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Hello All,
I'm so happy to find this forum! Last week I finally escaped FAKO-ville when I pulled my EQ & TU reports here and got to see some scores that are actually meaningful. While reviewing the differences between my EX and the new EQ & TU, I noticed that my GECRB/JCP charge-off is only showing up on my Experian report.
A little bit of background...
Back in 11/1996, I opened a JCPenney account while I was in college and it is by far the oldest account on my credit report. Unfortunately, lean times in the mid-2000s resulted in a 30 Day Late in 9/2005 that became a charge-off in 2/2006. Normally, I'd be happy to see an old charge-off disappear from my credit report, but seeing how my EX Monthly Credit Statement shows my oldest account as 15.3 years old and my AAoA as 4.6 years, I'm worried that when the charge-off leaves my credit report, it's going to hurt my score more than help.
What I'd really like to do is get another JCPenney card, especially if it meant that I'd get to keep my 11/1996 start date. Is it possible to re-open that same account, or get backdating credit the way AMEX does? I actually paid off the JCPenney charge-off years ago when LVNV Funding (collection agency) offered me a Plains Commerce Bank Visa that was already pre-loaded with the JCPenney debt amount. Once I paid off the debt, I had a Visa that I used to begin rebuilding my credit.
My EX credit report doesn't say 'Paid Charge Off' though. I wonder if JCPenney even knows if I paid the debt?
GECRB/JCP Potentially Negative Closed 800-542-0800 Mailing Address: PO BOX 984100 EL PASO, TX 79998 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Account Name | GECRB/JCP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Account # | 600889825356XXXX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Account Type | Charge Account | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date Opened | 11/1/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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One thing I don't want to do is waste a hard inquiry applying for a new JCPenney card that I really don't need and either:
a) not get approved because I'm blacklisted due to the charge-off; or,
b) get approved, but not get credit for my history from 11/1996
Maybe the best thing to do is just let that old account fall off completely? Does my current charge-off status with a GEMB / GECRB card mean that I will likely be denied if I apply for any other GEMB / GECRB cards? I was thinking about applying for a Walmart card, but maybe I should wait.
Thanks in Advance,
RFA
Doesn't it go to positive status after 7 yrs and then after that it will stay on your report for 10 yrs? If that is the case, I would leave it alone, as 2013 is almost here... 2006 was a rough yr for me, I'm just counting down the days til my 2006 baddies are gone!!!
@webhopper wrote:Doesn't it go to positive status after 7 yrs and then after that it will stay on your report for 10 yrs? If that is the case, I would leave it alone, as 2013 is almost here... 2006 was a rough yr for me, I'm just counting down the days til my 2006 baddies are gone!!!
+1. The late pays will drop no later than 7 years after they occured and the CO no later than 7.5 years. At that point the account will appear with no negatives and will hang around at least until the 10 year mark.
I think I have to disagree with the idea the account will turn positive. It's a CO account. Accounts that turn positive have late payments here and there but at some point were brought current. As those late payments drop off eventually the account becomes positive. With a CO the account never became current again. This account should fall off anywhere from 7-7.5 years from the time of the first late payment that the OP never recovered from.
And to try and answer some of the OP's questions, Jcp can be forgiving. I included them in an 04 BK. In 09 I app'd and was approved for $600. Since then it's worked it's way up to $3500. With a paid CO I think you would have better chances at getting approved for another one of their cards, albeit at a small limit to start with. And remember, just because an account falls off your reports, that doesn't mean that the OC no longer has that information. It's still in their system. But from the boards here Jcp doesn't seem to blacklist.
ETA: When I got my new card in 09 it was a completely new account with the 09 opening date. So you won't get any of the prior history if you do open a new account with them.
I've been meaning to another reply to this message for a while now. My original message was lost when I hit the backspace button and my browser interpreted that as me clicking the Back Arrow. I hate when that happens.
Anyhow, thank you all for your responses. I'm pretty sure kjm79 was correct about my collection account never becoming a positive reporting account for the 3 years between years 7-10 since last delinquency. I called GECRB and asked if there was any way to re-open my account with the same account number in order to hold onto that credit history and was told that it was impossible (kjm79 was correct again). I mentioned that my FICO score was 704 at the time and was encouraged to re-apply and was told that I would likely be approved and that I shouldn't worry about being blacklisted because JCPenney was "forgiving". I chose not to apply for the card and decided to dispute the Charge-off because I didn't like how it didn't reflect that I had paid off the third-party collection agency that assumed the debt. I'm pretty sure that my dispute choice reflected that the account wasn't mine whatsoever, instead of disputed how it was reported.
Much to my pleasure and surprise, the dispute was resolved via DELETION! Within the same month I had a CLI from Merrick Bank from $1500 to $1850 and paid down revolving credit balances to $11 total ($8 on one card and $3 on another). My TU FICO has jumped to 719! Definitely excited about that.
Thanks again,
ReadyFireAim
Glad you got it deleted, now you can apply for a new card!!!
GE does not Blacklist that is for sure!!