Old credit?

[Anonymous]

I have several old items, pre-2003, that are in good standing, with a few from "finance" companies. I know they can be removed after 7 years. Should I?

[MarineVietVet]

If they are all in good standing there is no reason to have them removed. They will continue to help your AAoA and credit length history for up to 10 years after closing.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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[RobertEG]

The 7 year limit on credit reporting under FCRA 605(a) is for individual negative items of information posted to the account, not to the OC account itself.

I know that the language many of us use on this site refers to "account dropoff at 7 years", but technically, that is incorrect.

There is no statutory drop off dates from your CR  for OC accounts under the FCRA.  Deletion of an OC account from your CR is at the discretion of the CRA.  Most CRAs wont consider OC account deletion for ten years from the date of account closing. in order to be sure that any drop off dates for items posted the account have gone past the 7-10 years periods set forth in FCRA 605(a).  If you write the OC and ask that the delete a closed account in good standing, and they do delete, then you lose its entire account age in your average age of accounts (AAoA) calculation.  That does not benefit you for older accounts.

No, I would not request deletion.

[Anonymous]

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@MarineVietVet wrote:

If they are all in good standing there is no reason to have them removed. They will continue to help your AAoA and credit length history for up to 10 years after closing.

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+1 (which means, "Yep.  What he said.") 

[RobertEG]

You really cant "remove accounts" from your CR.

Only the furnisher of the information, or if really old past closing, the CRA, can delete accounts from your credit file.

The removal of prior derogs under FCRA 605(a) from further inclusion in your CR is only a limited restriction. 

FCRA 605(b) effectively throws all of the FCRA 605(a)  7 or 7 1/2 reporing restrictions into the trash can if any subsequent potentiial creditor should request your full credit file in which you have intiated a request for credit or insurance that exceeds $150K.  So prior reporting restrictions go away.  A good reason for the CRA not to delete accounts  based soley on the 7 or 7 1/2 periods set forth in FCRA 605(A).  They really dont delete anything.  They just are just restiricted in what they can report.