? on credit report

19 years ago

I just went to Equifax got my credit reports and my FICO score. I was very happy with the score. I was just puzzled by all the accounts that were listed that had been closed. I don't mean recently closed, I am talking about several accounts I closed back in 1998 and 1999. They were all paid on time accounts, so it isn't like there was some negative information that needed to be tracked. Do they ususally list such old accounts? Just curious.

Thanks for any info!

Abbey

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Comments (6)

myfask
19 years ago
abbey
We just had out credit pulled for the new mortgage
we have also have several accounts that have been closed for years.
Paid on time accounts add to your good credit. They will drop off eventually
karla
abbey_cny
Original Author
19 years ago
Karla,
Thanks for the explanation. After helping my friend get herself to Consumer Credit Counseling, I got to thinking about my own credit and decided to check. I probably should do that more often.

Abbey
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Hi SoftballMom, From your post, I can't tell many of the important things. I realize that this seems like Greek to the common-man, and the analysis is counter-intutive to most folks... Have you CLOSED your revolving accounts, or merely paid them down (closing them eliminates the facility, and makes it appear you are less trustworthy since there are obviously fewer banks willing to lend you funds, or who have perhaps refused to continue lending you funds.) Open, but unused, revolving credit makes it obvious that ou are indeed credit worthy, and responsible with your credit management to boot. RECENTLY opened credit makes it appear you are "reaching" and not so strong. LONG STANDING OPEN credit looks like you are well-established and stable. NEXT; what is your current real-market home value? What loan-to-value are you proposing? NEXT: What is your proposed debt-to-income ratio, after the consolidations? Currently the general target is 38-45% or less of your gross (pre-tax gross) income can be alotted toward the combined total of minimum consumer debt payments, mortgage payments, monthly property taxes & insurance (and condo dues, if applicable.) If you're solid in these aspects, then the loan officer is probably not seeing your numbers accurately. Hope that's helpful. Dave Donhoff Leverage Planner
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When there is fraud against the account, they will immediately close the existing account and reopen it with a new account number. They will then transfer any existing balances over to the new card number. If your last statement on the old card number did not show a transfer of $60, then their computers already redirected it to the new account. That could be a problem if the card number was already being abused, but it could have been something that didn't trigger their fraud department to investigate it (was it a repeat transaction or a pattern of spending in your account, etc...). Just because you do not 'activate' the new cards doesn't mean that the account is closed. Activation allows you to use the cards at PoS terminals through the credit clearing houses. So the disconnect was that when they changed your account number, they transfered your desire *not* to have statements sent through the mail... but by you not attaching the card number to your account at Citi, you would not have any notion that their was activity on your card. Citi was generous to refund you the fees I think. I hope they are able to amend your credit reports in time. So the moral of the story is: Never assume the business relationship is over unless you have a letter in your hand stating that your account has been closed either by Citi or by yourself.
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myfask
19 years ago
my pleasure abbey
I recommend checking at least once a year or before a big purchase like a car or a house
Knowing your credit score can aid you in getting good rates
you can check rates with a simple phone call.
I was able to get a ballpark figure on mortgage rates with knowing my credit score
saves allot of inquires on your credit report.
How is you friend doing with CCCS ?
Karla
oakleif
19 years ago
I had some old credit accounts listed when my credit was checked for a car loan too and my credit points were good.
oakleif
abbey_cny
Original Author
19 years ago
Karla,
Thanks for asking about my friend. I accompanied her to her first visit for moral support, although I told her it would be easy. She was quite happy to find out I was right.
The counselor was great. All the credit cards are now cut up. She is a little intimidated by the idea of sticking to a budget, but I told her that it would get easier as time went on. I am going to be her "coach" so if she gets discoraged she is is going to call me so I can remind her that I was successful and she will be too. She is very glad she didn't go with one of those other supposed credit repair companies. Your information was very helpful, and pushed her in the right direction. I seem to have become an unofficial advocate for CCS, lol. my nephew and his wife had some credit difficulties (her previous husband left her with all the bills and took off.) I encouraged them to go to CCS a few years ago, and she just told me they had "graduated" I know what a good feeling that is :)

Abbey
myfask
19 years ago
Abbey
that is wonderful news.
Acutally don't laugh but my dream job would be to work in an CCCS office.
I am hoping when we move to Atlanta there will be an office and I can look into getting a job there.
Had we stayed in Jacksonville I was going to look into the local womens shelter volunteering to help the women understand how to get out of debt and stay out of debt as they start their new lives.
My favorite question to hear is
"how can I get my credit straightened out"
it ranks right up there with "want to go help me shop for a car"
Let your friend know she has somone in Florida pulling for them

Karla

? on credit report

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