Closing an account causes your overall utilization rate to increase. As a result, your credit scores my decrease.
Once an account is charged off and/or sent to collections, it is considered a “final” status, and will show the amount that was written off as a loss.
Dear Experian,
How do I get something I have paid removed from my credit report? I’m trying to get approved for an apartment and I need it taken off ASAP. I have the letter from the collection agency showing the debt has been paid in full.
- RRB
Dear Experian,
How long does a negative payment status of “Paid, Past due 30 days” remain on my credit report? The item in question occurred in March 2006, while I was out of the country. I would really like to get this one potentially negative item off of my credit report.
- DHB
Dear Experian,
I filed bankruptcy in 2002 because of divorce. It was discharged with zero assets and zero liabilities. A 1996 Michigan state tax lien still remains on my credit report after 16 years. I understood it was included in the Chapter 7 bankruptcy in 2002.
- SLV
Dear Experian,
My husband and I recently purchased a used car. He makes an annual income of $63,000 and I am a full-time, unemployed student. Because he had zero credit and I had student loans on creating a small credit score, we were only able to sign jointly for the car. He was told being the co-signer would be a great way to start earning credit. He’s tried to get a credit card but continues to be denied for lack of credit. We’ve had the car now for four months and all payments have been on-time. We just ran his credit looking at refinancing the car to a lower interest rate and the account is there, but he still does not have a credit score. Our bank suggested contacting you to see how long it takes before he will begin earning a credit score.
- CJF
Dear Experian,
If there are two people on a loan and one of them files a Chapter 13 bankruptcy, would it report on the other person’s credit that the account is in bankruptcy status since the trustee will be making payments?
- CHS
Dear Experian,
I’m considering entering into a six month reduced payment plan with my mortgage lender. I understand this will have a negative impact on my credit. Will this have a worse impact than being 30 days late on my mortgage payment?
- STS
Dear Experian,
I have paid off an account that previously had a late payment mark on my record. Is there any possible way to remove the negative mark on my credit scores, now that the account has been paid off?
- ALT
Dear Experian,
I am active duty military and anticipating a permanent change of station this year. I am considering doing a VA compromise sale on my home in Tucson, as it is underwater. I am current on the payments and am wondering how much a VA comp sale will hurt my credit?
- DRL
Dear Experian,
I applied and was approved for an auto loan through my credit union, which I have numerous accounts with – mortgage, savings, money markets, and credit cards. Twice I’ve let the preapproved loan expire and asked to have it re-approved. I have not made a decision on a car. Each time I have it re-approved I get a notice that includes my credit score. It’s always really good. Am I harming my credit scores by letting the loan offer expire and resubmitting again? I need to do this for a third time (and this time I plan to use it!), but wondered how this fits into what you’ve told us before about inquiries with “existing creditors.”
- LGD
Dear Experian,
I made payment arrangements to pay a debt to the original credit card company; however, a third party collection agency is now contacting me for payment on the same account. Who should I be making payments to?
- ALT
Dear Experian,
While looking for a new car the auto dealer shopped the best rate for a loan, generating seven or eight hard credit inquiries, which have dropped my score. Can I have these hard inquiries removed?
- DRL
Dear Experian,
Once an item is removed from the report after having been reported for 7-10 years, can the creditor still try to collect the debt? Can the account still collect interest?
- LGD
Dear Experian,
How do we notify you of the death of a relative, and how do we obtain a credit report for this relative so we can file probate papers?
- DHR
Dear Experian,
How will a loan modification affect my credit scores? I’ve never been late on my payments and have been approved for a modification without any late payments.
- HBO
Dear Experian,
When an account is paid off through a collection agency, why doesn’t it show paid in settlement on the account with the original creditor as well as the collection agency account?
- PGR
Dear Experian,
My credit report says my score is reduced because I have no revolving credit accounts. Would it help my score to apply for and use a credit card?
- RYN
Dear Experian,
How can I get a copy of my son’s credit report? I believe that his father may have tried to get credit in his name. We are divorced, and he lives in a different state. I just want to protect my child. I received a card for him at my home that we never applied for.
- RNS
Dear Experian,
I just had a credit check done by my new landlord, and one company had negative feedback. I tried to dispute it online but it is not recognizing the report number. What can I do next?
- HBO
Dear Experian,
If I lower my credit limits on my credit cards, does that lower my credit score? If so, why?
- PGR
Dear Experian,
What is the difference between chapter 7 and chapter 13 bankruptcies?
- RYN
Dear Experian,
I have a question regarding authorized users. I put my son on my card when he and his sister were traveling in Europe. I forgot about it because they never misused them. Now my son, who has excellent credit, is planning to buy a house, but the lenders are objecting because he has “Authorized user of credit card” on his report. I feel so bad about this and wonder if there is a way to get this removed from his report quickly?
- ATH
Dear Experian,
I have a company reporting “charge off” on my credit report when it should be a bankruptcy that was done in August 2010. Can you help me understand why it is being reported like this?
- EUB
Dear Experian,
What does “derogatory” mean when it shows up on my credit reports?
- JUA
Dear Experian,
My oldest son recently moved. I have just found out that your agency, without my knowledge, changed the address on my credit cards. My bills should still be coming to me, and his should go to him. I think it is absurd to change all the addresses when someone moves when there are different people and cards involved. I think this program should cease immediately. At the very least, people should be notified that this is happening so they can confirm which cards should have the address changed.
- RKO
