Question about credit report

iVillage Member
Registered: 04-02-2003
Question about credit report
5
Wed, 04-02-2003 - 3:33pm
Does anyone know how long closed accounts stay on your credit report? We have received copies of our reports and there are accounts that have been closed for over seven years. I thought that they stay on for seven years and then go off. Is this wrong?

TIA!

Kathie

Avatar for mrslove2000
iVillage Member
Registered: 03-26-2003
Fri, 04-04-2003 - 11:04am
Closed accounts won't necessarily count against you unless your porportion of accounts is unbalanced. For example, if you have one account open, that is limited on history or maxed out and all of your "older" accounts have been closed. It gives an unfair picture of your credit worthiness. Does that make sense? Don't get me wrong, I am not saying don't close the account. Hope this helps, some.

Have a Fantastic Friday!

Susan

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Avatar for mrslove2000
iVillage Member
Registered: 03-26-2003
Fri, 04-04-2003 - 11:00am
Karen, I really liked all the information you gave about credit scores, etc. I am so happy you are starting a new job on Monday. Hopefully, you will really like it and your situation will start to improve.

Susan

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iVillage Member
Registered: 03-31-2003
Thu, 04-03-2003 - 9:24pm
Hi... I'm a "newbie" to the boards, but not to iVillage. I thought I'd check out the message boards, and I noticed your post.

Answer to your question... if these accounts were good accounts, by no means do they count against you. All the good, the better! (If they were recent accounts, with limits still available, that takes points away.) Closed accounts with no limits left, and that were paid good, consistantly are point builders.

*Long story short... (if interested) I was just let go at a Car Dealership that I worked at, for 7.5 years. (The Owner was killed on a motorcycle, and all of a sudden... "we're going to try something else".) I was the CRM, but while there I learned alot about Credit. Your Beacon Score means everything. Any recent derogatories really affect your score. At the Dealership, anything over 650 was good, but anything over 700 was GREAT. Anything less than 650 was OK, but anything less than 600 was so-so "not so good" credit. I don't know if you know your score, but it is the biggest determining factor in credit. My credit "Was" a 715. I was never late on anything... NOW, it is just getting worse and worse. Since I was let go, I have been out of work for 6 weeks, and I have "Over 30's" on my credit now. It just kills me, because I worked so hard for many years at keeping it "blemish free".

I do know that even if your score is lower than most places expect, they will look at your current history, and if you've paid good on everything for at least a year, sometimes 6 mos., they will over look alot! It may still affect the APR, but you can still quailify for credit. Right now, I'm just sick over mine. I made it a point to pay everything on time everytime. But, being out of work with no money coming in... you have to do what you have to do... Survive and pay what's important... Rent, Utilities, FOOD!

I am about to start a new job on Mon., but it's salary plus commissions, and pays every 2 weeks... so, I still won't have any money for awhile. My ex-husband owes me $1,400 in child support, and hasn't paid anything in months. I'm scared to death, because I've never been in this situation before. I'm just looking for support!

Since I've been out of work, I've looked and looked for jobs, but there's been nothing out there. I finally lucked up, and got the one I'll start on Mon. (Wish me luck!!) Also, I've spent alot of time creating a web site, if anyone's interested... Check it out!...

http://www.skincare4uonline.com

( http://pages.ivillage.com/karen1321/ -Origional URL)

Let me know what you think... I've never created a web site before, but I had tons of time to start, while out of work!

Thank you for your time,

Karen :0)

iVillage Member
Registered: 04-02-2003
Thu, 04-03-2003 - 3:31pm
Thanks! One more question. Does having these closed accounts count against you if they are reporting good credit history for you?
Avatar for mrslove2000
iVillage Member
Registered: 03-26-2003
Thu, 04-03-2003 - 10:24am
Kathie, Closed accounts will stay on 10 years from the last payment received. Hope that helps! Any negative information stays on for 7 years.

Susan

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