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Question By
oggs98

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Closed credit card by lender "with remarks" last day of reporting April 2008 on credit report
I got a little over my head with a credit card. The creditor pulled back the credit line and I agreed to continue paying monthly until the account was paid in full.

The account was closed on Nov 01, 2005 and I continued paying every month until the last payment was made on April 01, 2008.

There is a remark on the account that the account was closed by the credit grantor. There is no payment history for this account and the account status is "paid and close" but anyone can see that my highest balance was much more than my credit limit and that the account was closed at the end of 2005 but my last payment was in 2008.

So, my questions are; if I try to have this removed from my credit report is it possible since the last reported activity was on April 01, 2008 or taking off the account hurt my average years of credit cards reporting? Or does it hurt more to have that showing up on my credit since for example a mortgage lender would see this and know the account wasn't on the best of standings? Thank you!

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First, I think you may have trouble getting it removed because the credit bureaus will tell you that there is nothing negative about it and it will remain for 10 years from the time it was closed. I don't know how many other accounts of this age you have showing on your credit reports, but if this is by far the oldest, then removing it would cause some pretty serious damage I would imagine. As you probably know, unless going for a mortgage your credit will probably not be manually reviewed. Even if you are going for a mortgage, they may figure out the circumstances, BUT they will also see that you did right on your part and got the account paid off and that says a lot, most people don't follow through on repaying their debts. All in all, I would leave it there.

Top Contributor
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Edit: I meant to say that most people don't follow through on paying their negative debts off.

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Any delinquent marks associated with that account would be removed 7 years from when it happened, so pretty much the marks are long gone, assumes it isn't a derogatory account, and it isn't by it shows "paid and closed" then leave it on won't hurt anything, but I do understand your concern, since the account was closed in 2005? It might be "possible" to have it removed, it depends on CRA's point of view, would they use the closing date or last activity date.

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