Anyone With A Thorough Understanding Of Credit Scores

[Geems]

so I've got a shocking 21 accounts listed on my report.

Some ended badly some either ended on good terms or are still open on good terms.

Since total accounts serve an impact on the scores, at one point do they vanish from my report all together?

Example: I have a Belk CC that has been paid off and closed back in 2011.

I also have a Capital One CC that I walked away from back in 2015, with money that was owed I never paid.

Lastly (for use as my example), I have a USAA secured CC that is current, and for some reason this current acct has the same labelling 'closed'

All examples show 'closed' so the question is, when do they fall off? Why are these different accounts seemingly mislabeled?

God dammit why would both a defaulted acct, a paid off acct and an open and current acct all be showing up as 'closed'?

 

[williewilliejuan]

Accounts generally fall off after seven years from last activity.

 

[Geems]

Accounts generally fall off after seven years from last activity.

that's what I've always heard also, but... then explain this one please...

 

[williewilliejuan]

that's what I've always heard also, but... then explain this one please...

There’s a ton of wrong shit on credit reports. When did this account close?

 

[Geems]

There’s a ton of wrong shit on credit reports. When did this account close?

it conveniently doesn't say, however the acct itself is undeniably over 8 years old....

why isn't it erased?

 

[Geems]

And check out this shit at the bottom of the pic here...

what the fuck does that shit mean?

 

[williewilliejuan]

it conveniently doesn't say, however the acct itself is undeniably over 8 years old....

why isn't it erased?

You probably have to dispute it. Like I said, there's a ton of wrong shit on credit reports. You have to stay on top of it.

 

[Geems]

collection account affected by natural disaster fixed rate

.......?

 

[williewilliejuan]

And check out this shit at the bottom of the pic here...

what the fuck does that shit mean?

Which part? The natural disaster thing?

 

[Geems]

You probably have to dispute it. Like I said, there's a ton of wrong shit on credit reports. You have to stay on top of it.

fair enough. I shall start the disputing now.

 

[williewilliejuan]

collection account affected by natural disaster fixed rate

.......?

Where do you live?

 

[Geems]

Which part? The natural disaster thing?

yeah? I'm seriously baffled by the seemingly random words in the description field...

 

[Geems]

Where do you live?

nowhere that's bad any type natural disaster.

I live 200 miles inland.

 

[williewilliejuan]

yeah? I'm seriously baffled by the seemingly random words in the description field...

It's three different messages. Your account is in collection. You apparently live somewhere where FEMA has declared a disaster, which impacts how your account can be serviced and your account has a fixed rate (as opposed to an adjustable/variable rate).

 

[williewilliejuan]

nowhere that's bad any type natural disaster.

I live 200 miles inland.

Disasters can happen anywhere. They're not just floods and hurricanes.

 

[Geems]

ok then, I suppose you answered my question about that part specifically.

but I still have many more questions.

like, how does an account still show up if it's closed and was paid in full and has always been I'm good standing?

to my eye, the closed acct that ended on good terms is oddly classified the same way as my accts that are blatantly delinquent and stay in bad/default status?

 

[williewilliejuan]

ok then, I suppose you answered my question about that part specifically.

but I still have many more questions.

like, how does an account still show up if it's closed and was paid in full and has always been I'm good standing?

to my eye, the closed acct that ended on good terms is oddly classified the same way as my accts that are blatantly delinquent and stay in bad/default status?

Good accounts stay the same as bad ones. They'll still be there for seven years. The payment history, age of delinquency, frequency of delinquency, severity, etc all factor into your score. As do the age of your accounts, percent utilization, types of accounts, public records (like foreclosure, bankruptcies or judgments).

 

[Geems]

thanks, that does make a bit more sense.

however, let me post this paragraph I tried on another site to maybe explain what I'm still not quite grasping...


ok, i have a whopping 21 accts visible, some delinquent, some paid off fully which ended on good terms. and some in the middle area.
my main question is, are accts definitely supposed to vanish after 7 years?
also why would I have accts showing up even if they are paid in full and canceled. why would it still display for me as an acct that is 'closed' without any indication of it ending on good terms.
what I'm trying to say is, there doesn't seem to be much information showing the differences between a several year old acct that ended up closing while delinquent...
and... the info of another acct that not only closed 7+ years ago, but additionally was also paid on time the whole length of the card's active lifespan.
please help me understand this unnecessarily confusing method of displaying acct details.

 

[Old Lion]

Another easy way to increase your credit score in the mean time. Charge a lot on just 1 card and then pay the whole thing off at once. This is because they will calculate your repayment ability higher than it really is.

Make sure you can pay it back though or you will make it much worse obviously.

 

[WizardHawk]

Accounts that say closed don't necessarily hurt you anyway unless they were revolving accounts. Just closing a credit card, even in good standing, can and does ding your credit, but 'dealer' accounts closing are normal as those are payments set out over a fixed period. The dings of being late do stay on those and sometimes can last beyond 7 years.

As Lion said, it's not hard to rebuild credit as long as you don't have a lot of outstanding unpaid balances.

I had screwed up my credit pretty badly in my 20's and had all kinds of unpaid fines, medical bills I never paid, and other hits to my credit. It was entirely in the toilet. Couldn't qualify to get an unsecured CC.

Took me less than a year to get back above 600 by doing just what Lion said. I had a low level secured CC and literally put everything I bought on it whether I had cash or not and paid it to 0 every month to avoid finance charges. Within 6 months I was able to get a normal CC and within another 6 months I had a credit limit up over $5k. Didn't take long to get into decent shape to buy a car. By the time I had that paid off I had cards over $20k and have maintained a credit score well over 800 for a long time. I get the best rates on anything I purchase and still pay everything I can off early to avoid as much finance charges as I can. Paying more than the minimum really helps build and keep your score high.

Don't go buying things on CC you can't pay off that month. Just don't spend money you really don't have and building credit is super easy.