topic Re: Charge Off in "Good Standing"? in Rebuilding Your Credit

Charge Off in "Good Standing"?

Anonymous — Thu, 25 Mar 2010 17:03:23 GMT

I have a listing in my CR for an HSBC account in Good Standing that states

Status is transferred closed

History is Charge off in 7/03

Creditor's Statement -Purchased by another lender.

Why would a charge off be in GOOD STANDING? Should I do something about it? The original reporting date is 6/99 with no other information.

Re: Charge Off in "Good Standing"?

BungalowMo — Thu, 25 Mar 2010 17:10:02 GMT

It seems I had one posting that way a long time ago. Certainly a baddie, but it said "good standing".

I'd put a blanket over that puppy & let him sleep!!!

Looks like it's due to drop in the June/July time frame this year.

Re: Charge Off in "Good Standing"?

Anonymous — Thu, 25 Mar 2010 18:33:06 GMT

Thank you for your reply...so when it does finally fall off, will it negatively impact my credit score? It is the oldest account reported to the agencies

Re: Charge Off in "Good Standing"?

Anonymous — Thu, 25 Mar 2010 18:35:36 GMT

It could go either way. But, more than likely you would gain points since a CO is a major baddie.

Re: Charge Off in "Good Standing"?

BungalowMo — Thu, 25 Mar 2010 18:43:19 GMT

If you have an actual Equifax report, look in the acct information & you will see the section for "Date of First Delinquency". 7 years from that date, it will drop.

On Trans Union reports, the tell you at the bottom of the acct info: "This acct expected to report until xx/xxxx" or something like that. Gives you a date.

I have read that the same is true on reports directly from Experian, but I have never personally had them give me a drop off date.

You should get a score bump for sure. Losing the C/O should far outshadow losing the history. I've always had a bump when a baddie dropped.

Is this your only bad acct???? If so, you *might* see a little dip in score, then a steady rise. Losing the last bad acct puts you in a better bucket & better scores come with that.

Re: Charge Off in "Good Standing"?

Anonymous — Thu, 25 Mar 2010 18:47:24 GMT

It is actually 7 - 7.5 years.

Re: Charge Off in "Good Standing"?

Anonymous — Thu, 25 Mar 2010 20:10:26 GMT

IThe HSBC account is listed under my good standing accounts, I have 6 others in good standing including 4 closed and one current, a car loan.

I have two small collections that I have paid off recently but that was before I was aware of the pfd letters. Is there anything else I can do short of trying to get cc to improve my score?

Thanks everyone, you've all been so helpful