Quick question on late payment falloff

[Anonymous]

Okay, I know I've seen this on here somewhere before, but I can't seem to find it.  If an account remains open, but has lates on it, do those lates fall off after 7 years regardless of whether the account is still open or not?  GW is not an option as the accounts are with Sallie Mae and Great Lakes.  I just need to know if late payments in 2005 will fall off in 2012, or would it be either sooner or later?

Thanks

[marty56]

They say it is up to 7 years after the occurance of the late payment.  If anyone has had a late payment fall off sooner with any action on their part, let me know

[haulingthescoreup]

And if the account is closed, it will report for a total of 10 years after closing. So if your late was on the very last month that the account was open, you will have 3 more years of clean reporting. If the late was say, 2 years before the account was closed, you will have 5 years of clean history then reporting (after the late falls off.)

So if anyone has had a CC that they messed up on, resist the temptation to close it then and there. Sock drawer it, use it twice a year, etc. If you ever to decide to close it, you will have that many more years of clean reporting.