Dates and baddies, how does FICO view this one...

[Anonymous]

If my repo occurred around August 2005 (4 months after my DOFD) and I settled with them in July 2007, should FICO look at it as a baddie less than a year old, or as a baddie that is almost three years old?

To recap dates are as follows:
Date Reported: 07/2007
Date of Last Payment: 06/2007 (Paid charge off in June 2007)
Date of Last Activity: N/A
Date Major Delinquency First Reported: Blank
Date of First Delinquency:04/2005


Thanks!

[Anonymous]

I think they go off of DOFD for age.

Message Edited by rebuilder on 03-25-2008 05:30 AM

[Anonymous]

Thanks!
This got me thinking last night, I know some TL's have a history, so it would seem that the software could determine just how old the baddie is and how it effects your score, but in some cases (including this one instance) my TL does not have a history (or at least not visible to the consumer), so I know they use DOFD for the 7.5 yr falling off measurement, but was unsure about what date they use if there is no history.

The reason for being unsure is that I was denied by RoadLoans (mid 600's) because of a recent repo, and I explained to the CSR that the repo happened almost three years ago and he said the report told him it happened last year...

[Anonymous]

I'd have to know how the related accounts are worded on your CR to help more, but my guess is there is a collection account added at some date after you defaulted on your loan.  They would calculate the "newness" of the baddie by the "Date Opened" of the collection account.  So for example I have a CC that charged off in 2003, but the associated collection account was added to my CR in 2005.  So it appears as if my collection is only 3 years old (even though DOFD for the account is 3/03).  Does that make sense?