Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
SaveMefromDebt

125 Contributions
133 People Helped
When do delinquencies drop off credit report? Which ones should I pay?
I ran into credit problems about 7 years ago. Litterally know its been 7 years because I have delinquencies listed on my credit report as "scheduled to appear on record until Feb 2014, March 2014, and April 2014". There are 5 of these total. I also have a $116 delinquency that will "expire" in Sept 2014. I'd like to pay that one, if I can negotiate to have it removed completely.

Basically my questions are:

1) Do I have to work for deliquencies to drop off beyond the date listed on my credit report?

2) Is it a good idea to pay the deliquency in September (if I can have it removed) or will 1 deliquency that old not matter all that much?

3) I also signed up for a secured credit card (went with Open Sky VISA even though the Capital One card was higher rated on the CK website). I am paying an annual fee for this upon sign up, and also will pay that fee a year from now. This is "temporary" card for me. Beyond that 2nd year, I'm hopeful to be able to be eligible for a "better" card. What kind of damage will be done if / when I close this account?

4) The above referenced Open Sky Visa is secured, which I secured with a $500 deposit. When is that $500 my money again? When I close the account?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2791 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

If any closed accounts that are at least or over 7 & 1/2 years old still show up on your report(s), then dispute those with the credit bureaus.  Tell them they are outdated and should be removed.

Pay the Sept. delinquency if you  must, but only if they agree to remove it - get it in writing before paying (they may if you the full amount due).  If they're not willing to do that, then I would settle with them for a lesser amount, since it will stay on your credit for 7 & 1/2 years from the date you pay it. Especially if they realize it will drop off in 8 months, they should be willing to take what they can get.

Damage done when closing accounts - you lose the history of good payments and you lose "available" credit.  Review myfico.com to see how much this affects your score.  When it comes time for the annual fee, call the card folks and ask if they'll waive it.  Tell them you're thinking of closing the card because of the annual fee.  You may be pleasantly surprised.

The last question is for Visa Open Sky - only they can answer that one.

Best of luck to you!!

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.