I had a Diamond Shamrock that was 120 days late. It was going to fall off my report in July. I checked my Exp report this AM and noted that the 120 day late statement is gone, replaced with Closed/Never Late/ They re-aged it, but as an account in good standing. The only remark that stayed was "closed at credit grantor's request". This made my "score" jump 20 points and was the last bad mark I had on this particular report. Has this ahppened to anyone else? I didn't have it in dispute nor had I contacted Diamond Shamrock over it. The only activity on my reports lately has been mortgage inquiries (We close on the 26th!!) Thanks!
It sounds like the 120 day late happened 7 years ago, which is how long derogatory info can stay on your report. In other words, if a late occured in April of 1995, in April of 2002 (now) it would fall off, and if that was your only derog mark on the account, the account would then change to a positive status. The only thing that still is not so good is the "closed at credit grantors request". You may want to try disputing that as "closed at consumers request".
That is an interesting thought. The account was actually closed in July seven years ago. And from what I've heard, they sometimes delete a few months early. I just figured the entire entry would have been deleted, I didn't realize it was only derog info that could go away. So now this will be on until 4/2009...renewed for anyother seven years...I'm happy it's not derog anymore, just confused me. After we close on our house, I plan on taking a break from credit for a bit...solely to regain my sanity, however, the credit grantor request will be disputed soon. Thanks
Usually, if it's a collection account, it will be deleted on or just before the 7 year mark, since there is no such thing as a positive collection account. If it's a credit account that has derog's in it (let's say a 30-day late in April, 1995, well by April 2002, that 7 year old derog mark is now obsolete and has to be deleted, and if that's the only derog on the account and the account was still open a few months after that late, once that late is deleted, it will now go to a positive status account, and should continue until 10 years from the date it was closed. I know you said it was re-aged to 4/09, which is odd because it sounds as if it was re-aged as a derog, not a postive. You said the account was closed in 7/95, so really it should only continue to 7/05. But, if it's a positive account in the positive section of your credit report, then leave it be. Congratulations on your new house.
