I was trying to get an EE for late payments on a closed account in otherwise good standing. So calls were made, front-line CSR's & supervisors were spoken to, calling on different days/times was tried...rocks were kicked.
During one attempt one of the front-line types says to me "We should removed these notes from a previous dispute".
Sure, why not.
I called back the next day to try some more begging and the front-line says I don't have any late payments (?). And not only do I not have any late payments I don't even the account in question (?!?). Supervisor confirms.
So somehow, some way, in the process of removing notes the entire account goes bye bye. Technically it wasn't sceduled to fall off at all and the last late payment wasn't due to fall off for 18 months.
Here's my question: Do I care? Do I want this? Doesn't the account have value -- I mean, once the lates were gone? Should I call CapOne and have them put it back? Would they even?
I got a 45 point score bump and that's nice and all but once the lates were gone wouldn't I have benefitted even more from having a closed auto loan in good standing?
Halp!
@Asilomar wrote:
I was trying to get an EE for late payments on a closed account in otherwise good standing. So calls were made, front-line CSR's & supervisors were spoken to, calling on different days/times was tried...rocks were kicked.
During one attempt one of the front-line types says to me "We should removed these notes from a previous dispute".
Sure, why not.
I called back the next day to try some more begging and the front-line says I don't have any late payments (?). And not only do I not have any late payments I don't even the account in question (?!?). Supervisor confirms.
So somehow, some way, in the process of removing notes the entire account goes bye bye. Technically it wasn't sceduled to fall off at all and the last late payment wasn't due to fall off for 18 months.
Here's my question: Do I care? Do I want this? Doesn't the account have value -- I mean, once the lates were gone? Should I call CapOne and have them put it back? Would they even?
I got a 45 point score bump and that's nice and all but once the lates were gone wouldn't I have benefitted even more from having a closed auto loan in good standing?
Halp!
Yes you want it.
Let it be.
Doesn’t having a closed loan in good standing (again, once the 2 lates are gone) benefit me?
I'd take it with a smile on my face
@Anonymous wrote:A few thoughts:
Since the account is closed, you have a far lower chance of getting it added back by the previous lender. Even assuming that you had low risk of that request resulting in your negatives being added back (the consensus here is that the risk is not low) the probability that you'd succeed is also low.
Furthermore, even if you succeeded, it might not help you for long. Deepnds on when this account would be falling off naturally (typically ten years after closing).
More importantly, however, the negatives do stand a substantial chance of being added back. You have clear empirical evidence of exactly how much that will hurt you.
Finally, the only conceivable situation where there might be any value in pursuing the "get it added back" option is if the account was vastly older than your next oldest account. Example: a mortgage that was opened 40 years ago with all other accounts opened < 3 years ago. Here losing that account hurts your Age of Oldest Account, which is a significant scoring factor.
Even if it were vastly older, however, the reasons above would make me very doubtful about the wisdom of asking it to be added back.
Thanks, CGD, for the response.
First, I wasn't planning on asking for it to be added back for 18 months -- until the lates couldn't be added back with the account. Though I won't be app'ing for any credit for a few years, I'll still be doing SP's for CLI's and my BofA cards pull TU.
The account would remain until 2023. So I have a ways to go.
Yeah, the evidence of the damage was striking -- 45 points for two 30-day-lates. That's a ton!
It is vastly older than my next oldest account -- by roughly 8 years. But wait... I know AAoA isn't factored using closed accounts but how much of a factor is AoOA when that account is closed? I guess that's the crux of my issue; I really have no idea the value of AoOA, particularly when that account is closed.
@Anonymous wrote:
@Asilomar wrote:
Doesn’t having a closed loan in good standing (again, once the 2 lates are gone) benefit me?Maybe if the card was much older than all your other cards,
or if you only had one or two more cards
Might just lower your AAoA
But you had said 18 months until lates fall off, so they would be hurting for 6 months and lingering
for another 12 later.
The score jump now allows for better credit now, if you need to apply for anything.
And you can grow it in the meantime, so balance it all out, probably for the better
Thanks for the reply.
It's an installment account, not a card. As I said to GCD below, the account in question is 8 years older than my next oldest account which is why I'm concerned.
@Anonymous wrote:
@Asilomar wrote:
I know AAoA isn't factored using closed accounts ...
It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.
That has been attributed to Mark Twain, but it's likely not his. Anyway, it turns out that closed accounts are absolutely included in FICO's AAoA calculation. Closed accounts also count fully for Age of Oldest.
Well for cryin out loud! How did I not know that?? <------ Rhetorical
If closed accounts are included in the AAoA calculation then is evey single metric on every single site where we all get such things wrong?? It's true I've never bothered to do the math by hand because I just assumed that they were basically correct.
So since FICO is factoring closed accounts for both AAoA and AoOA, then I may as well try to get it put back on once those lates have aged out. Couldn't hurt.
Thanks for your help!