I've pulled and looked at all of my credit reports. I haven't ordered them yet and haven't started any process. My Eqifax score is 524 (pretty bad I know). Anyhow, as I was looking at my reports I noticed something I thought was odd. Years ago I had a Capitol One (unsecured) card. If I remember correctly the limit was like $700. That account shows as an open account. And the last activity shows 2003. I'm not even sure what to make of it showing open to begin with - and from everything I've read - 2010 is the 7 year drop. Right now it shows a balance of over $1100 - and no recent activity. When I do start working on my credit report - should I even bother with this one, or should I just let it hang there and fall off in 2010 (assuming that it will actually drop). What are the chances that if it shows open that it WON'T drop? And how do I determine that it is really open and not just being communicated that way to take advantage of some loophole? Here's a couple of thoughts I've had - are they keeping in open so that it isn't subjected to the 7 year limit. I've also heard that if I contact them - even to find out if in fact it is actually open - that would constitute communication and the 7 year time will start again. How much, if any, of this is true?
Is this a positive tradeline? If so, leave it alone. Positive accounts don't fall off after 7 years. They can stay 10 years or longer. If it's showing as open it will probably stay indefinitely. If it is positive, the length of history will help you. And communication doesn't affect the 7-year reporting period. The 7-year period is for derogatory items, and it's 7 years from when it went delinquent and was never brought current.
