I have old tradeline from 1991 with some late pays (90+). My next oldest line is from 1999. Will my TU score be better if I get the line removed or if it remains?
I can't see any benefit from removing your oldest tradeline. If the lates are old, they aren't hurting you much anyway. If they are new, the benefit of removing the tradeline is temporary at best.
That's something else, if your next oldest tradeline is 8 years younger, you will most likely take a hit on your score. You'd be going from someone who had an eleven year history to one with just a three year history. One of the negative factors that affect your score is not long enough is length of history. I think they like to see 5 years before removing that factor.
mindcrime2: Yes, it's closed, but I am quite certain they will not change the reporting status. It's an old student loan and I have been having enough trouble as it is getting them to correct other errors on my report. badrep: what do you mean by "temporary at best"? Although I am new at this, I have been lurking long enough to understand that old tradelines are good, because of established history. I was just trying to get creditnetters' opinions on what it would do to my score. Thanks for the feedback.
jambe, Just curious, have you tried disputing this account as never late through the CRA's already? <edit> Scratch what I said in my second post about the goodwill adjustment letter. That's for open and up-to-date accounts.
I was hesitant to do that, fearing it would just be deleted. (I think I have had it happen with other accounts.)
My score dropped 89 points because I was stupid by removing a 1985 account that was inactive from my report showing a credit limit of $500 and never late. I thought I was doing a good thing by getting rid of an inactive account that I never received the credit card on, but now my credit history shows my oldest account being 1999. This was very stupid on my part. That is one lesson I learned the hard way.
Jambe. If the lates were recent they might be hurting you more than deleting an old trade line would. Therefore, getting rid of the tradeline with new lates would bump your score up. However, letting the lates age for awhile and leaving your oldest tradeline would be the best strategy. Short story, leave the tradeline. Even with lates it is helping your score.
According to the CRA's, they just can't. LOL Amazing how a negative factor from the moon can show up, while it takes an act of congress to get a positive tradeline re-inserted.
Yes, And some people still think there is no motive for the CRA's to act this way.....things that make you go hmmmmm.
Even with at least one 120 day late though? I thought anything over 90 was considered seriously delinquent? If I get this one deleted I will still have one account that shows activity from 1991 to 1998, so it won't be all bad, but what sort of impact do you think it would have on my score. If we are talking 10 points I would rather have the late not showing, but if it were worth, say, 50 points, I would be inclined to keep it )
Could be becasue it might increase your score. They seem to be against items that could increase your score while favoring things that tank it,
Amazing how a negative factor from the moon can show up, while it takes an act of congress to get a positive tradeline re-inserted. ~mindcrime~ =================== Nothing amazing about it when you understand the scam.
I wonder . . . do the CRA's make more money selling potential subprime customers' data than they do prime?
