Another question

[Anonymous]

What you see below is a $1200 computer that I financed in 1999. Well, me and my ex girl friend split back in 2002 and she took the computer but never paid on it. I didn't find all this out until 2006 at which time I paid the dang thing off in full when they called me, thought I was doing the right thing. So I have a $0 balance but showing a ton of lates. As you can see below I have a "Date of last activity" in May 2006 and a "Date of last payment" in May 2002 and a "Status as of" May 2006. Now what do I do with this account? Dispute or leave it? When is it supposed to fall off, 2009 or 2013? Below is how my reports look.

Line of Credit Bank Of America

Status as of  May, 2006

Date opened Jan, 1999

Date of last activity May, 2006

Date of last payment May, 2002

Date closed Not Reported

Account number XX

Loan type Check Credit Or Line Of Credit

Credit limit $1,200

Largest past balance Not Reported

Terms Not Reported

Account Type Revolving

Account holder Individual

[Anonymous]

Please see the link in my signature regarding CRTP.

[Anonymous]

 Thanks I understand it now.

Should I dispute this even though I paid it back in 2006? If so what letter should I use?

[Anonymous]

Why would you dispute it? Is there something inaccurate about it?

[Anonymous]

No sidewinder it's not inaccurate. Then I wont dispute it, But I was just wanting to try and have it removed. Is that still possible?

[Anonymous]

You can send a GW letter asking them to remove the account or the negative notations.

IMO, leave it be. It is an old account that is adding to your age.

I had a CO removed that wasn't near that old and lost around 30 points.

[Anonymous]

WOW, lost 30 points. Why in the world would you lose points when you had a CO removed.

My score ranges from 650-705. The reason I wanted it removed was because I applied for a business CC and was denied because of that account.

So your opinion is to just leave it be. I will take your opinion seriously, thank you.

[Anonymous]

I lost points because it was helping my average age of accounts.

See the link in my signature for Credit Scoring 101.

You may or may not lose points. Do you have accounts this old? Older? How many new accounts do you have?

[Anonymous]

I have the above account and one more (repossesion) with around the same 2002 dates. I also have a $0 balance Collection reporting with an Oct 05, 2002. These three are the only accounts I have that are old.

I have several new accounts. The reason being is I use a local bank to buy real estate with and I fix and sale the houses right away.

In 2008 I have 4 new accounts with one haveing a $0 balance. That leaves three, one will be paid off in full as soon as I sale the house. The other is a 15k balance (my truck) and the last one is a CC with a 4k limit with a $596 balance.

In 2007 I had 6 new accounts with 5 being paid in full.

In 2006 I had 3 new accounts with 2 being paid off in full. 

Did I answer your question ok?

So what do you think I should do?

[Anonymous]

The collection account won't count in age.

Closed positive accounts remain 10 years.

Negative information remains 7 years.

It is possible that the negative information on the account could be removed, leaving you with a positive account for another 3 years.

IMO, leave it be. It is helping your age.