Applied for Discover Student card (Cassette tape design)

[fedxboy]

I've posted this already under "Building credit score", but have received no responses.  So, I'll give it a try here.   

My question is -- Does this sound like it's been re-aged based on what I've written:

I applied for a Discover student card on Dec 16, 2010 and I was denied because of a charge-off from WFCB/Blair.  The charge off was dated 11/2005.

Now, upon checking my credit report, I can see the charge off there.  I was surprised since USBANK Limit: 3500, CHASE/AMAZON VISA Limit: 1900, GECRB AMAZON STORE Limit: 1400, AND GECRB WALMART Limit: 500 have all approved me recently since Aug, Sept, and Oct 2010.

Upon further review and checking credit reports from 2010, that were in my file drawer, I noticed the Blair credit card was originally opened in Oct 2003 and the last payment and DOFD were both listed as 2/2004.  Also, this card was sold/transferred to World Financial Capital Bank in 11/2005.

WFCB reports this account as WFCB/BLAIR in my current reports, but declares this debt as opened and charged off in 11/2005 -- the same month it aqquired such debt.

Is this possible?  Can they effectively re-age the debt as they did.  According to my report, this charge off won't fall off till 8/2012.  

However, the older credit report stated that Blair should of fallen off as of 1/2011.

Anyways, I just disputed with all 3 credit reports last night to have this removed, becuase of the above situation.   Walmart currently has my FICO as 706.   

[Juan123]

Well i'm not sure if its considered re-aging, they report the last activity on the account and from that point is where the 7 year countdown starts.. selling of your debt to a collection agency (or other agency) is considered new activity so it'll restart the clock unfortunately.

[fused]

This thread belongs in the rebuilding forum so I'm moving it there. Your duplicate thread already in the rebuilding forum will be locked. We don't allow duplicate threads, it makes things messy for the mods

Thank you for your cooperation and contributions!

--fused, myfico moderator

[fedxboy]

"selling of your debt to a collection agency (or other agency) is considered new activity so it'll restart the clock unfortunately."

Well they sold it to a bank, so I guess they're correct in stating that the charge off date is now 11/2005, instead of 2/2004.

So then, I made a mistake then of trying to dispute this??

I guess I should be happy, that this will fall off on 8/2012 and try to be patient, huh?

Discover said to reapply when this falls off..........I expect a big jump when it does fall off....sigh..

Ok thanks!

[fedxboy]

By the way, it's only $92 bucks.....geesh, ...... I'd PIF for delete, if I could then.

[fedxboy]

Hmm, according to this website -- Bills.com, it states:  

The best way to determine the charge-off date of an old debt is to obtain a copy of your credit report from each of the three major credit reporting agencies — Equifax, Experian, and TransUnion. Your credit reports should list the date that each of the accounts in question were charged off by the original creditor. Even if the accounts have been sold to a third party since the date of charge-off, your credit reports should still reflect the original date of charge-off, as that is the date upon which the credit reporting time guidelines are based.

Third party debt collectors are not allowed to legally change the charge-off date for an account that they purchase, so the fact that your accounts have been purchased should make no difference in the length of time these accounts will appear on your credit reports. However, debt purchasers have been known to try to change dates of last payment and charge-off in an effort to keep old accounts on consumers' credit reports longer than legally allowed.

[proudnavymom]

I was under the impression that the date to look at to determine when it will fall off your CR is always the DOFD no matter if the debt is sold to a CA or whatever--that the DOFD would not change, just because it is sold, but I guess I could be wrong.

[MarineVietVet]

---

@proudnavymom wrote:

I was under the impression that the date to look at to determine when it will fall off your CR is always the DOFD no matter if the debt is sold to a CA or whatever--that the DOFD would not change, just because it is sold, but I guess I could be wrong.

---

You are correct. The DoFD can never legally changed by anyone. You notice I say "legally". That doesn't mean a creditor would not try and change it.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[fedxboy]

Well, so far 2 of my disputes with the credit bureaus have verified the debt as a Charge Off.

The lady at TransUnion said -- The Date of First Deliquency (DOFD) can not change when the debt is sold or transferred to a Collection Agency.

But in this case, the debt was sold/transferred to World Financial Capitol Bank -- not a Collection Agency and they have obviously changed the former account number, so this in effect essentially makes it a "NEW DEBT"

WHAT hogwash!@  That I've already suffered my 7 years of a Charge Off from the original creditor -- Blair and yeah, that account no longer shows on my credit report.

However, since they sold/transferred it to WFCB in 11/2005 and WFCB gave it a new account #, that now I have to wait till 8/2012 for it to fall off

Technically, that's 8-9 years now (since 2004) in total, that I get to be punished for this debt of $92 bucks.....