Can anyone tell me how this bad account will pay out.

[DrZoidberg]

I am somewhat confused on how this bad account will play out. 

I am thinking and hoping that the late payments fall off consecutively this yeare. I believe that the 30 will fall off in Oct, the 60 in Nov and the 90 in Dec given they will be 7 years old this year. My only concern is at the top it says last activity Feb 2011 and last payment is Feb 2011. Will this have any affect on the lates falling off? I don't know where that date came from because I have not messed with them in over 6 years. To me it feels like a grudge they did to make the account last longer because it was an ugly battle. Is it worth disputing or does that 2011 date not affect anything?

[Anonymous]

I don't have an answer, but I'd like to know too...

[DrZoidberg]

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@Anonymous wrote:

I don't have an answer, but I'd like to know too...

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I'm hoping the lates fall off this year so my score gets a nice jump. 3 lates falling would be a good boost I think. 

[alexl22]

From my understanding, and how it was explained to me, the lates will fall off after 7 years and up to 180 days after that mark. Once the last one is gone then it would be a positive tradeline fo 10 years since it was closed.

[DrZoidberg]

Could you elaborate more on the "up to 180 days" portion? 

[alexl22]

Nevermind the 7 1/2 years only applies to CO and collections not lates, had to go back and look at my thread where I asked a similar question! Sorry for the misinformation!

[DrZoidberg]

It's all good I just was wondering if there was a 6 month buffer window lol. It sounds like they fall off and become good after that which will be nice. I just don't understand that account inquiry in 2011 when it was closed 3-4 years prior. 

[alexl22]

I think they were just reporting that the account was in good standing even though its closed. I have one doing the same thing with a bunch of lates that will start falling off in Nov. they reported that it was in good standing for a couple of years after it had been closed before they finally stopped.

[Anonymous]

QUESTION FROM A NEWBIE:

On his original post it says the last payment date was Feb 20, 2011.  If that IS NOT ACCURATE, is it an attempt to re-age the account???  IF so, how do we deal with it?

(I'm starting to think fixing your credit could be like a college course all on it's own!)

[alexl22]

I think you are confusing them with reporting the account as in OK standing as them recieving a payment, If my account balance is 0 they will still report an OK status under payment history.