Credit Report Question. Should this be removed? Is it bad or good?

Question

I am going line by line through my credit report as I hope to buy a house next year. I am confused about several things, one of which I will ask here :)

I have a credit card listed; here is what it says about it.
Date opened: 07/1998
Date Reported: 09/2000
Date of last activity: 10/1999
Current status: Pays as agreed
High Credit: $2,000
Credit limit: $0
Comments: Account closed at consumers request

From this information, should this have already been removed or should it be removed soon? Do I even want it to be removed as there is not bad information listed (except that I closed it).

I have another card on here with pretty much the same information except it was closed by the credit grantor although I did eventually pay it off. Should this be taken off after five years? Would I want it to be? Closed by the credit grantor is bad but is closed by the creditor bad...or neutral?

Thanks for your help! This stuff is very confusing : /

Answer 1

I agree with bdancer and CreditAlignment - they are positives and are helping you, not hurting.

The one that shows closed by credit granter is a positive account if it is reporting with no negative information - late pays, etc. Being closed by credit granter usually will not hurt. The only ones that generally notice are underwriters and it may make them wonder why the grantor closed it and not you - but overall, it won't hurt.

Like the others said, positive accounts will report for at least 10 years, but there are many times they will report for quite a bit longer (if your lucky)

Answer 2

If you closed the account after you had a zero balance, it will not hurt too much. closing an account with a balance can hurt worse. I don't think that anyone has a clear understanding of how credit scores are done or compiled, just how they affect us.
It will take anywhere from 7 to 10 years to remove any report from any creditor. If you believe that something is false, write the three credit bureaus and give them the reference number and your ssn. Tell them that the information is false and it should be removed. The credit bureaus must act quickly to verify the information. Chances are, it will be removed.

Answer 3

Neither closed account affect your credit score. Eventually both will drop off your report. But you don't need to do anything or worry about them.

Answer 4

DO NOT REMOVE THIS ITEM
this is a POSITIVE account on your credit report.
Positive items stay on for 10yrs from last activity.

this was opened in 1998...and that's 9YRS of POSITIVE history that you will be LOSING if you take it off.