A couple of quick questions

[Anonymous]

I have a old account with Wilmington Trust listed as a installment loan that is still showing open when it was in fact paid in full.

           Im pretty sure that from what Ive been reading in these forums, i dont want to dispute this as closed as it was opened in 2001 and is one of my oldest accounts.

                                       Is this correct?

Also concerning late payments, is i really worth trying to get late payments removed after the 2 year period. is it more for the visual affect when a creditor actually views your cr and see's no late payments,or is it worth the points you can gain on your fico's to make the effort? 

[llecs]

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giterdone wrote:

I have a old account with Wilmington Trust listed as a installment loan that is still showing open when it was in fact paid in full.

           Im pretty sure that from what Ive been reading in these forums, i dont want to dispute this as closed as it was opened in 2001 and is one of my oldest accounts.

                                       Is this correct?

Also concerning late payments, is i really worth trying to get late payments removed after the 2 year period. is it more for the visual affect when a creditor actually views your cr and see's no late payments,or is it worth the points you can gain on your fico's to make the effort? 

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If the loan is reporting all OK, then don't touch it. My oldest account is a Zales that I closed in 2007. It still reads as open on 1 CR, but listed on the others. I ain't touching it!

GWing lates past 2 yrs is well worth it!!!! It does still impact past 2 yrs, especially if over 30 days. DW recently was manual reviewed for a CLI from BofA. They brought up her lates from 4 yrs ago and partially denied her for those (it was her newest baddie).

[RobertEG]

Open/closed status per se means nothing in FICO scoring, other than inclusion of its CL in your %util, or to possibly control when the CRA will cease including it in your report.  Having it open is only a benefit.  Leave it alone.

As for late payments, there is no "2-year magic"  As to how much their affect deteriorates with age, only FICO can tell you that, and they wont, but they still have affect.  30-lates are minor derogs, and their affect after two years is minimal.  But anything 60+ is a major derog, and well worth pursuing.

Message Edited by RobertEG on 06-22-2008 07:26 PM

Message Edited by RobertEG on 06-22-2008 07:27 PM

Message Edited by RobertEG on 06-22-2008 07:28 PM