Old Derogs????

[Anonymous]

Should one try to get old negs. off of a credit report?  I had a car lease that I took out in 2000 that went 60 days past in 10/2002 with no other lates after that.  I paid off the loan in 2004.  This is still showing as a derog and was wondering if I should attempt to get it off or leave it on due to its age?  Thanks for your help.

LS

[Anonymous]

Maybe you can GW the company...and ask for the lates removed...or the entry removed...I've heard that lates don't really have any affect after 2 years...so it might not be hurting you as much as you think...also think twice about getting it deleted if it's your oldest account...

Message Edited by slyhouse08 on 05-01-2008 08:50 AM

[Anonymous]

So derogs are still considered part you your history?

[Anonymous]

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@Anonymous wrote:

So derogs are still considered part you your history?

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Yes they are loloswims. but the actual hurt is dependent on the actual derrog. 30 day lates become less severe in 2 years; 60 day lates- 3 years, etc.

They drop off your cr's after 6 years(I think...it's been a while)

Collections and charge offs are major derogs that will continue to haunt you until they are gone.

[Anonymous]

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Sylviatob wrote:

They drop off your cr's after 6 years(I think...it's been a while)

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7 years.

[Anonymous]

Actually what I meant was are derogs considered for the age of your credit file?

[Anonymous]

DOH! I knew that! I hit the 6 when I reached for the 7.

Thanks Cheddar.

[MidnightVoice]

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loloswims wrote:

Actually what I meant was are derogs considered for the age of your credit file?

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Yes - all accounts count towards age.  There are people who have had old derogs removed, the entire TL has gone away, and their score has dropped because the average age went down

[Anonymous]

So should I try to remove the old car lease....please see my original question?  I am going to buy a car in july and know that dealers use the auto enhanced credit score.

[RobertEG]

Tough question. 

That late derog back in 10/02 can no longer be reported, under the FCRA, as a derog after 10/09.  Since  you need to apply for a new auto loan before the prior derog drops off in 10/09, it is hard to say of its lingering impact.  If it was not an auto-related derog, I would suspect that its impact would be diminimus under classic FICO,  However, the auto-enhanced FICO score apparently gives more weight to prior auto loan payment history, so its impact may be more.

If it were only a 30-day late, there would be no question to just let the dog lie.  but a 60-day last is more serious in scoring.

But I think the point is kinda moot now.  If  you are appling for an auto loan in July, and have not even started the GW begging process as of yet, then there is almost zero chance that  you will get any resolution before July, and even if you did, it would not post on your CR for at least a month after their charity was granted, so it seems immaterial at this point.

I think you have a snowballs chance of getting the prior lendor to GW a legit prior derog away unless you offer them some incentive, such as you are going back to that same lendor for a new loan, and that thus offers them some incentive to ignore it in their decision.  But if that were the case, then they could simply GW it away in their credit decision without having to even consider the need to change your CR data.

I think it is futile at this time.  I would not bother.

Message Edited by RobertEG on 05-01-2008 10:30 PM

Message Edited by RobertEG on 05-01-2008 10:33 PM