Date derog comes off of my CRA?

[Pigeyex]

I thought negative info stayed on for 7 years, and positive info for 10.  I have an old (closed, settled) Chase credit card account that one bureau is showing is due to come off in April, 2014, and another bureau says May of 2014.

I called Chase, to see if they would consider deleting a month or two early, as a courtesy (got a polite "NO", which goes with their TWO no's I got on my GW deletion request letters).  I asked her if she was showing when I was due to come off, and she said that is up to the CRAs, but she's showing my last payment on the account was 4/15/2009.

If that was my last payment, that would mean it would be dropping off in just 5 years.  Can that be correct?

Also, I'd thought from reading these forums that the decision to delete you a month or so early was up to the OC -- not the CRA?

Thanks in advance for any advice.  We're trying to refinance our mortgage, and the 60s/90s/120s of these $0.00 balance, settled-for-less-than-full-balance account is one of the few baddies I still got on my reports.

Paul

[Shogun]

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@Pigeyex wrote:

I thought negative info stayed on for 7 years, and positive info for 10.  I have an old (closed, settled) Chase credit card account that one bureau is showing is due to come off in April, 2014, and another bureau says May of 2014.

I called Chase, to see if they would consider deleting a month or two early, as a courtesy (got a polite "NO", which goes with their TWO no's I got on my GW deletion request letters).  I asked her if she was showing when I was due to come off, and she said that is up to the CRAs, but she's showing my last payment on the account was 4/15/2009.

If that was my last payment, that would mean it would be dropping off in just 5 years.  Can that be correct?

Also, I'd thought from reading these forums that the decision to delete you a month or so early was up to the OC -- not the CRA?

It is up to the CRAs.  It is set by the DoFD, ie: when the account went into arrears and wasn't brought current.  So if you paid it off in 2009, that doesn't mean the DoFD was in 2009.  It was probably in 2007.

Thanks in advance for any advice.  We're trying to refinance our mortgage, and the 60s/90s/120s of these $0.00 balance, settled-for-less-than-full-balance account is one of the few baddies I still got on my reports.

Paul

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[Pigeyex]

Hmmm, OK.

Looking at my payment history, I first went 30 days late in July of 2007, then 60 days in August, 90 in September, and 120 in Oct. of '07.  Never did bring it current, it was turned over to a collection agency, with whom I eventually settled.

Wouldn't July of 2014 then be the date it should fall off?

[Shogun]

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@Pigeyex wrote:

Hmmm, OK.

Looking at my payment history, I first went 30 days late in July of 2007, then 60 days in August, 90 in September, and 120 in Oct. of '07.  Never did bring it current, it was turned over to a collection agency, with whom I eventually settled.

Wouldn't July of 2014 then be the date it should fall off?

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Yes, but the CRAs now tend to remove a bit early to make sure they make the deadline.  Remember the rule states the maximum it can stay on, not the minimum.

[Pigeyex]

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@Shogun wrote:

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@Pigeyex wrote:

Hmmm, OK.

Looking at my payment history, I first went 30 days late in July of 2007, then 60 days in August, 90 in September, and 120 in Oct. of '07.  Never did bring it current, it was turned over to a collection agency, with whom I eventually settled.

Wouldn't July of 2014 then be the date it should fall off?

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Yes, but the CRAs now tend to remove a bit early to make sure they make the deadline.  Remember the rule states the maximum it can stay on, not the minimum.

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Ahhhh, gotcha.  I'm thinking this is probably best left well enough alone, and let them fall of naturally in April and May?

[Shogun]

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@Pigeyex wrote:

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@Shogun wrote:

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@Pigeyex wrote:

Hmmm, OK.

Looking at my payment history, I first went 30 days late in July of 2007, then 60 days in August, 90 in September, and 120 in Oct. of '07.  Never did bring it current, it was turned over to a collection agency, with whom I eventually settled.

Wouldn't July of 2014 then be the date it should fall off?

---

Yes, but the CRAs now tend to remove a bit early to make sure they make the deadline.  Remember the rule states the maximum it can stay on, not the minimum.

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Ahhhh, gotcha.  I'm thinking this is probably best left well enough alone, and let them fall of naturally in April and May?

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I'm thinking so.  Plus I'd be planning my next course of action, building new positive TLs to make a healthy CR.  So while doing this, save up some money for a secured card or two.  This will put you into a better position for applying for new credit in the future.

[Pigeyex]

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@Shogun wrote:

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@Pigeyex wrote:

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@Shogun wrote:

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@Pigeyex wrote:

Hmmm, OK.

Looking at my payment history, I first went 30 days late in July of 2007, then 60 days in August, 90 in September, and 120 in Oct. of '07.  Never did bring it current, it was turned over to a collection agency, with whom I eventually settled.

Wouldn't July of 2014 then be the date it should fall off?

---

Yes, but the CRAs now tend to remove a bit early to make sure they make the deadline.  Remember the rule states the maximum it can stay on, not the minimum.

---

Ahhhh, gotcha.  I'm thinking this is probably best left well enough alone, and let them fall of naturally in April and May?

---

I'm thinking so.  Plus I'd be planning my next course of action, building new positive TLs to make a healthy CR.  So while doing this, save up some money for a secured card or two.  This will put you into a better position for applying for new credit in the future.

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Thanks.  I've got about 15-20 positive TLs, AAofA is 10+ and oldest is 25+.  Just a few major baddies that I recently settled, after paying down my three credit cards to get my util. down to 0-9%, and now I just have some that I've just gotta let age.  I've gotten my scores up from the low-500s now to the 690s.  )

[Shogun]

Oh,, well you're almost golden!!!  It's just gardening time for you!

[Pigeyex]

I've learned a TON from all you guys!! 

Feels good to turn things around.  It all started with a permanent loan modfication I was able to get (after no less than THREE court cases) from BofA, which brought my mortgage current.  With that current, I lost my sense of hopelessness, landed here, and began taking care of the other bad stuff so that we can -- God willing -- refinance ouir mortgage.  Although we were able to get the permanent load modification -- including a rather significant principal reduction -- and also got switched from an interest-only, adjustable mortgage to a FIXED-rate one . . . it's still a godawful 8.05%.  We're hoping to get something around 5.5%, which would reduce our monthly mortgage payments CONSIDERABLY.