topic Pay old chargeoff? in Rebuilding Your Credit

Pay old chargeoff?

sharriel — Fri, 05 Feb 2021 14:30:15 GMT

I have a BOA credit card charge-off for $1862. The date of last payment was Feb 01, 2015. Will this fall off 02/22? Should I negotiate payment at this point?

Re: Pay old chargeoff?

OmarGB9 — Fri, 05 Feb 2021 15:01:29 GMT

No, the fall off date doesn't go by date of last payment, it goes by date of first delinquency (DOFD), which is the month you first missed a payment and fell behind and never caught back up, which subsequently led to the charge off. When did that first occur? If you don't know that date, you can pull your 3 reports free from annualcreditreport.com weekly until 4/21. Those will include this DOFD.

That said, depending on when the DOFD is, you may be able to just wait it out until it falls off, because it could very well be the case that the CO will fall off sometime this year. Is the CO updating monthly?

Re: Pay old chargeoff?

sharriel — Fri, 05 Feb 2021 15:57:00 GMT

On EX, it says On Record UntilJan 2022. Yes, it reports every month

Re: Pay old chargeoff?

gdale6 — Fri, 05 Feb 2021 16:04:59 GMT

@sharriel wrote:
On EX, it says On Record UntilJan 2022. Yes, it reports every month

Then you may want to contact them and see what kind of discount they are willing to give you to take care of it. Updates monthly keep your Fico depressed. In most states this is past SOL but you need to find out what they are in your state to be sure.