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60,90, and 120 days past due dropping off?

Member

60,90, and 120 days past due dropping off?

Just trying to see if I understand correctly. I have an old credit card that is closed still on my credit report that shows correct info that I was delinquent during that time. Started with a string of 30, then 60, and then a string of 120s.

 

I settled with this CC company and they show it as a settled closed account.

Am I correct in assuming that ALL the lates will disappear after the 1st delinquent becomes 7 years old as I still didnt make a payment for over a year after the 1st delinquent.

 

It shows 1st delinquent as 8/02, so am I safe to think, next month all these lates will drop off?

Message 1 of 5
4 REPLIES
Senior Contributor

Re: 60,90, and 120 days past due dropping off?

Yes....you are correct.  Congrats on the soon-to-be drop offs!   Smiley Very Happy


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 2 of 5
Valued Member

Re: 60,90, and 120 days past due dropping off?

Is the "7 years" per the original poster's state?  Or general "across the board" 7 years reporting?

 

Reason I ask is because I'm in a state that allows up to 10 years of reporting (and I have 2 of them on my CR w/ DOFD being 1999.)

Message 3 of 5
Epic Contributor

Re: 60,90, and 120 days past due dropping off?


SydLo wrote:

Is the "7 years" per the original poster's state?  Or general "across the board" 7 years reporting?

 

Reason I ask is because I'm in a state that allows up to 10 years of reporting (and I have 2 of them on my CR w/ DOFD being 1999.)


 

I believe you are confusing the time an item can remain on your CR and SOL.

 

Federal law mandates how long a negative item stays on your CR.  It is 7 - 7.5 years from the DOFD. 

 

State law mandates how long someone has to sue you and possibly win.  I think this is the 10 years you may be talking about.

 

Also, if the only reason the account is negative is due to late payments, each late will come off 7 years from the day it was late.  So, it is possible for an account to become positive again after the lates come off.

 

Positive accounts can stay for 10 years.

 

 

Message 4 of 5
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Member

Re: 60,90, and 120 days past due dropping off?

I did not make a payment after the initial late for 2 years. That is when I settled the account. It list the account as paid and settlement accepted. They havent reported since the settlement which was in 08/2004.

 

The reason I ask all of this is because I also settled with Discover during the same time period. It shows a closed account with a settlement accepted, but shows no payment history. Now it is not listed in the "negative" account listing.

 

My hope is, the payment history will drop off and it will be taken out of the "negative" category. I think the payment history is effecting my score more than the "settlement accepted" state.

Message 5 of 5