When to fight, when not to fight?

[david_weaver]

Sorry there is a lot of information below. I had some great success here cleaning up my credit, but every case is different, and I was still sort of at a loss when a friend asked me for advice.

 

These are the 7 baddies on her credit report from TU. She ran into some financial trouble in 2007, closed all her cards, and used one of those credit counseling agencies to negotiate paybacks. Other than one of the GECRBs, it looks like everything got paid in full. She has one GECRB store card now, so not blacklisted or anything.

 

Her file is pretty thin, mostly less than two years old, and only a few credit cards and a car loan at that.

 

So basically, looking for advice:

 

How much do 5-7 year old late payments still hurt score, if at all?

 

If they still matter, does it matter more that they show as 60 or 90 or 120 days, or when they are that old, they basically all matter the same?

 

Do you attack all baddies no matter what, or as I have seen mentioned, does the law of unintended consequences weight heavily on that decision?

 

Would losing an account like BOA that was opened 12 years ago, especially with a thin file, do more damage by dropping AAOA than any benefit from removing a few nearly 7-yr old lates?

 

How would you advise these 7 oldies be addressed? Dispute, goodwill, leave them alone?

 

Thanks!

 

BOA

Date Opened: 03/13/2002

Loan Type: Credit Card

Balance: $0

Last Payment Made: 07/13/2011

Date Closed: 06/27/2007

Maximum Delinquency of 60 days in 08/2007 an in 09/2007 for $456

Remarks: Account closed by consumer

 

CNB

Date Opened: 12/10/2005

Loan Type: Note Loan (Auto)

Balance: $0

Last Payment Made: 02/12/2010

Date Closed: 02/12/2010

Maximum Delinquency of 30 days in 09/2007 and 01/2010

Remarks: Closed

 

CNB

Date Opened: 07/24/2004

Loan Type: Note Loan (Auto)

Balance: $0

Last Payment Made: 02/13/2009

Date Closed: 02/13/2009

Maximum Delinquency of 30 days in 09/2007 and 12/2008

Remarks: Closed

 

DISCOVER

Date Opened: 10/19/2005

Loan Type: Credit Card

Balance: $0

Last Payment Made: 07/13/2011

Date Closed: 06/27/2007

Maximum Delinquency of 60 days in 09/2007

Remarks: Closed by credit grantor

 

GECRB

Date Opened: 02/08/2006

Loan Type: Charge Account

Balance: $0

Last Payment Made: 02/24/2011

Date Closed: 06/27/2007

Maximum Delinquency of 120 days in 08/2007 and 09/2007 for $124

 

GECRB

Date Opened: 11/06/2005

Loan Type: Charge Account

Balance: $0

Last Payment Made: 05/18/2009

Pay Status: Charged Off

Date Closed: 06/13/2007

Maximum Delinquency of 120 days in 09/2009 and in 11/2009 for $94

Remarks: Purchased by another lender; unpaid balance charged off

Estimated month and year that this item will be removed: 05/2016

 

US BANK

Date Opened: 02/23/2007

Loan Type: Conventional Real Estate Mtg

Last Payment Made: 08/16/2013

Date Closed: 09/03/2013

Maximum Delinquency of 120 days in 12/2010 for $2,691 and in 03/2011 for $2,732

[moosetracks]

Sorry there is a lot of information below. I had some great success here cleaning up my credit, but every case is different, and I was still sort of at a loss when a friend asked me for advice.

 

These are the 7 baddies on her credit report from TU. She ran into some financial trouble in 2007, closed all her cards, and used one of those credit counseling agencies to negotiate paybacks. Other than one of the GECRBs, it looks like everything got paid in full. She has one GECRB store card now, so not blacklisted or anything.

 

Her file is pretty thin, mostly less than two years old, and only a few credit cards and a car loan at that.

 

So basically, looking for advice:

 

How much do 5-7 year old late payments still hurt score, if at all? 30-60 day lates affect Fico for 2 years, 90+ will affect in decreasing amounts (over time) the entire period of time they are on file.

 

If they still matter, does it matter more that they show as 60 or 90 or 120 days, or when they are that old, they basically all matter the same? Answered above

 

Do you attack all baddies no matter what, or as I have seen mentioned, does the law of unintended consequences weight heavily on that decision? I would be going after the ones that are reporting 90+ days late with GW letters to get that history either commuted or the TL deleted. The DoFD is the controlling date, the maximum reporting time is 7.5 yrs from this date.

 

Would losing an account like BOA that was opened 12 years ago, especially with a thin file, do more damage by dropping AAOA than any benefit from removing a few nearly 7-yr old lates? AAOA is to be disregarded when there is a derog attached to the account, a clean file no matter what the AAOA ends up being is better than one with derogs.

 

How would you advise these 7 oldies be addressed? Dispute, goodwill, leave them alone? Answered above

 

Thanks!

 

BOA

Date Opened: 03/13/2002

Loan Type: Credit Card

Balance: $0

Last Payment Made: 07/13/2011

Date Closed: 06/27/2007

Maximum Delinquency of 60 days in 08/2007 an in 09/2007 for $456

Remarks: Account closed by consumer

 

CNB

Date Opened: 12/10/2005

Loan Type: Note Loan (Auto)

Balance: $0

Last Payment Made: 02/12/2010

Date Closed: 02/12/2010

Maximum Delinquency of 30 days in 09/2007 and 01/2010

Remarks: Closed

 

CNB

Date Opened: 07/24/2004

Loan Type: Note Loan (Auto)

Balance: $0

Last Payment Made: 02/13/2009

Date Closed: 02/13/2009

Maximum Delinquency of 30 days in 09/2007 and 12/2008

Remarks: Closed

 

DISCOVER

Date Opened: 10/19/2005

Loan Type: Credit Card

Balance: $0

Last Payment Made: 07/13/2011

Date Closed: 06/27/2007

Maximum Delinquency of 60 days in 09/2007

Remarks: Closed by credit grantor

 

GECRB

Date Opened: 02/08/2006

Loan Type: Charge Account

Balance: $0

Last Payment Made: 02/24/2011

Date Closed: 06/27/2007

Maximum Delinquency of 120 days in 08/2007 and 09/2007 for $124

 

GECRB

Date Opened: 11/06/2005

Loan Type: Charge Account

Balance: $0

Last Payment Made: 05/18/2009

Pay Status: Charged Off

Date Closed: 06/13/2007

Maximum Delinquency of 120 days in 09/2009 and in 11/2009 for $94

Remarks: Purchased by another lender; unpaid balance charged off

Estimated month and year that this item will be removed: 05/2016

 

US BANK

Date Opened: 02/23/2007

Loan Type: Conventional Real Estate Mtg

Last Payment Made: 08/16/2013

Date Closed: 09/03/2013

Maximum Delinquency of 120 days in 12/2010 for $2,691 and in 03/2011 for $2,732

[david_weaver]

Thanks much.