I have 3 or 4 old Cap1's showing on my CR. They went deliquent in late 2003 for no more than 60 days, then my wife and I did a credit counseling program and paid everything off over the next 2 years. As part of the deal to get the lower interest rates, Cap1 automatically closes your accounts, so the TL says "Account closed by Credit Grantor". I tried calling Cap1 yesterday and asked for a goodwill removal of the late payments since I currently have another account with them. They practically laughed at me until I said that I wouldn't be a Cap1 cardholder much longer, at which point they said to request it in writing and that sometimes they will remove the late pays. But she didn't think they would. Since these accounts have been closed for around 4 years, and since they've been paid off for around 2 years, what's my best bet at this point? Should I continue to try to get Cap1 to remove the late payments? Or does the TL override a handful of late payments from 4 years ago? Currently these are listed in the negative section of all of my reports. Would no late payments make them "positive" since they are paid in full? Or would the TL keep them as negative, in which case I guess my best bet is to disput them as not mine with the CRB's and hope Cap1 won't validate them so many years later?
You cannot count on what section they are listed in to determine what the effect will be in removing old accounts with a few lates. The age of the account might be having a more positive effect thatn the lates are having a negative effect. Were they "charged off"? How old is the most recent late?
Not charged off, paid in full. But "Closed by credit grantor". The most recent late is either December 2003 or Jan 2004, so I guess they're actually only a little more than 3 years old, and not 4 like I said previously.
They aren't affecting your FICO scores. Fair Issac Corporation states that late pays over two years old have no effect on FICO scores. However, you would be right thinking to be skeptical of what Fair Issac states.
