I have to tradelines from Household Financal and another finance company. I was never late with my payments and have paid it off. THey are from 1991 and 1994. Do these tradelines hurt my score or should I try to dispute them and have them removed? Thanks for your help.
It is hard to determine if it will help or hurt your score to have them deleted. Finance companies can lower your score, but also losing good installment accounts, or length of credit history can also hurt. If you have a lot of old good tradelines you may want to delete the finance companies, if you do not, you may want to leave them. Just my opinion.
Should these lines, since they are over 7 years old be deleted or do I have to request that they be deleted by stating "not mine"? THanks for the advice. I have tons of old tradelines equal in age. I'm going to get rid of them, any ideas on how to do that?
I seem to recall a post from several weeks ago where someone disputed a finance co tradeline that was paid and never late and when it was deleted, their score jumped something like ten points. I don't recall the exact details, but I've disputed two with EQ that were paid off in 96 and 97, no lates and the results are due in about a week. Will let you know if it has any affect on my score. L
That may have been my post whyspers. I had several student loans (IT loans) that were showing as installment loans without the education notation. These are all loans that I am currently paying on. Amex denied me for a card because they said the loans were showing as revolving, which I don't see. Anyway, I disputed them as student loans, not installment loans. 3 were changed to IT education loans, 1 was deleted for some reason. My score increased by about 30 pts. Then I got approved for my Amex card.
Hopefully they won't verify them. They are pretty old. I really don't care if I gain one point just so long as I don't lose any, but then, I don't have many to lose
I had a similar situation like this happen to me with EQ two weeks ago. I pulled my report on 5/12 and noticed that two of my closed installment citi-financial loans, both closed in 6/1995, were removed. Both had perfect payment history's and both were 24 months of payments. My score actually dropped 10 points on FICO (Beacon). I called the local EQ affiliate and they stated they have a new program that probably had a glitch and removed both of them because they were at the 7 year mark. The rep stated that since they were both positive accounts they should remain for 10 years. The same day she added both of them back on. I went home that night, pulled my EQ (5/13) and my score went up 13 points. Nothing else changed on my report. So I lost 10 then gained 13. Out of the 20 tradelines on my report I have 5 Finance type accounts both open and closed. I have never rec'd the reason "too many finance accounts" with my scores.
