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AaoA - 10 years in jail...

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Frequent Contributor

AaoA - 10 years in jail...

Hey guys, so say I close a 1 year old card, it continues to age but after the 10 years is over, does the time 1 year comes off since you got it or does the 10 years come off? Thanks. In the long run, it's gonna affect me but not as much I believe cause I have tons of cards still aging.
Message 1 of 13
12 REPLIES 12
Established Contributor

Re: AaoA - 10 years in jail...

If I'm understanding you correctly it would be 10yrs from the date the account is closed. So in your situation 10yrs from now the acct will be 11yrs old when it's deleted.
Message 2 of 13
Community Leader
Legendary Contributor

Re: AaoA - 10 years in jail...

The removal of accounts by a CRA from consumer credit files/reports is an internal housekeeping measure that is not covered under the FCRA.

The CRAs choose to remove at apprix 10 years after an account is closed, as accounts will normally have most or all of payment history information excluded under the FCRA within 7-10 years of date of initial delinquency, and date of initial delinquency will occur prior to account closure.  Thus, afer approx 7-10 years from date of account closure, account history will be incomplete as regards prior payment history performance, and thus of little use to potential creditors.

 

However, since the CRA removal date is totally discretionary on the part of the CRAs, as it is not a provision of statute or regulation, actually removal date can vary significantly.  It could occur prior to 10 years, or significantly later.

I personally had a credit card account remain for over 15 years after I closed the account.

Message 3 of 13
Established Contributor

Re: AaoA - 10 years in jail...

Thank you for the clarification Robert.  I think we preach as gospel on here that closed accounts will remain on your profile and continue to age for 10 years.  You have provided your own experience that they can continue longer.  Another senior contributor on here has posted that he had a couple of closed accounts drop off at 3 years.  I don't recall who that is though or the thread it was shared in.  It is not as black and white as we sometimes say it is on here.

Message 4 of 13
Moderator Emeritus

Re: AaoA - 10 years in jail...

Heh I had one account fall off in less than a year after closing on EX, and have had another record wander away from EQ early too... but most closed tradelines of mine indeed stay around 10 years give or take.



        
Message 5 of 13
Community Leader
Legendary Contributor

Re: AaoA - 10 years in jail...

Accounts can be removed in two ways, and removal of an account at a given time does not necessarily mean it was deleted by the CRA under their own removal policy.

 

A creditor can always, at any given time, simply report deletion of their account to any one or to multiple CRAs.

That is not a deletion initiated by the CRA, and a consumer will normally not be aware of who deleted.

Creditors often choose to delete accounts in order to simplify reporting, or to avoid future need to have to deal with any disputes that a consumer might file.

 

I would speculate that accounts deleted after three years were not removed by the CRA under their internal procedure, but rather were removed based on an explicit deletion reported by the creditor.

Message 6 of 13
Frequent Contributor

Re: AaoA - 10 years in jail...

Could I call up the creditor to delete the account or how do I get it deleted by the CRA? I thought once it's deleted, it's for good?
Message 7 of 13
Valued Contributor

Re: AaoA - 10 years in jail...


@RobertEG wrote:

 

 

However, since the CRA removal date is totally discretionary on the part of the CRAs, as it is not a provision of statute or regulation, actually removal date can vary significantly.  It could occur prior to 10 years, or significantly later.

I personally had a credit card account remain for over 15 years after I closed the account.


Very good Advice@RobertEG , as Always!

I have a  CitiBank CC Reporting @ 22.3 years after being closed. it only shows on EQ.

I Lost a very old account on EX Dropped My AoOA by 10 years Affecting My AoOA and AAoA (Painful)

 

Message 8 of 13
Valued Contributor

Re: AaoA - 10 years in jail...

edit

Rebuild Oct. 2018: Scores High 500's
Current Scores: Mid 700's
"My Take Home Pay Don't Take Me Home"

[Synovus LOC 75k| Cap1 Savor| Disco-It| Lowes (AU)| UltamateMC| Good Sam VS]
Message 9 of 13
Established Contributor

Re: AaoA - 10 years in jail...

I've got a Sears account that was closed in 2005 too, but still updating occasionally. It's only on EQ and helping my age quite a bit and I think its the reason my EQ is so much higher than the rest since my EQ is the only one that still has a baddie left on it.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 07/17/19:


Goal Score: 750+
Message 10 of 13