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Questions about late pay/charge offs falling off report

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Anonymous
Not applicable

Questions about late pay/charge offs falling off report

I have several late pays that happened during 2004.  Will these automatically fall off? In 7 years?  What about charge offs?  I have one account that was past due 150 days as of Jul 2004 and charged off in August 2004.  Will that automatically fall of as well? Is it still 7 years for charge offs?

 

Also how many points will that raise my score when those fall off?  I counted and I have 20 different late pay marks for all accounts (including the charge off) during 2004.

 

Thanks again for the help!

Message 1 of 6
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Anonymous
Not applicable

Re: Questions about late pay/charge offs falling off report

Good questions.  I'd like to know too.  I think that newer lates hurt more than older ones, but that's about all I know on this subject.  

Message 2 of 6
MarineVietVet
Moderator Emeritus

Re: Questions about late pay/charge offs falling off report

 


@Anonymous wrote:

I have several late pays that happened during 2004.  Will these automatically fall off? In 7 years?  What about charge offs?  I have one account that was past due 150 days as of Jul 2004 and charged off in August 2004.  Will that automatically fall of as well? Is it still 7 years for charge offs?

 

Also how many points will that raise my score when those fall off?  I counted and I have 20 different late pay marks for all accounts (including the charge off) during 2004.

 

Thanks again for the help!


Here is how and when derogs drop from you CR, and are thus no longer included in FICO scoring.

Monthly delinquencies under an OC account drop at 7 years from their individual date of delinquency. The date of first delinquency (DOFD) has nothing to do with these drop-off dates. They drop from their own individual dates. So look at each prior OC reported monthly derog date, and simply add 7 years.

If the OC subsequently reports their account as a charge off, that is a totally different and additional post to your CR. Their post as a charge-off will remain in your CR for 7.5 years from the DOFD on the OC account, which is the first 30-day delinquency you had on the account, and disregards any later 60/90+ delinquencies that followed. That cannot be reset.

If the OC then refers the account for collection, and a CA posts to your CR, the drop-off date of their collection reporting is the same as that of a CO. It is 7.5 years from the same DOFD on the OC account, and the CA cannot reset this date.

 

 

 

 

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

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Message 3 of 6
Anonymous
Not applicable

Re: Questions about late pay/charge offs falling off report

Thank you.  Do you know how many points it will go up once those drop off?  Thanks!

Message 4 of 6
MarineVietVet
Moderator Emeritus

Re: Questions about late pay/charge offs falling off report

 


@Anonymous wrote:

Thank you.  Do you know how many points it will go up once those drop off?  Thanks!


There are too many variables in my opinion. Often whatever remains on your report is just as important as what is removed. Just be happy and grateful when they start dropping off. Smiley Happy

 

Message 5 of 6
happy0510
Established Contributor

Re: Questions about late pay/charge offs falling off report


@Anonymous wrote:

I have several late pays that happened during 2004.  Will these automatically fall off? In 7 years?  What about charge offs?  I have one account that was past due 150 days as of Jul 2004 and charged off in August 2004.  Will that automatically fall of as well? Is it still 7 years for charge offs?

 

Also how many points will that raise my score when those fall off?  I counted and I have 20 different late pay marks for all accounts (including the charge off) during 2004.

 

Thanks again for the help!


Hi Erin,

 

I'm in the 2004 club with you!! We're almost there!!

 

The outcome will most definitely be positive.

 

HappySmiley Happy


Starting Score: 615
Current Score: 709
Goal Score: 750


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