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huffman408
Joined: 27 Feb 2007
huffman408's page
Posts: 3
190 Magic Points
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Subject: too many accounts on my report?
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Tue Feb 27, 2007 6:39 pm
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| I have 12 out of 21 accounts on my report that were paid satisfactorily and closed. Should I have these removed? 5 accounts are collections but it says only 1 is active. 2 are open and being paid satisfactorily but up close to their limits. 1 is paid off but still open. 1 was a reposessed truck but the last report of it was in Feb '04 and I haven't heard anything from them since Nov '03 when I told them to take it from my ex-wife if they could find it. |
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stanley
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Joined: 23 Feb 2007
stanley's page
Posts: 56
3357 Magic Points
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Fri Mar 02, 2007 7:30 am
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There is nothing to worry for closed and satisfactory accounts; it will not hurt your score. However, collection accounts may lower your score, so you should try to make them better by having the 'paid collection' status. Though negative items stay in your report for 7 years, however, you can request the collection agencies to take it off once you pay the accounts in full 
Make sure that the collection agencies you are dealing with own your account legally.
Repossession is a serious derogatory status; it's going to stay there for 7 to 10 years from the date of reporting.
_________________
Stan
BTW, I am not a lawyer, I am here to share what Life has taught me. |
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stanley
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Joined: 23 Feb 2007
stanley's page
Posts: 56
3357 Magic Points
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Fri Mar 02, 2007 7:32 am
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Forgot to mention 
It’s better to close your paid accounts to protect yourself from any fraudulent activities and ‘closed by consumer’ is a better status than ‘closed by creditor’.
_________________
Stan
BTW, I am not a lawyer, I am here to share what Life has taught me. |
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ParkAvenue
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Joined: 26 Mar 2007
ParkAvenue's page
Posts: 47
Location: Florida
3872 Magic Points
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Mon Mar 26, 2007 9:41 pm
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| Quote: |
| 1 was a reposessed truck but the last report of it was in Feb '04 |
Although the repo' still shows on your Credit Reports, it is great that the OC is not frequently "Updating." An old account (Last Reported 3 years ago) reporting correct information has little, if any, impact on credit scores. Credit Scores calculate "Most Recent Dates" in any category. I know of OCs who had stopped Reporting or Updating their trade lines, when the state SOL for bringing legal action had expired.
Hope this helps. |
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