strange TL reporting... advice please?

[Anonymous]

In 2003/2004 I had a continental finance mastercard which I closed paid in full probably around 2005 (?) When I pulled my credit reports I found a "potentially negative closed" entry reporting to Equifax only for "ICUL". I called and they referred me to continental finance who told me the account was so old they had no record of it. I am fairly confident I can get this removed via direct dispute but should I? Would it affect my AAoA? Here is what the tradeline looks like:

ICUL service corporation
acct xxxxxxxxxxxxx
balance $0.00
date opened 5/1/2007 (definitely years after I had this card)
Closed
Not more than 2 payments past due
high balance $300 (limit on card $1000)
Paid account/zero balance

reporting 30,60,90,120 days late beginning February 2008 (no way... I closed the account way before that).

It should have fallen off by now or will be soon... should I bother? You think it would help my score at all?

[Dw4250]

I would definitely dispute this right away.  

120 day late is a major derog that you'll be dragging around for 3 more months.  Getting this off your report may be a 20-30 pt boost to your score (maybe more depending on what other baddies you have).

AAofA is overrated (IMO).  How old are your other accounts?  Age is more important if you are a college kid just starting out. Do you have some positive accounts reporting? Unless most of your accounts have opened within the last 12 months, I wouldn't sweat AAofA.

[-Wade-]

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@Dw4250 wrote:

I would definitely dispute this right away.  

120 day late is a major derog that you'll be dragging around for 2 more years.  Getting this off your report may be a 20-30 pt boost to your score (maybe more depending on what other baddies you have).

AAofA is overrated (IMO).  How old are your other accounts?  Age is more important if you are a college kid just starting out. Do you have some positive accounts reporting? Unless most of your accounts have opened within the last 12 months, I wouldn't sweat AAofA.

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+1 and say the account is not yours........My cousin had 1 like that a fews weeks ago and disputed it and thye took it off within a week.......Good Luck

[Anonymous]

Thanks for the replies... I doubt I'll get that much of a boost.... still paying off a state tax lien and have one other released which are killing me... a couple charge offs... sigh... baby steps.

[Anonymous]

Oh and no open accounts... paid my car off a year ago and after I lost my job in early 2012 my only credit card was charged off. Definitely a priority to open a secured card or 2 with our tax return.

[Dw4250]

I went through a similar ordeal back in 2009-2010.  My scores were in the 510/503/496 after being laid off.  

Definitely your first step should be to get a secured card.  Cap 1 is probably the best out there.  You might even be able to get an unsecured low amount ($300ish).  US Bank is OK too.  Wells and BOA have secured card programs.  If possible, try to avoid the really crappy sub-prime lenders (Credit One; FP).  Stick with the name brands and build a history with them.

Most importantly, stay positive!  I know it's hard to see now, but it does get better.  It took me several long years, but I'm almost back to where I was (current scores in the high 600's).  And I made a lot of mistakes in my credit repair that had I known about this site sooner I could have avoided.  Luckily you've discovered this place.  Use it as a resource and I guarantee you will shorten your stay in the credit "wilderness".

Good luck!