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Established Member
JBARTVegas
Posts: 12
Registered: ‎07-27-2014
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transferred/sold collection

4 year old auto chargeoff had 4k balance.. it closed out last week and now I get a letter from a new company saying they bought the debt.... When they report for the first time will it appear to the CRA's that I hava a "new" collection and hurt my chances for an FHA? Also will the transferred collection kill my fico?

 

Please help!

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Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
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Re: transferred/sold collection

[ Edited ]

JBARTVegas wrote:

4 year old auto chargeoff had 4k balance.. it closed out last week and now I get a letter from a new company saying they bought the debt.... When they report for the first time will it appear to the CRA's that I hava a "new" collection and hurt my chances for an FHA? Also will the transferred collection kill my fico?

 

Please help!


What do you mean by closed out? 

If the 7 year term has expired then no it can't be placed back on CR's even with a new CA having bought the debt 

Bottom feeder CA's will try and convince you that they will to pressure you into paying but if your past SOL and the 7 year term has expired ......Starts from last payment 

The CA is well should we say SOL so to speak 

However if you have 3 years left before the 7 year period to expire then yes they can list it on CR's but the old one must be removed and the same history must be displayed 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Established Member
JBARTVegas
Posts: 12
Registered: ‎07-27-2014
0

Re: transferred/sold collection

Door #2.. 3 years left so I guess they can list it. BUT does it count as a "new collection" opened in the last 12 months?
Community Leader
Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
0

Re: transferred/sold collection

[ Edited ]

JBARTVegas wrote:
Door #2.. 3 years left so I guess they can list it. BUT does it count as a "new collection" opened in the last 12 months?

I'm 99% sure it will look as a new CO....sorry 

 

EDIT forgot to add a PFD may be a good option in this case if you can afford it

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: transferred/sold collection


myjourney wrote:

JBARTVegas wrote:
Door #2.. 3 years left so I guess they can list it. BUT does it count as a "new collection" opened in the last 12 months?

I'm 99% sure it will look as a new CO....sorry 

 


Yep! If the status date shows a recent date, expect damage to the scores. Not fair in my estimation.:smileymad:

Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1


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