How long will this closed account stay on my report?

[Anonymous]

From my understanding, age of the accounts is important, even if they're closed. How many more year(s) do I have, benefiting from this old account?

[Remedios]

Closed account can stay up to 10 years. Sometimes they are removed sooner and other times stay longer than 10 years 

If going by 10 years it will be removed in 2022, but again, it can be sooner or later than that 

[BallBounces]

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@Remedios wrote:

Closed account can stay up to 10 years. Sometimes they are removed sooner and other times stay longer than 10 years 

If going by 10 years it will be removed in 2022, but again, it can be sooner or later than that 

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It has a last reported date of 2017.   Does that not effect the 10 year clock? 

Do each of the bureaus use something slightly different to determine that date?

(For me, EQ has two tradelines older than 10 years still reporting.  EX and TU no longer report them.)

[Anonymous]

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@BallBounces wrote:

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@Remedios wrote:

Closed account can stay up to 10 years. Sometimes they are removed sooner and other times stay longer than 10 years 

If going by 10 years it will be removed in 2022, but again, it can be sooner or later than that 

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It has a last reported date of 2017.   Does that not effect the 10 year clock? 

Do each of the bureaus use something slightly different to determine that date?

(For me, EQ has two tradelines older than 10 years still reporting.  EX and TU no longer report them.)

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This is what's confusing me. The account was closed in 2012, but it still reported on-time payments for 5 years? Weird.

Edit: this is on my TU report only.

[Remedios]

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@BallBounces wrote:

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@Remedios wrote:

Closed account can stay up to 10 years. Sometimes they are removed sooner and other times stay longer than 10 years 

If going by 10 years it will be removed in 2022, but again, it can be sooner or later than that 

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It has a last reported date of 2017.   Does that not effect the 10 year clock? 

Do each of the bureaus use something slightly different to determine that date?

(For me, EQ has two tradelines older than 10 years still reporting.  EX and TU no longer report them.)

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No, by closing date. Removal is not regulated by FCRA like it is with derogs. 

It's at CRA discretion (unfortunately) when they decide to do spring cleaning 

[BallBounces]

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@Remedios wrote: 

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No, by closing date. Removal is not regulated by FCRA like it is with derogs. 

It's at CRA discretion (unfortunately) when they decide to do spring cleaning 

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I think this is my point.  I had a closed account that was updated after closing for some time, but only on the one bureau.  THAT is what seems to have preserved it for longer than the 'standard' 10 years, but only on the bureau on which it continued updating.  

It seems to be the same scenario as the OP.  I would not be surprised if this record does not fall of until 2027.  This is not because of "standard practice", but rather an "anomoly" in the way it has continued to report to this credit reporting agecy.  I have a guess that it is related to the way the data is transmitted or updated from the creditor to the reporting agency, and the fact that a last update field was refreshed longer than we all expoect it would have been or "should have" been.

To be sure, the story above is a combination of anecdote and supposition.  Also, the OP should just thank his lucky stars for the clean aged trade libe gift.

[tparks5961]

That same account has been on my credit report for 25 years.

Needless to say it's helping out my Aaoa...  It should have come off after 10 years.. but im not complaining.. Its listed on my EQ and EX reports

[BallBounces]

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@tparks5961 wrote:

That same account has been on my credit report for 25 years.

Needless to say it's helping out my Aaoa...  It should have come off after 10 years.. but im not complaining.. Its listed on my EQ and EX reports

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Was it ever updated after closure?

[Anonymous]

That's pretty darn coincidental, I too have an old JC penney account that was opened in 95. Though I believe it was technically closed prior to 2012, like it states on my CR. SYNCH having bought it out might have possibly changed the closing date, as well as some other things.

TBH I don't think this account is doing anything for me, as the CL posted is $100. Although it was actually $800 when I was approved for it initially. So when it drops off in 2022 no big loss, right? It was one of my oldest accounts aside from Cap1 that was closed last year.

Or will it falling off affect my CR at all?

[CJ7]

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@Anonymous wrote:

...TBH I don't think this account is doing anything for me, as the CL posted is $100. Although it was actually $800 when I was approved for it initially. So when it drops off in 2022 no big loss, right? It was one of my oldest accounts aside from Cap1 that was closed last year.

Or will it falling off affect my CR at all?

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The CL is completely irrelevant.  How big of a loss it is will depend on your AOOA and AAOA.