Need advice for repairing credit on older accounts?

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Joined: Fri Jan 27, 2012 8:32 am
Location: Wisconsin

Need advice for repairing credit on older accounts?

Postby honky » Fri Jan 27, 2012 8:53 am

Almost all of my bad credit is dropping off of my report this spring, but a couple items will be there until 2014. Here are my 2 main dilemas:

Should I close my old Capital One account? It is not closed, but is permanently suspended. I have not used it in 4 years, but it shows 3 late payments in the 48 months before closing. I feel that this is hurting my report as an adverse revolving credit account and would do nothing but help if I closed. I do have another personal and business card from Capital One, so it doesnt seem like it will hurt me like closing another account would.

Collections account for $133. I paid this off 5 years ago and cannot find the receipt.
it is still showing unpaid! I disputed it and lost..and I know I cannot win until I find the receipt. In April 2014 this will be removed from my report. Money is not an issue at all at this point in my life, but at this point I think it would do nothing but extend my bad credit to pay it again. If I find the receipt and dispute this, will that start my 7 year period over from the date of the dispute, the date of payment, or stay as is?

I know that in June I will have 4 negative reports fall off which I am very happy about. I have the last 2 set to drop off my report in 2014 and I should look squeaky clean when that happens. I just need to know the best way to go about these 2 items to see the biggest changes.

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Postby randeman » Sat Jan 28, 2012 8:31 am

On your first point, you should never close credit accounts as the longer that you show you have had credit, the better off you are.

I don't know what you mean by "permanently suspended" so I can't comment there. If you can't use it and it will never be unsuspended I would think it is of little use to you. Someone with more familiarity with the term should be able to tell you.
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Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

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