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I had several credit cards through Capital One that got charged off in 2010 I paid 3 of them but still have 4 showing on my credit due to statue they should be off next year. They don't show now but sold to Portfolio in 2013 as charge off's does that start the 7 yr all over extending to 2020? This all came up when I was trying to find a mortgage score is too low now EQ 585 TU 612. Broker is suggesting I hire a company to help increase our score which charges $200 dep +$80 a month. I need some input on what to do I would like to buy a house within the next 6-12 months. I also have total utilization of 75% I am currently working on getting those under 30%. If anyone could give me input I would appreciate it.
The exclusion date of a charge-off or collection is no later than 7 years plus 180 days from the date of first delinquency on the OC account in the chain of delinquency that immediately preceded the charge-off or collection.
The DOFD is a fixed date-certain based on your OC account, and is not affected by any sale of the debt or any other actions.
There is no restart of the exclusion period for a charge-off.
The DOFD must, by definition of a DOFD (see FCRA 605(c)), precede the charge-off to which it applies.
Thus, if a CO occured in 2010, the DOFD must be in 2010 or prior.
@RobertEG wrote:The exclusion date of a charge-off or collection is no later than 7 years plus 180 days from the date of first delinquency on the OC account in the chain of delinquency that immediately preceded the charge-off or collection.
The DOFD is a fixed date-certain based on your OC account, and is not affected by any sale of the debt or any other actions.
There is no restart of the exclusion period for a charge-off.
The DOFD must, by definition of a DOFD (see FCRA 605(c)), precede the charge-off to which it applies.
Thus, if a CO occured in 2010, the DOFD must be in 2010 or prior.
Agreed.
In addition to waiting until next year (when the CO's fall off), I would also pay down your cards to below 9% on one card. Then make sure you have at least 3 bank cards, all reporting from now until when you are ready to purchase a home. Also use the FICO simulator to see what it suggests is your best course of action (and re-check it every month after your scores report). Continue to pay your rent on time and try to go FHA if you can.
Good luck.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |