cancel
Showing results for 
Search instead for 
Did you mean: 

Are closed accounts reported for 10 years?

tag
enharu
Super Contributor

Re: Are closed accounts reported for 10 years?


@Bluedog23 wrote:
Isn't it a good thing if a CRA leaves an account on for way more than 10 years? Assuming it reports positively. That would help AAoA. Right?

Yup it will help AAoA and it is a good thing.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 21 of 33
HiLine
Blogger

Re: Are closed accounts reported for 10 years?


@guiness56 wrote:

@HiLine wrote:

@guiness56 wrote:

It doesn't matter whether the creditor reports the TL or not.  Once an account is closed and in positive standing, it can stay for up to 10 years at the descretion of the individual CRAs.  As a matter of fact, the Credit Reporting Resource Guide states that once an account is paid in full and closed that it shoud not be reported for more than 3 months.  That does not mean it will be removed.

 

Creditors are under no obligation to report ANY tradeline, open, closed, good or bad.  The only thing they are obligated to do is report accurate information.

 

Where are you getting information to call it a myth?


 The bolded part is very interesting ... Would you mind sharing the source so I can peruse a little?

Enough people have reported their accounts being dropped in less than 10 years to make the rumor that closed accounts are reported for 10 years a myth.


I stated the source.

 

There is no hard and fast 10 year rule.  It is UP TO 10 years.  I have an account that has been reporting for well over 10 years and has not been updated/reported by the creditor for just as long.



OK apparently I have found the deleted

 

If it's the correct source, would you mind taking a look and letting us know where to look for that information? I find this document a little hard to navigate ...

If it's not the correct source would you point me to another source? Thanks in advance. Smiley Happy

Message 22 of 33
FinStar
Moderator Emeritus

Re: Are closed accounts reported for 10 years?M


@enharu wrote:

@w20031424 wrote:

B*  is just not as easy as it was several years ago, it still works for the overwhelming majority of people as far as I know.

 

Yes, some may bounce back on TU, while other inquiries don't, and still, according to what I see, a relatively small portion of people see these things.  As of the lender see different CR with you? I havn't heard of any news about this. I will just ask them how many inquiries they see next time I recon for something. 

 

I do see about ten inquireis fall off from my TU since I started the exercise last month. Not on EQ yet, because it will take about 60 days to effect.


Um, so you're saying you just somehow coincidentally managed to know a lot of people who got it to work?

 

With regards to the part I highlighted red, this is another post made by you:

 


@w20031424 wrote:

 

Yeah, there used to be 26 and 25 on EQ and TU, respectively. But now all got B* by me. 

 

For EX, there are about six inquiries on March, five on April, eight on June, five on Oct. of 2012.  So that's about 29 inquiries on EX, 1 within six months, when I started my app spree in April, 2013, still no problem for getting approved.


So you had 26 on EQ, 25 on TU.

And then you also said this:

 


@w20031424 wrote:

Yep.. But 1-2 inquiry on EQ and TU, respectivly.


So......

I'm very confused.

26 - 2 = 24 inquiries bummed off (for EQ)

25 - 2 = 23 inquiries bummed off (for TU)

 

And may I ask where did you read about the "60 day to take effect" rule? This is the first time I'm reading about this.

 

Anyhow, now you're saying 10 inquiries fell off TU, none fell off on EQ?

So what's the story exactly.............

 

 

 


+1

 

Yes, no kidding.  But you know what kind of answer on would likely expect from this source.

Message 23 of 33
guiness56
Epic Contributor

Re: Are closed accounts reported for 10 years?

Yes, it is a bear to navigate.  But, here you go:

 

Question: How long should paid accounts (Account Status Codes 13, 61- 65) continue to be reported? 
Answer: Use the following guidelines if paid accounts are re-reported: 
• Freeze the Account Status, Payment Rating, Payment History Profile and Date of Account Information as of the date the account was paid. • Do not re-report paid accounts for more than three months.

 

Status Code 13 is a paid in full account.  61 is a paid collection if I remember correctly.

Message 24 of 33
FinStar
Moderator Emeritus

Re: Are closed accounts reported for 10 years?


@guiness56 wrote:

@HiLine wrote:

@guiness56 wrote:

It doesn't matter whether the creditor reports the TL or not.  Once an account is closed and in positive standing, it can stay for up to 10 years at the descretion of the individual CRAs.  As a matter of fact, the Credit Reporting Resource Guide states that once an account is paid in full and closed that it shoud not be reported for more than 3 months.  That does not mean it will be removed.

 

Creditors are under no obligation to report ANY tradeline, open, closed, good or bad.  The only thing they are obligated to do is report accurate information.

 

Where are you getting information to call it a myth?


 The bolded part is very interesting ... Would you mind sharing the source so I can peruse a little?

Enough people have reported their accounts being dropped in less than 10 years to make the rumor that closed accounts are reported for 10 years a myth.


I stated the source.

 

There is no hard and fast 10 year rule.  It is UP TO 10 years.  I have an account that has been reporting for well over 10 years and has not been updated/reported by the creditor for just as long.


I agree with the above.

 

I have some accounts that were closed over 10 years ago and still report, some that date back to 1999/2000.  A few that are still on EX and TU are and old Wachovia Preferred LOC (previously FUNB & MBNA), two old Chase LOCs (formerly under Bank One) and an AT&T Universal CC (previsouly under Universal Bank and acquired by Citi).  Doesn't hurt anything, just some positive gain with the AAoA I guess.

 

Message 25 of 33
enharu
Super Contributor

Re: Are closed accounts reported for 10 years?

Thanks for the info

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 26 of 33
HiLine
Blogger

Re: Are closed accounts reported for 10 years?


@guiness56 wrote:

Yes, it is a bear to navigate.  But, here you go:

 

...


Got it. The reporting duration of closed, paid in full accounts is up to the CRA's discretion then. AFAIK, there is no guarantee from the CRA's about the length of time closed, paid in full accounts are reported either, which would explain why most people experience less, while a minority sees more. Would love to be corrected about this.

Message 27 of 33
longtimelurker
Epic Contributor

Re: Are closed accounts reported for 10 years?M

I believe discussion of b* and c* is the major reason that the board that must no be named here must not be named here!  So probably not a good idea to give any details here.

Message 28 of 33
bfranklin825
Valued Member

Re: Are closed accounts reported for 10 years?


@enharu wrote:

Yup it will help AAoA and it is a good thing.

 


It was my understanding that AAoA is determined by the average age of your OPEN accounts. Is that not correct?

 

 

 

 


Starting Score: 667
Current Score: 719
Goal Score: 750


Take the myFICO Fitness Challenge
Message 29 of 33
guiness56
Epic Contributor

Re: Are closed accounts reported for 10 years?


@bfranklin825 wrote:

@enharu wrote:

Yup it will help AAoA and it is a good thing.

 


It was my understanding that AAoA is determined by the average age of your OPEN accounts. Is that not correct?

 

 

 

 


No, any OC account, open, closed, good or bad is factored into AAoA.

Message 30 of 33
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.