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Regular Contributor
720ismygoal
Posts: 169
Registered: ‎05-16-2011
0

how long does Charge off affects FICO score?

I have two paid CO's and the last activity date is Januray of 2009. How long will it continue to affect my score?

Old Navy: AU $600----------------Walmart(store card): $900 & FICO: 680
Sears Mastercard: AU $300-----TU: FICO 652 April/2012
Emblemcard: $325------------------EQ: FICO 668 April/2012
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Established Contributor
namvet
Posts: 866
Registered: ‎09-22-2011
0

Re: how long does Charge off affects FICO score?

About 7 years from DOFD.  Max 7.5 years.

Regular Contributor
720ismygoal
Posts: 169
Registered: ‎05-16-2011
0

Re: how long does Charge off affects FICO score?


namvet wrote:

About 7 years from DOFD.  Max 7.5 years.


Dam! i'm screwed! i will never buy a home! Thanks.

Old Navy: AU $600----------------Walmart(store card): $900 & FICO: 680
Sears Mastercard: AU $300-----TU: FICO 652 April/2012
Emblemcard: $325------------------EQ: FICO 668 April/2012
Discover: $1,000-FICO 695 4/25/12---------Bringing home Amex in 2013!
Cap1: $750 Gardening mode until April 2013
Cap1: $500



Moderator
MarineVietVet
Posts: 14,974
Registered: ‎07-14-2009
0

Re: how long does Charge off affects FICO score?


720ismygoal wrote:
 

Dam! i'm screwed! i will never buy a home! Thanks.


Not necessarily. I'm no mortgage expert but I have read enough to know that paid collections and CO's will often not be a automatic denial for a mortgage depending on their age and what else is on your reports. You'll just need to check out different lenders and what their requirements are.

 

For scoring purposes all negatives will lose impact over time but a major derogatory such as a CO will continue to hurt for the entire period it can report. Have you tried GW letters trying to get these removed early? When is the DoFD on these CO's?

Regular Contributor
720ismygoal
Posts: 169
Registered: ‎05-16-2011
0

Re: how long does Charge off affects FICO score?


MarineVietVet wrote:

720ismygoal wrote:
 

Dam! i'm screwed! i will never buy a home! Thanks.


Not necessarily. I'm no mortgage expert but I have read enough to know that paid collections and CO's will often not be a automatic denial for a mortgage depending on their age and what else is on your reports. You'll just need to check out different lenders and what their requirements are.

 

For scoring purposes all negatives will lose impact over time but a major derogatory such as a CO will continue to hurt for the entire period it can report. Have you tried GW letters trying to get these removed early? When is the DoFD on these CO's?


They are from January of 2009(DoFD). The accounts were sold, it was then that i paid them in full, nothing bad since. Yes, i just send the fisrst round of letters about three weeks a go and i haven't heard anything, yet. Should i try another round? Thanks Marine!

Old Navy: AU $600----------------Walmart(store card): $900 & FICO: 680
Sears Mastercard: AU $300-----TU: FICO 652 April/2012
Emblemcard: $325------------------EQ: FICO 668 April/2012
Discover: $1,000-FICO 695 4/25/12---------Bringing home Amex in 2013!
Cap1: $750 Gardening mode until April 2013
Cap1: $500



Frequent Contributor
Familywantsahouse
Posts: 291
Registered: ‎02-25-2012
0

Re: how long does Charge off affects FICO score?

I would continue to try to GW if they are paid accounts. The squeaky wheel gets the grease.

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
Goal (we made it!!)- Over 640 middle by 5/15
Moderator
MarineVietVet
Posts: 14,974
Registered: ‎07-14-2009
0

Re: how long does Charge off affects FICO score?


Familywantsahouse wrote:

I would continue to try to GW if they are paid accounts. The squeaky wheel gets the grease.


Ditto.

Regular Contributor
firsttimemama
Posts: 230
Registered: ‎04-17-2012
0

Re: how long does Charge off affects FICO score?


MarineVietVet wrote:

Familywantsahouse wrote:

I would continue to try to GW if they are paid accounts. The squeaky wheel gets the grease.


Ditto.


What's ditto x2 :smileywink: I'd keep sending them and don't get (too) discouraged if the initial responses are no. I've been told no repeatedly by WFNNB and was feeling defeated yesterday but decided it's worth the try. All is takes is a few minutes of my time and a stamp. I figure at this point the worst they can tell me is no! Good luck!

 

 


Starting Score: EQ=567, TU=564 4/17/12
Current Score: 4/29/12 EQ 629 TU 618 (both FICO
Goal Score: 750

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