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Closed Accounts over 7 yrs old

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Anonymous
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Closed Accounts over 7 yrs old

I have several accounts that have been closed for over 7 yrs and they are still on my report.  Would it be helpful to reach out to the creditors and ask them to remove the closed account since it has been closed for over 7 years?   IF they were to get removed would this hurt my scores or help them?

 

5 REPLIES 5
tortoise_credit
Regular Contributor

Re: Closed Accounts over 7 yrs old

Are there any negatives on the account? Closed accounts can stay on your report for up to 10 years, and are beneficial to your score.


 FICO 8Inq/1230/60/90 LatesAAoA
EX78114/0/09 yr 3 mo
EQ79313/1/08 yr 6 mo
TU77714/0/18 yr 9 mo
Last updated: 4/3/2022
Message 2 of 6
Red1Blue
Super Contributor

Re: Closed Accounts over 7 yrs old

From what I understand if the closed accounts were in good standing then they will stay on the report for 10 years. If they are COs or lates or some other negative information they will drop off in 7 years from the dofd. If your accounts are in good standing it does not hurt if they are reporting on your credit report.

Message 3 of 6
SouthJamaica
Mega Contributor

Re: Closed Accounts over 7 yrs old


@Anonymous wrote:

I have several accounts that have been closed for over 7 yrs and they are still on my report.  Would it be helpful to reach out to the creditors and ask them to remove the closed account since it has been closed for over 7 years?   IF they were to get removed would this hurt my scores or help them?

 


It would hurt your scores. In FICO scoring age is good.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 4 of 6
hdporter
Regular Contributor

Re: Closed Accounts over 7 yrs old


@Red1Blue wrote:

From what I understand if the closed accounts were in good standing then they will stay on the report for 10 years. If they are COs or lates or some other negative information they will drop off in 7 years from the dofd. If your accounts are in good standing it does not hurt if they are reporting on your credit report.


Just want to bring attention to one aspect of this:  An account can be closed in "good standing", yet have a past delinquency history.  Some people are too quick to seek deletion of such accounts because of the prior late reporting. 

 

With such accounts, it's important to weight when the negative history will be removed (7 years from occurrence) and when the account will subsequently be removed (10 years post closure).  If you lack a respectable number of accounts with long history, it can be very beneficial to wait out the 7 year adverse history deletion, for the sake of subsequently reporting a positive tradeline.  This is doubly true if the adverse history pre-dates closure by at least 2 years.

 

In an example where delinquencies occurred in 2017, and the account was closed in 2020, the adverse history will clear in 2024, after which the account will report with an unblemished history until 2030.  Unless it's the case where this is the only adverse account on your credit report, it can be very beneficial to "let sleeping dogs lie" and wait out the delinquency reporting.



Message 5 of 6
kilroy8
Community Leader
Super Contributor

Re: Closed Accounts over 7 yrs old

Experian did not adhere to this for me. They deleted all my closed accounts, and all were good. Killed my AAoA. Scores on EX 802, TU 819, EQ 842.

EQ has about all the old accounts still, TU has some of them. This is the only difference on my reports.

 

Message 6 of 6
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