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New Contributor
Posts: 70
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!

Super Contributor
Posts: 31,000
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 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
New Contributor
Posts: 70
Registered: ‎07-27-2014
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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?
Super Contributor
Posts: 31,000
Registered: ‎02-07-2013
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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

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Moderator Emeritus
Posts: 16,382
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.Smiley Mad

Credit Profile:
FICO 9: EQ 833 ~ EX 828 ~ TU 824 (07-12-2017)
FICO 8: EQ 830 ~ EX 819 ~ TU 828 (07-12-2017)
FICO 8 Bankcard: EQ 851 ~ EX 849 ~ TU 851 (07-12-2017)
Credit History: 29 years ~ AAoA: 14 years
Total available revolving credit: 157K ~ Cumulative Util: 3% (1 CC reporting a balance)
Inqs: 1 EX (new)
14 Total Accounts on Reports: 9 open, 5 closed. 1 newly opened installment account

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