@Anonymous wrote:I also make six figures. They said the reason was a charge off unpaid from 2015 and recent lates on an open card.
Why have you not paid the chargeoff? You'll find that is often a reason for denial. It being unpaid shows that not only did you default (for whatever reason), but you're seeking new credit without even trying to pay outstanding debts first. Your 6-figures don't mean all that much if you don't pay what you owe.
@Anonymous wrote:Because it falls off in 6 months... I guess I could pay it off now? I wasn't making 6 figures then which is part of the reason I got into trouble with payments.
I wasn't passing judgment... (apologies if my post came off that way); I was just trying to point out how a 5 year old unpaid charge-off looks from a lender's perspective when one is seeking new credit.
So it falls off in 6 months? Are you in NY with the 5 year purge rule (if so, lucky you!)?
If it falls off in 6 months then no, you don't have to pay it - just wait for it to fall off. You can even request an early exclusion (EE) from the bureaus. Transunion will delete up to 6 months early - so you could ask now. Experian is 3 months early and Equifax is 1 month early.
Wait a second... I am in NY! But I guess it really is a 2013 charge off since that's when it first went delinquent. It already came off TU. But wait that was a 6 years 6 months... are you saying since I'm in ny I can request removal from the other two as well?!?!
@Anonymous wrote:Wait a second... I am in NY! But I guess it really is a 2013 charge off since that's when it first went delinquent. It already came off TU. But wait that was a 6 years 6 months... are you saying since I'm in ny I can request removal from the other two as well?!?!
The NY Purge Law states that derogatory credit reporting falls off after five years rather than the standard seven years in the other 49 states. There are a couple stipulations. I'm quoting RobertEG here, as he is one of the most knowledgeable members of the laws of credit that this forum has ever seen. Sections ii and iv are the relevant parts, in bold type. As a fellow NYer, I can back up the fact that removal happens after five years if you meet these criteria, and EE applies as well. I've had derogs removed after 4y6m through this.
"New York State General Business Law Section 380-j
“(f)(1) Except as authorized under paragraph two of this subdivision, no consumer reporting agency may make any consumer report containing any of the following items of information.
(i) bankruptcies which, from date of adjudication of the most recent bankruptcy, antedate the report by more than fourteen years;
(ii) judgements which, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period; or judgments which, from date of entry, having been satisfied within a five year period from such entry date, shall be removed from the report five years after such entry date;
(iii) paid tax liens which, from date of payment, antedate the report by more than seven years or, a paid, satisfied or vacated tax lien involving a purchaser, transferee or assignee in a bulk sale transaction who has been deemed liable by the state tax commission for sales taxes due from a seller, transferrer or assignor under subdivision (c) of section eleven hundred forty-one of the tax law, where the receipt by a credit reporting agency from such purchaser, transferee or assignee of a notice, or true copy thereof, from the state tax commission to such purchaser, transferee or assignee that his liability has been wholly paid or satisfied or no longer exists, antedates the report by more than thirty days;
(iv) accounts placed for collection or charged to profit and loss which antedate the report by more than seven years; or accounts placed for collection or charged to profit and loss, which have been paid and which antedate the report by more than five years; “