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
CreditGuy334

0 Contributions
0 People Helped
Why does a closed/derogatory account count towards my credit utilization?
I have a 6 year old derogatory credit card account (the last payment was made 6 years ago). It shows up as "closed/derogatory" on transunion, and "open/derogatory" on experian. The account is well past SOL for my state. The problem is that the balance reported on this account is killing my credit utilization rate, even though this account is closed.

I just opened a secured credit card to increase my total credit available, but this old/closed balance is still eating up most of my "available" credit.

Is there anything I can do to remove this balance from my overall credit utilization report?

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
38 Contributions
9 People Helped
Most Helpful Response

derogatory credit

Helpful to 1 out of 1 people

Your bad debt as your good debts follow you for 7 years. That is unless you file bankrupt it stays with you for 10 years I believe. Once it drops your credit will increase just make sure you make a payments on time. Pay at least a week ahead if you can and save up to three months worth of debt owed. This way if you run into any bad luck you will be covered for that length of time. I HOPE THIS HELPS, I've been there and stiil trying to build a higher credit score from CreditKarma my transunion is 707 and equifax is 607. But equifaxs showing more hard hits against me and isn't show a morgage which I had or a car loan. But not every lender reports to all credit agencies.

Top Contributor
7373 Contributions
3812 People Helped

Helpful to 1 out of 1 people

This will drop off at the 7 year mark (from the date it was closed) but cannot be removed before then.  This is what happens when a bill is not paid in a timely fashion, so you just have to live with the results of your errors.

Results 1-2 of 2Results 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.