General Credit Topics

[Romeoo47]

Ok I need a clarification on when my only negative falls off my credit report  ( I was stupid in college).  Here is what is listed on my Experian report.

Account History:
120 days past due as of Jan 2004
90 days past due as of Dec 2003, Jun 2003, May 2003
60 days past due as of Nov 2003, Apr 2003
30 days past due as of Oct 2003, Mar 2003, Feb 2003

So my question is do I take 7.5 years from the first date I was late which was Feb 2003 meaning the lates would be removed around August 2010.  Or do I take 7.5 years from the last late which was Jan 2004 meaning the lates would be removed around July 2011. 

Sidenote:  I know that Equifax is different than Transunion and Experian in determining when remove negatives off your credit report.  And thanks ahead of time for your responses!

[JoeBJay20]

From what you have listed, your DOFD is not Feb 2003, it's Oct 2003.  It appears that you became current on July 2003, and remained so until October.  Once you become current, DOFD no longer exists, until you become delinquent again.  So your drop off date should be between Oct 2010 and Mar 2011. 

[Romeoo47]

So does that mean all the negatives will be removed sometime from Oct 2010-Mar 2011 with the positive account remaining for another 3 years or so?  I closed the account in 2004 after I paid the account off.  So 10 years would be 2014.  Correct me if I'm wrong, I would have the lates show for the firsrt 7-7.5 years and then the remaining 2.5-3 years would be a perfect account?

[JoeBJay20]

Oh, well that changes it, you don't have a DOFD, you paid it off.  You just have late payments, those will fall off when they reach 7 years of age, and in theory, the account should report as positive history for 3 more years after that.  That isn't guaranteed, but that's what should happen.  I presume you're working on GW letters to get the lates removed. 

[Romeoo47]

OK I think I understand now.  So it is 7years for each late payment?  And I yes I have tried the GW route a few times with this Bank.  However I have been shot down every time.  But I have seen some success stories from people on this forum.  I will try again.  BTW, thank you for your feedback!

[JoeBJay20]

That's correct, all negative information has the 7-7.5 year time limit, for positive accounts the lates fall off, if it's a negative account, the entire account is removed.