topic Re: Seven years ? in Rebuilding Your Credit

Seven years ?

hoang817 — Mon, 06 Feb 2017 22:51:00 GMT

Seven Years till the bad one drops .. which date shoudl i be looking at?

Opened Date: Jan 06, 2008

Closed Date: Jan 01, 2009

Last Reported: Jan 15, 2016

Thank you

Re: Seven years ?

EAJuggalo — Mon, 06 Feb 2017 22:58:39 GMT

Date of First Delinquency, which should be before the closure date normally. What account are we looking at here? And why is it a "bad one?" It is possible for all derogs to age off and still have a couple years where it reports as a positive closed tradeline.

Re: Seven years ?

RobertEG — Mon, 06 Feb 2017 23:12:46 GMT

The FCRA sets different exclusion periods and dates for begin of running of the exclusion period based on the type of adverse item that has been reported.

FCRA 605(a)(1-4) define, respectively, the exclusion periods and dates for bankruptcies, civil judgments, tax liens, and collections/chargeoffs, with FCRA 605(a)(5) providing the catch-all for any other types of adverse information.

For original creditor accounts, which yours appears to be, monthly delinquencies become excluded no later than 7 years from their individual month/year of occurence. The DOFD is irrelevant.

DOFD only applies if the creditor reported a charge-off, with the exclusion date for the CO being no later than 7 years plus 180 days from the reported DOFD.

Collections, if reported, have the same exclusion provisions as a charge-off (i.e., no later than 7 years plus 180 days from the reported DOFD).

The exclusion dates of monthly delinquencies, a charge-off, or any collection apply regardless of whether the debt is paid or remains unpaid.

In the posted scenario, a closed date on the OC account implies that they closed due to a delinquency status, and thus the DOFD is likely prior to the closed date of 01/2009.

Thus, any reported charge-off or collection would have likely become excluded no later than mid-2016.

What derogs are continuing to show in your credit report?

Re: Seven years ?

hoang817 — Tue, 07 Feb 2017 16:44:34 GMT

I dont think this account is in my derogatory marks but i would like to have that taken off my report.

Re: Seven years ?

hoang817 — Tue, 07 Feb 2017 16:47:59 GMT

Which one should I start to work on first? The payment history in low percentage due to late payments on the childsupport and home mortgage.. and i have already taken care of that (should be update soon i guessed)

Thank you

Re: Seven years ?

wallstreet177 — Tue, 07 Feb 2017 16:48:22 GMT

@hoang817 wrote:
I dont think this account is in my derogatory marks but i would like to have that taken off my report.

If this account is being reported as in good standing then why would you want it removed?

Can you maybe tell us what the account is?

Re: Seven years ?

hoang817 — Tue, 07 Feb 2017 16:56:07 GMT

Its a First Premier credit card

Responsibility

Individual Account.

Balance

Highest Balance

$219

Payment Status

Current

Worst Payment Status

Date of Last Payment

Jul 01, 2011

Amount Past Due

Times 30/60/90 Days Late

0/0/0

Remarks

Account closed at consumers request

Re: Seven years ?

rmduhon — Tue, 07 Feb 2017 19:43:12 GMT

Leave it. It's helping your scores

Re: Seven years ?

RobertEG — Tue, 07 Feb 2017 22:41:01 GMT

It is still being included in FICO scoring in calculation of your average age of accounts (AAoA), even though closed.

If its age is greater than your overall current AAoA, then deletion of the account would reduce your AAoA.

You may not wish to have an otherwise positive account deleted if it is positively affecting your AAoA.

Why do you want it deleted?

The CRAs have an informal housecleaning policy of deletion of accounts at approx ten years after the account is closed.

That will likely occur in approx two years on its own.

If you wish it to be deleted sooner, then you must send a request to the creditor for their voluntary reporting of deletion to the CRA.