topic Re: Silly Question in Rebuilding Your Credit

Silly Question

Anonymous — Mon, 19 May 2008 20:33:02 GMT

I'm sorry this my be a silly question but how can I tell when something is due to fall off? So if you have the followin lates Jan 2004 - Mar 2004 (30, 60,90) Do all lates fall off in Jan 2011 or just the one of the lates?

I have a number of older lates (varying by company from 2001 - 2004) and would like to send out some GW letters but don't know if its worth it for the really old ones.

Thanks

Re: Silly Question

Anonymous — Mon, 19 May 2008 20:39:34 GMT

Lates don't just fall off..they fall off when the TL falls off..but will stay on there as long as the TL is on there...they just have little affect towards you scores after two years...GW them though....

Re: Silly Question

Anonymous — Mon, 19 May 2008 21:07:54 GMT

chrislo wrote:

I'm sorry this my be a silly question but how can I tell when something is due to fall off? So if you have the followin lates Jan 2004 - Mar 2004 (30, 60,90) Do all lates fall off in Jan 2011 or just the one of the lates?

I have a number of older lates (varying by company from 2001 - 2004) and would like to send out some GW letters but don't know if its worth it for the really old ones.

Thanks

On an open account the late payments will drop the month AFTER the 7th year. Jan 2004 will be gone Feb 11..................unless the account is CO Anything in 2001 will drop this year.

Trying to figure out the credit thingy...there is no such thing as a silly question!!!!!

Message Edited by HappyDays on 05-19-2008 02:07 PM

Re: Silly Question

marty56 — Mon, 19 May 2008 21:10:25 GMT

What about if the account is closed? Isnt it the same, 7 years after the DOFL?

Re: Silly Question

Anonymous — Mon, 19 May 2008 21:23:25 GMT

closed accounts in GOOD standing 10 years....CO 7 years from DOFD

Re: Silly Question

marty56 — Mon, 19 May 2008 21:48:12 GMT

I didnt think an account could show that it had been 120 days late 7 years past the date DOFD according to the FCRA unless it meet certain conditions and has been current for over 7 years. I didnt see anything about open vs closed accounts but I dont speak legal stuff.

I wonder about the TL that says the account had been 120 days past due. That would show up on MR but not in FICO scoring..