Dear Keri:
No, it is not true. The rep you spoke with is either a moron or a liar.
Canceling a credit card doesn't erase a person's entire credit history, and it doesn't erase their credit history with that company or their card, either. And by the way, your credit history doesn't last 14 years. It lasts seven years, but all the information on your record that is older than that — except for Chapter 7 bankruptcy — comes off your credit bureau report. A Chapter 7 filing stays on your report for 10 years.
So, you don't have a 14-year credit history. Sorry, it's just not there. And if you talk to this company again, you really need to find an educated rep to speak with. This one doesn't have a clue!
-Dave
via http://www.postbulletin.com/business/dave-ramsey-how-do-you-prepare-financially-for-having-a/article_f4e5d3e7-90c8-5229-a2f3-28a7f5852de4.html
