Reply
Regular Contributor
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
Discover: $1,000-FICO 695 4/25/12---------Bringing home Amex in 2013!
Cap1: $750 Gardening mode until April 2013
Cap1: $500



Established Contributor
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
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
Posts: 15,075
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
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
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
Posts: 15,075
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
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

Take the FICO Fitness Challenge

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.