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Hello,
I was just curious what to expect when a negative account on two of my reports falls off this fall (I assume it will fall off then since it will be 7 years since first late payment reported, although the account was actually paid in full in Jan of 08 and then closed later in the spring).
I know that the older an account is, the less it counts toward your score, so I'm mostly wondering if this will make a difference at all.
Background: The account was for a credit card my mother had me on as an authorized user when I was in my late teens, very early twenties. The account was paid in full and closed, but has a 30, 60, 90, and two 120 day lates marked on it (all in a row).
Will the positives of this falling off be more about it just not being viewable to future lenders rather than increasing my score?
Thanks.
@Anonymous wrote:Hello,
I was just curious what to expect when a negative account on two of my reports falls off this fall (I assume it will fall off then since it will be 7 years since first late payment reported, although the account was actually paid in full in Jan of 08 and then closed later in the spring).
I know that the older an account is, the less it counts toward your score, so I'm mostly wondering if this will make a difference at all.
Background: The account was for a credit card my mother had me on as an authorized user when I was in my late teens, very early twenties. The account was paid in full and closed, but has a 30, 60, 90, and two 120 day lates marked on it (all in a row).
Will the positives of this falling off be more about it just not being viewable to future lenders rather than increasing my score?
Thanks.
Frankly it depends on what else is on your reports. I had an old account recently fall off that had a similar delinquncy as yours. I got a 5-10 point bump, but YMMV.
if its just late payments reporting then each one individualy will fall off when it reaches its 7 year mark and after the last late is removed it will be a positive tradeline, that is my understanding at least. Lates act differently then CA or CO. You can GW to have the lates removed.
The score jump will be minimal. I've always been told the dropping off just makes your credit report clean.
@DrZoidberg wrote:The score jump will be minimal. I've always been told the dropping off just makes your credit report clean.
Is that also the case for a tradeline (the one I'm thinking of is in collections) that is deleted after a dispute (rather than just falling off because the 7 years is up)?
@alexl22 wrote:if its just late payments reporting then each one individualy will fall off when it reaches its 7 year mark and after the last late is removed it will be a positive tradeline, that is my understanding at least. Lates act differently then CA or CO. You can GW to have the lates removed.
Unfortunately I doubt goodwill will work at this point considering neither my mother nor I are current customers. At the time, I didn't even know any of this was happening as I just used the card occasionally when I needed groceries or lunch in my early college years and wasn't responsible for payments (there's a lesson that nothing is truly free). Thankfully, the account should be off my report (or at least the lates should be off) before I go to a lender for anything, so I can wait. With the negative on my report, I was even cleared for 0% financing on a car about 4 years ago, but now that I have a couple other issues to clean up on my reports, I definitely want it off by spring. Just curious of what to expect.
You dont have to be a current customer. I had a loan I took out with American General when I was young and stupid and proceeded to accumulate alot of 60/90/120 lates, first in nov 2007 last in feb 2009 when it was closed and paid off. I have been GW the crap out of them for over a year and I dont know if something finally worked because the whole tradeline fell off my EX report(still on TU and EQ) the other day.
Will be interested to see the effect this has on my EX score next month via PSECU
@Anonymous wrote:
You may have already tried this but just in case. I was able to get one of my mom's cards entirely removed from my CRs by disputing it with the CRAs as not my account then explaining in the notes that I was only an AU and that I had closed my card.
+1
I thought you can request the removal from you CR if you are just an AU. Also, I thought AU dont count on scores on newer versions of FICO