Questions on baddies affecting FICO

[halos24]

Hi Every one... as I have started the rebuilding process in the last two years I have a question.  In my situation I have now only a total of 5 baddies:

1- Cap1 - 

Status as of [?] Date opened [?] Date of last activity [?] Date closed [?]

Sep, 2010

Dec, 2004

July, 2007

Not Reported

Descriptions [?]

• Paid charge off
• Account closed by credit grantor

No contact information provided by Equifax--- The last 90 day late was from Jan 08... The earliest was from Nov 2007.  

2- Cap1- 

Status as of [?] Date opened [?] Date of last activity [?] Date closed [?]

Jun, 2010

Feb, 2006

Jun, 2010

Not Reported

Descriptions [?]

• Closed or paid account / zero balance
• Unsecured

No contact information provided by Equifax--- Last baddie is from June 2008.

3. Orchard-- 

tatus as of [?] Date opened [?] Date of last activity [?]
  L

Aug, 2008

Jan, 2004

Aug, 2008

Not Reported

Descriptions [?]

• Account closed at consumer's request
• Closed or paid account / zero balance

No contact information provided by Equifax--- First 30 day late was from Nov 07, and last 60 day late was from June 2008 when I PIF.

4. 

Status as of [?] Date opened [?] Date of last activity [?] Date closed [?]

Sep, 2010

Aug, 2005

Jul, 2007

Not Reported

Descriptions [?]

• Consumer disputes - reinvestigation in progress

No contact information provided by Equifax--- Target is just showing PIF but shows as paid as less than agreed wich is not true... I have tried several times to dispute but it has not worked.  

5. GE-Howards Card

Status as of [?] Date opened [?] Date of last activity [?] Date closed [?] A

Sep, 2010

Aug, 2005

Aug, 2008

Not Reported

Descriptions [?]

• Closed or paid account / zero balance
• Account closed by credit grantor

No contact information provided by Equifax-- First lates from 30-90 day lates was in Jan 2008, last Aug 2008 when I PIF.

So my questions are when will the above baddies eventually stop hurting my scores so much?  I know it will take 7 years to fall off, just wanted to know if at some point they will ever stop affecting my scores?  I wanted to look into possibly getting a car within the next year and then maybe even play around with a mortgage.  So really wanted to work towards or at least know what I should focus on.  I have gotten new credit, and oh yes my bankruptcy chapter 7 will be falling off in April 2012 cannot wait!!!!

[JM-AM]

In my personal experiences all the derogatory and negatives starting impacting less once was at the 5 year mark. But scores didn't jump up very much just a point here and there. I have read different opinions on once they are off all together and you have a clean report that it impacts every ones score different. Some have stated they received a big (25-60) point increase, while some have stated they received no point increase. Then you have the very few who have stated they lost points.

I have gained over 70 points when my last paid Collection on EQ dropped off in October 2010. My TU still shows the same paid Collection but hoping it comes off soon. Not sure how it will impact my TU score when it comes off. I can only hope it has same effect as my EQ score did. EX also still shows paid Collection but states "This account is scheduled to continue on record until Oct 2010."

While paying off Collections, and Charge Off's is a great thing to do in most circumstances (every one's situation is different and reasoning), they still show as negatives and derogative information. Then you state you have a Bankruptcy falling off in April 2012 and 5 negative accounts 4 of which that are closed and or paid with a zero balance and 1 being disputed (reinvestigated). You have stated you have started to re-establish credit already (congrats) which is a great thing to begin the process. 

I personally think between all the fairly new (2-3 years old) negative information and the bankruptcy on your credit reports you still have some time before most lendors will risk loaning any substantial amount of money. Once the bankruptcy comes off you will be in a much better situation assuming you did not default on anything else between now and then. 

May be some of the real credit pro's on here will chime in with some great advice. I can just say that with time passing and you staying current on all your obligations it will get much better. 

Good Luck

[RobertEG]

For each OC account, the following dates control credit reporting.

Date and severity of each monthly delinquency in your CR.

The date of first delinquency in the last chain of delinquencies.

Was the acount charged-off?

Was a collection reported on the debt?

Has the debt been paid?