Now I am confused- credit cards on credit report

[yabbadabbadoo]

What is the name of your state? TX

So I get my taxes done and as a bonus, they give you a free credit report and score.

On the report are credit cards I had in 1994.

A) CITI, opened in '94, closed, transferred/purchased by another lender and says the 'last report' was in 99.

B) BOFA, opened in '94, closed, paid off and 'last report' date in '06. (?)

The credit report says they are in 'good standing'.

I thought credit cards could only stay on your credit report so long. I read 7 years, then 7.5 and the Experian report says:

Items display in this section of your report when your creditor reports that you have satisfactorily met the terms of your agreements with them. These items may stay on your credit report for as long as they are open. Once an account is closed or paid off, it may continue to appear on your report for up to ten years.

Other advice I've read says 'Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain 10 years.'

I am corn-fused. Is it 7, 7.5 or 10 years?

Shouldn't these credit cards be off my report by now? I hardly remember even having these cards and until I saw the report, forgot they existed.

Do I, can I, should I have them removed from my report?

Many thanks in advance for help in clarifying this issue for me.

 

[TigerD]

If they are positive credit references, why would you want them removed?

 

[yabbadabbadoo]

Ah, I see- these are not negative even though they are closed accounts.

I was under the impression that closed accounts are somehow not good for credit.

I am in the process of learning.

But thank you- and have wonderful weekend!

 

[FlyingRon]

On the report are credit cards I had in 1994.

A) CITI, opened in '94, closed, transferred/purchased by another lender and says the 'last report' was in 99.

B) BOFA, opened in '94, closed, paid off and 'last report' date in '06. (?)

The credit report says they are in 'good standing'.

I thought credit cards could only stay on your credit report so long. I read 7 years, then 7.5 and the Experian report says:

It's 7 years from the last activity. Transfered to another company doesn't really change anything. If you actually closed the account and they don't reflect that accurately, you can dispute it. It's a fairly easy and straightforward thing.

Empty credit accounts in good standing probably actually bump up your score. One of the schemes is the ratio of debt to available credit so these help there.