topic Re: Advice needed - When will this account fall off? in Rebuilding Your Credit

Advice needed - When will this account fall off?

Shock — Tue, 11 Mar 2014 14:38:38 GMT

When will this account fall off? I initially thought it was 7/2007 but it got current and my last delinquency was 10/2009. Need to know because I am not waiting another two and a half years for FPB to be reporting negatives. Will stop at nothing trying to get a goodwill deletion.

Thanks in advance for any help!

Re: Advice needed - When will this account fall off?

TiggerDat — Tue, 11 Mar 2014 14:43:18 GMT

I would think 10/2016 is when it will stop reporting the last 60 day late.

Re: Advice needed - When will this account fall off?

gdale6 — Tue, 11 Mar 2014 16:49:47 GMT

@Shock wrote:

When will this account fall off? I initially thought it was 7/2007 but it got current and my last delinquency was 10/2009. Need to know because I am not waiting another two and a half years for FPB to be reporting negatives. Will stop at nothing trying to get a goodwill deletion.

Thanks in advance for any help!

From the info you provided here it cannot be determined when the entire account will delete and that would only happen it is closed. If it was a positive account at time of its closure it will stick around for up to 10 years post close. The lates reported will drop off at their respective 7 year mark, the first one will go in 07/14 and the last in 10/16 then the account becomes a positive one. Whether or not you have to wait for another 2.5 years is not up to you, it is up to whomever this record is reported by. Your credit file is a past history of your performance and the time a negative can report is set by law not by consumers. Good luck

Re: Advice needed - When will this account fall off?

Shock — Tue, 11 Mar 2014 17:22:31 GMT

So what will happen when say, the first 30 day late falls off in 7/2014? Will it just turn to "OK" ? What will I see on the credit report?

Re: Advice needed - When will this account fall off?

Creditaddict — Tue, 11 Mar 2014 17:34:21 GMT

@Shock wrote:
So what will happen when say, the first 30 day late falls off in 7/2014? Will it just turn to "OK" ? What will I see on the credit report?

a manual review would just show the remianing lates after that point.

it won't turn into a positive account until no lates are reporting but multiple year old 30 and 60 day late will have little effect on you anymore if this is the only baddie.

Re: Advice needed - When will this account fall off?

Anonymous — Wed, 12 Mar 2014 00:01:55 GMT

If the account was never charged off or sent to collections it will not be excluded. Each late will be removed 7 years from its occurence and when the last one is gone, it will become a positive account again. If it is closed it will remain for up to 10 years from the date closed. If still open, then it won't be removed at all.

Re: Advice needed - When will this account fall off?

coterotie — Wed, 12 Mar 2014 00:50:12 GMT

This ^^^

I have a charged off McRae's/Belk/Saks/HSBC. It now shows a zero balance and all good payment history. Why? Because I was current, then it went past due, so the seven year rule got rid of the past due and the previous 2.5 years of positive trade line is reporting. So it is now one of my oldest accounts and actually shows that the account was transferred or sold and zero balance with no lates.

@Anonymous wrote:
If the account was never charged off or sent to collections it will not be excluded. Each late will be removed 7 years from its occurence and when the last one is gone, it will become a positive account again. If it is closed it will remain for up to 10 years from the date closed. If still open, then it won't be removed at all.

Re: Advice needed - When will this account fall off?

Shock — Wed, 12 Mar 2014 04:08:58 GMT

Thank you for the clarification. This forum is awesome. This whole time I thought that seven years after the date of first delinquency, the whole tradeline would be deleted off the credit report. Man, I am very humbled.

I got wise to credit about a year ago, and became obsessed with strengthening my portfolio. One year ago at this time I had a capital one at 500 dollars and my chase amazon at 400. what a big difference. Learn something new everyday