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Posts: 1
Registered: ‎02-26-2013
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How long can a negative stay on your credit report

Hello can i jump in and ask for advice here..

 

I am new and searching for help. I have a negative capital one credit card on my acct. that has been there for years now . the credit card originally was opened in 2002. then it went into a neg. status due to illness.. and i just never got back on my feet until years later and i acknowledge that i owed the bill but it was under 200.00 at the time when i was making payments but the late fees were eating me up so i quit.. now the asset acceptance company has it and they want $2,229.00.. Crazy...

 


When i looked on my credit report it says it is scheduled to remove in april 2013..Does that mean it will go off my reports completely or can another company just buy it and start all over again. i mean this has been going for years now.. I started to offer them a settlement of 250.00 but if it is scheduled to remove April of this year .. should i just leave it alone?

Moderator
Posts: 13,755
Registered: ‎04-15-2011
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Re: How long can a negative stay on your credit report

It is reaching the 7 year mark where it will be excluded from your CR.  Once it's gone from there, it's gone.  The debt however does not go away.  They can try and collect, but they can't affect your CR anymore.

 

The fees they have tacked on there are ridiculous.  You could offer a PFD, to make it go away, but I would only offer about $100 or so.  Also make sure you never acknowledge the debt was actually yours, and never agree to any sort of payment plan.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Established Contributor
Posts: 662
Registered: ‎02-20-2013
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Re: How long can a negative stay on your credit report

I would suggest you just let it age off and go to other CCC for CC's in the future.

 

If you're like me and always feel morally obligated to pay your debts, you could try reaching out to Cap1 after April 2013 to see about paying the original $200 or so.


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Epic Contributor
Posts: 20,269
Registered: ‎03-19-2007
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Re: How long can a negative stay on your credit report

OC accounts themselves dont age off or get deleted based on expiration of a credit report exclusion period.

Each adverse item reported under the account has its own individual exclusion date.

If a monthly delinquency, each expires after 7 years from its date of occurence.

If a reported charge-off, it becomes excluded after 7 years plus 180 days from its DOFD.

Once all adverse items become excluded, the account, at least for credit reporting, appears with no derogs.  The account remains unless its separate deletion is reported by the creditor.

 

If the account is sold to another, the reporting made by credtior 1 remains, unless they voluntarily delete or an item is excluded.

A new credtior 2 would make their own reporting of your account history with them, unrelated to the prior reporting of creditor 1.

Moderator
Posts: 13,755
Registered: ‎04-15-2011
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Re: How long can a negative stay on your credit report

I think a little more explanation might be in order here since re-reading the orginal post.

 

This would be a CO from the OC.  It is scheduled to be excluded in April, which it will be.  No, a CA cannot pick this up and restart the process.  It can be sold to a CA and they cannot try to collect, but they cannot report it to your CR.  The CAs DOFD must match that of the OC so the CRTP would be the same.  Basically stating, if the OC can't be on your CR due to it aging off, the CA could not be on there either.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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