Hi everyone, Quick question. Opened a credit card account in November 1998. Closed it in December 1999 due to an interest rate hike. Kept making payments on it and the card was paid off in December 2000. Experian is reporting it to continue on record until February 2008. This doesn't seem right since the account was closed 1-1/2 year ago. The account is in good standing, but when should it be deleted off the credit reports. Also, closed accounts aren't calculated in determining an individual's FICO score, right? Thanks, Dani
Re: Continuation of closed acc Positively rated accounts that have been closed will remain on your report for 10 years. And as far as closed accounts being used in your fico scoring, I think they are calculated. I think anything that is currently on your report will be used. But, I'm not 100% sure about this. Maybe someone else can answer.
Re: Continuation of closed acc Thank you LKH. I assumed all accounts were deleted after seven years. I didn't know positive accounts stayed on for 10 years. Thanks again. Dani
Re: Continuation of closed acc Having positive tradelines on your record regardless of opened or closed can do nothing but help your creditworthiness. Too many tradelines with balances is a different story. MikeB
Re: Continuation of closed acc CLOSED OR OPEN...you MUST have a history that credit card companies and mortgage companies can look at. IF YOU HAVE NO PAST HISTORY...YOU WILL BE DENIED...
