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Pls Help - Charge off Question!

Contributor

Pls Help - Charge off Question!

I have paid off an old CO account (COed in Sept 2010) . Now, the DOLA & Reported date for the PAID-CO is showing Oct 2012. My question is... does the DOLA or Last Reported date affect scoring ?

 

Please advise anyone..

Message 1 of 9
8 REPLIES
Valued Contributor

Re: Pls Help - Charge off Question!

No the DOLA is not important the DOFD is the one that sets the amount of time it can remain on your credit report.  I would start goodwilling and see if you can get it completely deleted.


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Message 2 of 9
Contributor

Re: Pls Help - Charge off Question!


annielorie wrote:

No the DOLA is not important the DOFD is the one that sets the amount of time it can remain on your credit report.  I would start goodwilling and see if you can get it completely deleted.


Thanks annielorie but I already know about DOFD and CRTP. Im asking if the DOLA and/or Reported date being updated to Oct 2012 from Sept 2010 will affect the score, for now a Paid -CO?

Message 3 of 9
Contributor

Re: Pls Help - Charge off Question!

Bump

Message 4 of 9
Valued Contributor

Re: Pls Help - Charge off Question!

The damage for fico purposes is DOFD if you brought the amount current and then were making payments it might show as new, I believe that it does not effect your fico now start GW'g


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!
Message 5 of 9
Community Leader
Legendary Contributor

Re: Pls Help - Charge off Question!

That question, both as it applies to charge-offs and collections, has been kicked around the forums for years.

Some provide anecdotal statements that updates of DOLA did affect their score, while others swear that it does not.

The answer, at least in the absence of any clarification from Fair Isaac, is.... no definitive answer.

Message 6 of 9
Moderator Emeritus

Re: Pls Help - Charge off Question!

+1 RobertEG, although the DOFD and CRTP would not change, the DOLA for the most part, would seem non-important.  But I too have seen that the simple updating has dropped and sometimes the paying of the debt has increased scores.  Haven't ever figured out why, FICO mystery I assume.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Message 7 of 9
Contributor

Re: Pls Help - Charge off Question!


Shogun wrote:

+1 Robert, although the DOFD and CRTP would not change, the DOLA for the most part, would seem non-important.  But I too have seen that the simple updating has dropped and sometimes the paying of the debt has increased scores.  Haven't ever figured out why, FICO mystery I assume.


Ah darn it, I was hoping to get a definite answer on this, like I have in the past for all other questions I post on this forum :-). Anyhow, thank you for your responses Shogun and RoberEG.

 

So what I can take from this -

The DOLA change to Oct 2012 from Sept 10 (due to a change in status to CO-Paid) has made this Charge off appear as new. This is affecting my FICO scoring more negatively now  than it was when it was reporting Sept 2010. So, I should not have paid this right now if I was looking for a score increase. :-(

Message 8 of 9
Contributor

Re: Pls Help - Charge off Question!

This one has been a while.. bump

Message 9 of 9