Oldest account is a paid derog...

[LouMinotti]

I searched for an answer on these boards but didn't see anything...

Here's my situation:

My oldest account is a verizon utility opened in 2000. The account is closed but reported as paid derogatory and I am considering writing a GW to see if I can get it removed. I had spoken with a Verizon rep and he seemed to indicate in not so many words that I would experience success if I did. However on my 3 reports this account is factored in my length of history and is my oldest with my next oldest account being opened in 2002.

Will getting the derog removed -- and it's the only baddie I have with the exception of my BK about to drop off come October -- lower my score as my history will become younger, or will my score improve as there will be no derog anymore? Or will I probably break even? I paid this derog last January, the date if last activity was in 07, so I believe I have a long while to go before it drops.

I am going to attempt the GW in any case, I'm just wondering what to expect, or not expect.

Thanks in advance, Folks!

[Anonymous]

Collections don't count in your history. Utilities are not tradelines that factor into FICO's scoring formula. I would definitely GW this one. I am not sure how large of a boost you will get immediately with the bk still on your report but having it removed will definitely help over time.

Goodluck!

[LouMinotti]

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@Anonymous wrote:

Collections don't count in your history. Utilities are not tradelines that factor into FICO's scoring formula. I would definitely GW this one. I am not sure how large of a boost you will get immediately with the bk still on your report but having it removed will definitely help over time.

Goodluck!

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that's what I thought too, but on EQ and TU the report says "your oldest account is 8 years 3 months. ." and the only one I have from 2000 is Verizon, all the rest of my accounts I opened after 2002......strange... thanks.

[Anonymous]

I still don't think it is counted in scoring. Even if so, having a collection on your report is probably more damaging than an extra 2 years of history.

[Anonymous]

This is incorrect-

If reported as a TL it is factored into scoring.

I would only try to remove if it is the ONLY derog on CR.

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debtisgood wrote:

Collections don't count in your history. Utilities are not tradelines that factor into FICO's scoring formula. I would definitely GW this one. I am not sure how large of a boost you will get immediately with the bk still on your report but having it removed will definitely help over time.

Goodluck!

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[LouMinotti]

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@Anonymous wrote:

I still don't think it is counted in scoring. Even if so, having a collection on your report is probably more damaging than an extra 2 years of history.

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Well DIG, we'll find out soon enough if I can get it removed. I'll def. report back when results are in.

Oh, here's another question, maybe you may know.. I have on TL not reporting on EQ; an Orchard Bank card with an $800 limit and a balance of $650. My TU and EX scores are 683 and 658 and My EQ is 629. Would it be worth my while to ask Orchard to report to EQ this TL? Generally speaking, that is. It seems the disparity between EQ and the TU and EX scores are this one TL. I dunno...

[LouMinotti]

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@LouMinotti wrote:

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@Anonymous wrote:

I still don't think it is counted in scoring. Even if so, having a collection on your report is probably more damaging than an extra 2 years of history.

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Well DIG, we'll find out soon enough if I can get it removed. I'll def. report back when results are in.

Oh, here's another question, maybe you may know.. I have on TL not reporting on EQ; an Orchard Bank card with an $800 limit and a balance of $650. My TU and EX scores are 683 and 658 and My EQ is 629. Would it be worth my while to ask Orchard to report to EQ this TL? Generally speaking, that is. It seems the disparity between EQ and the TU and EX scores are this one TL. I dunno...

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I should add that this TL that isn't reported to EQ was opened in 2004 and I've never been late.

[LouMinotti]

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@Anonymous wrote:

This is incorrect-

If reported as a TL it is factored into scoring.

I would only try to remove if it is the ONLY derog on CR.

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@Anonymous wrote:

Collections don't count in your history. Utilities are not tradelines that factor into FICO's scoring formula. I would definitely GW this one. I am not sure how large of a boost you will get immediately with the bk still on your report but having it removed will definitely help over time.

Goodluck!

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It is the only derog I have if we don't count the BK that will fall off 10/01/08. The BK has already fallen off Experian and I lost 15 points over that (from 673 to 658). New bucket, I'm told. Thanks for your reply!

[Anonymous]

HSBC reports to all 3 CRA's so you should find out why it is not showing up.

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@LouMinotti wrote:

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@Anonymous wrote:

I still don't think it is counted in scoring. Even if so, having a collection on your report is probably more damaging than an extra 2 years of history.

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Well DIG, we'll find out soon enough if I can get it removed. I'll def. report back when results are in.

Oh, here's another question, maybe you may know.. I have on TL not reporting on EQ; an Orchard Bank card with an $800 limit and a balance of $650. My TU and EX scores are 683 and 658 and My EQ is 629. Would it be worth my while to ask Orchard to report to EQ this TL? Generally speaking, that is. It seems the disparity between EQ and the TU and EX scores are this one TL. I dunno...

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