramifications from any lender, even upon manual review, that would raise any eyebrows. None.  Plenty of individuals open and close accounts in such a short period, either the accountholder changed their mind or the lender closed it on its own. Now, if several lenders closed an individual's CCs, say like 5-10, then sure.

About the only hit, AAoA.  But, over time, the effects tend to wane and not have much of an impact. 

Also, let's ensure our responses are toned down and civil. 

[GApeachy]

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@FinStar wrote:

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Also, let's ensure our responses are toned down and civil. 

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Okie Dokie, I went back and polished my responses a little

So it's really a non-issue having an account opened and then closed like 10 days later by the lender?  Even under MR?  This was why I was annoyed with how certain acct closures were being reported...really thinking they'd be sporting a negative for a very long time.  No wonder some ppl don't care about submitting the form or not; not if it doesn't leave a negative remark.

[FinStar]

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@GApeachy wrote:

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@FinStar wrote:

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Also, let's ensure our responses are toned down and civil. 

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Okie Dokie, I went back and polished my responses a little

So it's really a non-issue having an account opened and then closed like 10 days later by the lender?  Even under MR?  This was why I was annoyed with how certain acct closures were being reported...really thinking they'd be sporting a negative for a very long time.  No wonder some ppl don't care about submitting the form or not; not if it doesn't leave a negative remark.

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Yup, no issue at all.  Take for instance someone who goes shopping, is enticed with a discount, opens a retail or major CC on the spot and then later changes their mind.  So, even the notation "Closed by Credit Grantor" poses no issue, it's simply a notation which does not impact scores.  Now, most folks here on MF prefer that notation not be there (almost like the plague 😄) which is why some contact the issuer to close an account on their own.   I can tell you from my own experience, it's posed no issues under manual review...and I've had my share of them 😉

[GApeachy]

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@Anonymous 

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Did you see what FinStar and Dragontears wrote? No biggie afterall......did not want to have you overly concerned about that notation "closed by credit grantor" or however they would word it.   Gl whatever you decide to do if you haven't already.