Please explain this repo to me **UPDATE!!!!**

[kk627]

Experian told me this TL will "turn positive in September". One CSR said "it looks like you've been making payments on it." I have not.

What does that mean? I want to buy a new car this year, will the dealership see any negative record of this after September? It was only reported to my EX report.

The first 30-day late shows in Dec 2006 and never went positive after that. The loan officer at the bank said they would try to sell it and if they got more than I owed for it, i would get a credit. That was the last conversation I had with him, never heard from them after that. I never received any paperwork or phone calls after that.

XXX NATIONAL BANK Current Closed   Mailing Address:      TEXAS More Account Details
Account Name	XXX NATIONAL BANK
Account #	3XXXX
Account Type	Auto Loan
Balance
Date Opened	8/1/2005
Account Status Closed         Mo. Payment         Close Account Details Past Due           Payment Status Paid, was a charge-off         High Balance           Limit           Terms 37 Months         Comments
24-Month Payment History       2009       2010                       2011               Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug KD KD KD KD KD KD KD KD KD KD KD OK OK OK OK OK OK OK OK OK OK OK OK OK

[DaBears]

The TL will turn into a positive one in september, lates only stay on for 7 yrs for each occurance. I would not do anything to that account after that. So if you plan on getting a new car in Oct then they won't see the late anymore.

[guiness56]

In order to really determine when it will turn positive you would need the entire payment history. 

If your first 30 day late was in Dec 06 that will not fall off until Dec 2013.  Any subsequent lates will fall off 7 years from their occurence.

It appears the bank did sell it and have enough to pay it off, that is why it says paid, was a charge off.

On the other hand, if the CRA CSR is saying it will turn positive in Sep, I hope they are right and it does.

[kk627]

I lost my job in mid Aug 2006, and I may have made one or two payments after that, but not more than that.

[guiness56]

The TL doesn't show much in the way of DoFD or anything. 

I guess you can trust the CSR and it will turn positive in Sep.  Maybe they see something we don't.

[kk627]

Here's what it says on my report from annualcredit report.com:

30 days past due as of Dec 2006

60 days past due as of Dec 2006 (this can't be right?)

90 days past due as of Jan 2007

120 days past due as of Mar 2007

150 days past due as of Apr 2007

Charge Off as of Nov 2008 to Jul 2010, Jul 2007 to Jun 2008 (what does this mean?)

Oct & Nov 2006 show No Data

I'm pretty sure the last payment I made was either Sept or Oct 2006 because I was dead broke after that due to being laid off in August 2006.

[Shogun]

This account will not go into a positive status.  It has a CO on it.  A positive status would only be if there were lates that subsequently fell off.  That's not the case here.

[RobertEG]

+1

When it goes "positive" as far as your CR is concerned depends upon when all derogs are actually excluded by the CRA.

With a reported CO with an apparent DOFD of 12/2006, the OC is not required to be excluded until after 6/2014.

However, that is the max CR exclusion date.  The CRA can always choose to exclude earlier.

When it will actually show as positive cannot be determined simply from the CR.  All you can say is that it will become positive no later than 6/2014, when the max CR exclusion period of the CO has passed.

[kk627]

So will it just completely fall off my report when the times comes?

And what about the fact that it says the 30 day late and 60 day late happened in the same month, with no data reporting for the two months prior?

[Shogun]

I have it reaching the 7 year mark in November actually.  And yes, it should just be excluded.