OC's not yet sent to CA

[jsantiago102]

Hello.
First, I want to say thank you to all who contribute to the credit community here. I have learned so much from all of you.
My question: Can an OC sell the account to a CA at anytime?
I have a Cap One account that is due to fall of report in a year. What should I do/not do to ensure I do not get a new CA line?

[Anonymous]

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@jsantiago102 wrote:
Hello.
First, I want to say thank you to all who contribute to the credit community here. I have learned so much from all of you.
My question: Can an OC sell the account to a CA at anytime?
I have a Cap One account that is due to fall of report in a year. What should I do/not do to ensure I do not get a new CA line?

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OC can sell at any time. However a CA could not report it any longer than the OC.

The only thing you can do to ensure you don't get a CA reporting is to pay/settle with Cap One.

[jsantiago102]

Thank you so much.
I also have a questions regarding OC that update account to good standing vs. deleting when 7 yr. is reached. HSBC bank did just that, does the CA then drop off report?
HSBC is now reporting on TU as "Paid/ Never late."
Thsnk you again sooo much for your help. I am so happy I found this community!

[gdale6]

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@jsantiago102 wrote:
Thank you so much.
I also have a questions regarding OC that update account to good standing vs. deleting when 7 yr. is reached. HSBC bank did just that, does the CA then drop off report?
HSBC is now reporting on TU as "Paid/ Never late."
Thsnk you again sooo much for your help. I am so happy I found this community!

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Settle with Cap-1 and I would try the PFD with them since its in its last year of reporting. Its highly unlikely that Cap-1 is going to change it to a paid in full current account that is a fluke that you got that from HSBC. HSBC isnt really issuing CCs in the US anymore (sold most of their portfolio to Cap-1) so it was no skin of their nose to change it.

If a CA was also reporting they have to follow the OCs DoFD and it can only report for a max of 7.5 yrs from this date just like the OC can. The CRAs are the ones who typically schedule the exclusion at 7 years not the creditors. Welcome to My Fico

[Anonymous]

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@jsantiago102 wrote:
Thank you so much.
I also have a questions regarding OC that update account to good standing vs. deleting when 7 yr. is reached. HSBC bank did just that, does the CA then drop off report?
HSBC is now reporting on TU as "Paid/ Never late."
Thsnk you again sooo much for your help. I am so happy I found this community!

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CA exclusion is determined by the DoFD that they reported to the CRA's. That date is obtained from the OC at the time the account is obtained. Changes the OC may make to their report are not relevant to the CA's reporting.

[jsantiago102]

Thank you all.
After looking iver my report again, I noticed that the CA changed the opening date of the card after I disputed it. It now shows the opening date as a date later than the DoFD!

[RobertEG]

If I understand correctly, you now have an OC account that is reporting no debt balance and no derogs?

If so, there is nothing to become excluded, and no delinquent debt to pay. 

Thus, no PFD issue.

With no reported delinquencies or charge-off, there would be no issue of credit report exclusion, period.

The account would simply continue as a paid account.

[Anonymous]

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@jsantiago102 wrote:
Thank you all.
After looking iver my report again, I noticed that the CA changed the opening date of the card after I disputed it. It now shows the opening date as a date later than the DoFD!

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CA "opened date" is the date they received collection authority, not the date you opened the original account.

[jsantiago102]

Yes Robert, OC update account to "good standing" instead of deleting at the 7 year mark. The CA, Portfolio Recovery is still reporting as delinquent. I did not know if the CA was supposed to delete account once OC converted to good standing.

[jsantiago102]

Thank you Norman. You seem so knowledgable and always answer my questions. Thanks for your patience. : )