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Question about an old Late derog on a currently active account


greendude
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The last post in this topic was posted 962 days ago. 

 

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Hi,

 

I have an account 10+ yrs old. It has a late payment 6.5 yrs ago. I was to ask to early deletion. It has good payment history all the way after and I would like that late marker to be removed early since its expected to fall in 6 mths (per 7 yr age) anyway. 

How exactly should I put in the online dispute to request this ? Or should I do it on phone ? 

When I dispute it will the whole account go away from my credit file or just the 6.5 yr old late payment entry/marker ? 

I do want to keep the account on file since it helps me with AAOA as I have a bunch of 2-3 yr old accounts. 

 

TIA!! 

 

 

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37 minutes ago, greendude said:

Hi,

 

I have an account 10+ yrs old. It has a late payment 6.5 yrs ago. I was to ask to early deletion. It has good payment history all the way after and I would like that late marker to be removed early since its expected to fall in 6 mths (per 7 yr age) anyway. 

How exactly should I put in the online dispute to request this ? Or should I do it on phone ? 

When I dispute it will the whole account go away from my credit file or just the 6.5 yr old late payment entry/marker ? 

I do want to keep the account on file since it helps me with AAOA as I have a bunch of 2-3 yr old accounts. 

 

TIA!! 

 

 

Don't seek to remove the delinquency from your credit file via a dispute entered with the credit bureaus.    That's very unlikely to result in removal of the adverse entry by itself.  If there's any change to the account record, it'll be because the creditor failed to respond timely to the CRA's investigation and, in that case, the entire tradeline will be removed (and it could prove difficult to restore reporting).

 

If you want to pursue this, contact the creditor directly and ask them, in consideration of your generally strong payment performance on the account, to suppress reporting of the previous payment delinquency.

 

Such requests are seldom successful these days, but credit grantors occasionally are agreeable.  If possible, briefly cite any mitigating circumstance that might help to explain the delinquency.  Take comfort that if the request is rejected, the adverse mark should clear your report in just 6 mo.

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2 hours ago, hdporter said:

Don't seek to remove the delinquency from your credit file via a dispute entered with the credit bureaus.    That's very unlikely to result in removal of the adverse entry by itself.  If there's any change to the account record, it'll be because the creditor failed to respond timely to the CRA's investigation and, in that case, the entire tradeline will be removed (and it could prove difficult to restore reporting).

 

If you want to pursue this, contact the creditor directly and ask them, in consideration of your generally strong payment performance on the account, to suppress reporting of the previous payment delinquency.

 

Such requests are seldom successful these days, but credit grantors occasionally are agreeable.  If possible, briefly cite any mitigating circumstance that might help to explain the delinquency.  Take comfort that if the request is rejected, the adverse mark should clear your report in just 6 mo.

Thanks that helps me to understand. The creditor is Capital One. I'll try talking to them, however not very hopeful since this was a distressed credit account at that time. They dont even want to waive the annual fee on it even now after 10 yrs or swap this product to a non-fee product. 

 

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1 hour ago, greendude said:

Thanks that helps me to understand. The creditor is Capital One. I'll try talking to them, however not very hopeful since this was a distressed credit account at that time. They dont even want to waive the annual fee on it even now after 10 yrs or swap this product to a non-fee product. 

 

 

I, and several others here, will attest that C1 will never drop the fee from a "credit builder" accounts or grant significant CLI's.  We're talking about accounts that they extend to those with subpar credit.

 

However, if your scores are now 680+, they'll likely approve a new app in a heartbeat with near best-available terms.  Whether or not you decide to app a new card with them, I suggest kicking your current card to the curb.  Even if it's the oldest tradeline on your report, I don't advise continuing to pay a fee.  After closure, the account will continue to report for 10 years ... more than sufficient time to season the balance of your credit profile.

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