Re-aging Old Accounts

Re-aging blemished open accounts

Here is what to do if you have had some delinquencies on a credit card account, but have been paying on it regularly for at least three months

  • Ask your creditor to re-age your account to improve your credit score. This method is the process by which your creditor agrees to forgive your late payment history and reclassify your account as up-to-date. If they agree to it, they will erase the past-due notations on your credit report for that credit card.
  • According to the Federal Financial Institutions Examination Council (FFIEC), you must qualify for re-aging and follow a policy that requires you to demonstrate a renewed willingness and ability to repay the debt.
  • The account must be at least nine months old, and you must make three consecutive, monthly payments.

If on the other hand, the account has already gone to collections, this might not be the best strategy. Keep in mind that debts have a statute of limitations, meaning that there’s only a set amount of time collectors can sue to collect on debts.