Closed account reporting on credit report question

[fleetfoot]

I've leanted from these forums that a closed credit card account continues on one's credit reports for ten years.  What I need help with is answering this specific question:

I closed a Wells Fargo credit card in December 2012 with a balance that I continued to pay until it was zero in April 2021.  Will the positive payment history continue to report until April 2031, or will the card fall off my history in December 2022?

Thanks for the continued help with these important topics discussed here.  I'm making better decisions regarding my credit choices since I started following myFICO two years ago. 

[disdreamin]

I'm curious what the answer should be. Personally, I just found a very old credit card still hanging around on one of my reports today and I'm wondering how atypical that is, hence following this thread.

[FireMedic1]

Main question is why was it closed? Your reports should show the balance going down as you paid it off. Last payment made,ect. If it was a negative reason. Like a charge off. Then the DoFD kicks in even though you agreed to pay. Which is the right thing to do.

[SouthJamaica]

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@fleetfoot wrote:

I've leanted from these forums that a closed credit card account continues on one's credit reports for ten years.  What I need help with is answering this specific question:

I closed a Wells Fargo credit card in December 2012 with a balance that I continued to pay until it was zero in April 2021.  Will the positive payment history continue to report until April 2031, or will the card fall off my history in December 2022?

Thanks for the continued help with these important topics discussed here.  I'm making better decisions regarding my credit choices since I started following myFICO two years ago. 

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1. There's no guarantee a closed account will continue to report for 10 years from its closing. Sometimes it's less, sometimes it's more.

2.  Your account may drop off at any time. Or it may stay for years. Or different bureaus will treat it differently.

3.  I doubt that your having made payments on it after its closing will change the result.

[fleetfoot]

That's a great question FireMedic.  Here are the facts about the WellsFargo credit card:

Maxed out credit limit in Summer 2012 (along with a few other credit cards)

December 2012 account CLOSED by creditor while account was current with minimum payments made on time

Struggled to make minimum payments throughout 2013 and 2014

Jan 2015 to Sep 2015 saw many late and missed payments

Started reduced interest payment plan with WellsFargo in October 2015

Completed 12-month repayment plan in September 2016 and returned to regular APR on CLOSED account

Made timely payments for remaining 5 years until account PAID OFF completely in April 2021

I am unsure when this account will be removed from my credit reports -

10 years after account closed in December 2012?

or

7 years after late payments in 2015?

I believe I may have determined what will happen based upon my January 2022 credit reports.  I think the positive payments from 2016 to 2021 will continue to report until 2031.  Both Experian and TransUnion have removed all of the 2015 late payments as of January 1, 2022, and all of the subsequent on-time payments continue to appear on both Experian and TransUnion.  Equifax is a different story.  The late payments in Jan, Feb, and March 2015 have already fallen off from the Equifax report.  I assume the others will fall off month-by-month until they are all gone later this year.  At that point, I think the Equifax report will show only timely payments from 2016 - 2021. 

I have been confused about how these baddies would fall off because the closure date was BEFORE the late payments, and the account never charged off.  The date of first deliquency was in January 2015, BUT the account was brought current and eventually paid in full directly to WellsFargo years later.  There were no late payments in 2016, 2017, 2018, 2019, 2020, or 2021.  The final payment of this closed account was in April 2021.  I believe that all three credit bureaus will report the good payment history until 10 years after the date of last payment, April 2, 2021.

Any other thoughts?

[fleetfoot]

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@SouthJamaica wrote:

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@fleetfoot wrote:

I've leanted from these forums that a closed credit card account continues on one's credit reports for ten years.  What I need help with is answering this specific question:

I closed a Wells Fargo credit card in December 2012 with a balance that I continued to pay until it was zero in April 2021.  Will the positive payment history continue to report until April 2031, or will the card fall off my history in December 2022?

Thanks for the continued help with these important topics discussed here.  I'm making better decisions regarding my credit choices since I started following myFICO two years ago. 

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1. There's no guarantee a closed account will continue to report for 10 years from its closing. Sometimes it's less, sometimes it's more.

2.  Your account may drop off at any time. Or it may stay for years. Or different bureaus will treat it differently.

3.  I doubt that your having made payments on it after its closing will change the result.

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You're exactly right, SouthJamaica.  When you read my detailed response to FireMedic you'll see that the three bureaus have, in fact, treated the account differently.  Experian and TransUnion have already removed all of the 2015 late payments and they contine to show the on-time payments in 2016, 2017, 2018, 2019, 2020, and 2021.  The late payments in January, February, and March of 2015 have fallen off Equifax, but the remaining late payments that year are still present, as are the 5 years of subsequent on-time payments.  I'll see if the other lates will fall off month-by-month until they are all gone this fall.

[fleetfoot]

... and we all owe FireMedic, and other first responders, our continued thanks and praise for all they do to serve us everyday.

[FireMedic1]

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@fleetfoot wrote:

... and we all owe FireMedic, and other first responders, our continued thanks and praise for all they do to serve us everyday.

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Thanks dude. Its a weird combo type thing. Its closed. But you were responsible and did the right thing by paying your debts. So yes 10 yrs give or take from closed date. But you kinda kept it alive by paying on it. Could go either way. This situation will be great to see updates as the lates go to pasture. Once they are all gone. Will that be the time it goes poof? Flip a coin man. Heads or tails.

[fleetfoot]

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@FireMedic1 wrote:

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@fleetfoot wrote:

... and we all owe FireMedic, and other first responders, our continued thanks and praise for all they do to serve us everyday.

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Thanks dude. Its a weird combo type thing. Its closed. But you were responsible and did the right thing by paying your debts. So yes 10 yrs give or take from closed date. But you kinda kept it alive by paying on it. Could go either way. This situation will be great to see updates as the lates go to pasture. Once they are all gone. Will that be the time it goes poof? Flip a coin man. Heads or tails.

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I'll let you know when/if another month of late payments falls off my Equifax report in February 2022.  TU and Exp are already clear of all late payments in 2015 and they continue to report on-time payments 2016 - 2021.

[sznthescore]

From my personal experience which is still currently active. I closed an account Dec 1, 2021. I'm still making payments. My payment history after closing the account has not be reported. What is updated monthly is only the balance. To answer your question from my point of view it would will remain on your report up to 10 years or more from the date you closed the account.