Will this help my scores?

[Anonymous]

I was recently approved for the BoA 99/500, (If i ever get it lol) and i also have crown jewelers that i just bought from yesterday. they are not reporting yet, but those 2 are my only 2 good standing accounts and here is my report i have 6 baddies and 1 paid item:


$144 Doctor bill -Date Opened:08/2004 (EX & EQ) will be removed 5-2010

$886 collection/charge off- Date Opened: 09/07/2001 (EX, EQ, & TU) will be removed 1-2009

$189 Comcast bill- Date Opened: 01/12/2007 (EX, EQ, & TU) will be removed 10-2013

$138 AT&T Bill- Date Opened: 03/05/2008 (EX, EQ, & TU)

$357 Doctor Bill- Date Opened: 02/2003 (EX) will be removed 12-2008

$118 Paid item- Date Opened: 12/2002 (EQ) will be removed maybe in 2008 or 2009

$854 Cingular bill- Date Opened: doesn't say but is scheduled to fall off in 1-09 (TU)


now i will have the $886 charge off removed in 1-09, and the $854 cingular bill removed in 1-09 also this year the $357 item will fall off, and possibly the paid item will fall off, now since this is severely taking away all the history i have do you think my scores will drastically drop or since i have the 2 accounts in good standing do you think that will balance it out and possibly see a score increase?

[Anonymous]

I do not think it will balance it out. You should try to work on getting a PFD for the ATT, since that is the most recent CA and it's prob hurting you the most. If you work on trying to get that taken care of at least you can get a score bump and will you do take a hit for age it will not be so bad.

[zeek69]

Hi Michelle27

I am new to all this. Can you help me understand how you determined the drop off dates on your account?

I always thought is was a full seven years.

Thanks and good luck.

[Anonymous]

Well on some credit reports it says when it might drop off your report. but here is also a site that tells your SOL. http://bankrate.com/brm/news/cc/20040116b2.asp#in

[Anonymous]

---

zeek69 wrote:
Hi Michelle27

I am new to all this. Can you help me understand how you determined the drop off dates on your account?

I always thought is was a full seven years.

Thanks and good luck.

---

Negative accounts remain 7 years from DOFD. The 7 year clock doesn't start until 180 days past DOFD. So, basically they remain 7.5 years from DOFD.

SOL pertains to time length creditor can sue and win.

[Anonymous]

In regards to items falling off of your report, does anyone know this:

Does only the negative information fall off of the account?

For example, I have a Discover card that I have had for 13 years.  I have been 30 days late three times, all in the year of 2003.  So does this mean that in 2010, these items will fall off, and my account will report as "paid or paying as agreed", and NOT show delinquencies?  Or will it always show the delinquencies so long as the account remains?

[Anonymous]

When a drop off date comes...the entire TL drops off...

[Anonymous]

so then the account will still remain, but any negative information will be gone from it as if it never happened after 7.5 years?  Is that what you are saying?

[guiness56]

heather76

In regards to items falling off of your report, does anyone know this:

Does only the negative information fall off of the account?

For example, I have a Discover card that I have had for 13 years.  I have been 30 days late three times, all in the year of 2003.  So does this mean that in 2010, these items will fall off, and my account will report as "paid or paying as agreed", and NOT show delinquencies?  Or will it always show the delinquencies so long as the account remains?

Yes, you are correct.  The lates will drop off  7 years from each occurence.  So, sometime in 2010 it should show as paid as agreed, never late.  

[Anonymous]

A POSITIVE TL will remain for 10 years after it is closed...a NEGATIVE TL will remain for 7-7.5 years after the DOFD...WHEN THE TL IS DUE TO DROP OFF..THE ENTIRE TL WILL FALL OFF REPORT..AS IF IT WAS NEVER THERE!!!... Is the account you are asking about...a charge off...or a closed account with lates showing on it???...