Bitter Sweet Moment. What's Going To Happen To Me ?

[ScoreOrBeScored]

this is my situation..........

I opened a Cap 1 card back in 1999. In 2008 I stopped paying and got numerous

of 30, 60, 90, & 120 day lates then eventually charged off. Capital One credit reporting department 

has agreed to remove the ENTIRE T/L from all 3 reports, but It can't happen til March 2015.

this is my oldest account ( 16 yrs ) and it's going to be removed. I know it will serve me justice

with all those lates being removed, but what other effects will take place by my oldest account being removed. ?

P.S. I didn't get back into the Credit Card game til March 2013. Only had successful car loans between 2008- current.

ADD:  I also had a Dillards in 1999 also which I closed , and is still reporting. Hopefully it will be a lil cushion for when

Cap 1 comes off

[Anonymous]

AAoA will go down

[bigblue7722]

any effects it may have sense it is your oldest account will out weigh not having late payments on your report. I cant wait till my CR has no late payments from my student loans only got another 3 years to go lol. 

[ScoreOrBeScored]

Come to think about it, I also had a Dillard's in 1999 that I closed in good standing that still reports. Forgot when I closed it but maybe that will help soften 

the impact a little

[bdhu2001]

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@ScoreOrBeScored wrote:

this is my situation..........

I opened a Cap 1 card back in 1999. In 2008 I stopped paying and got numerous

of 30, 60, 90, & 120 day lates then eventually charged off. Capital One credit reporting department 

has agreed to remove the ENTIRE T/L from all 3 reports, but It can't happen til March 2015.

this is my oldest account ( 16 yrs ) and it's going to be removed. I know it will serve me justice

with all those lates being removed, but what other effects will take place by my oldest account being removed. ?

P.S. I didn't get back into the Credit Card game til March 2013. Only had successful car loans between 2008- current.

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Considering that your old account is your bad TL, I think ti'll be a positive affect. But no one can say for certain as everyone's situation is different.

[CH-7-Mission-Accomplished]

If your lates started in 2008 (date of first delinquency not later brought current), then your late payments will age off on their own in 2015.  That is probably why Cap 1 has told you March 2015.

You don't want them to delete your account if the lates are aging off for being seven years.  The lates will be gone and the account will help your AAofA for 10 years after the account was closed.  Try to undo this!

[Imperfectfuture]

You will be rebucketed into a new scoring range, one without negatives. It will have little score impact, even though AAoA will go down. My oldest account (HSBC, CO, 2002) dropped off, my score rose significantly. Since you have your other cards, Dillard's still reporting, and auto loans, you will be well into the 700's after the baddies are gone.

Congrats.

[ScoreOrBeScored]

Makes since, even with the lates gone , wouldn't the charge off still be a bad look ?

yes the account was due to continue til 7/2015.

cap one said the earliest they can remove it is 6 1/2 yrs from last delinquency. They added it up and said they 

will remove it when I call back anytime after March 11th

[Imperfectfuture]

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@ScoreOrBeScored wrote:

Makes since, even with the lates gone , wouldn't the charge off still be a bad look ?

yes the account was due to continue til 7/2015.

cap one said the earliest they can remove it is 6 1/2 yrs from last delinquency. They added it up and said they 

will remove it when I call back anytime after March 11th

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He was inaccurate, since it was a charge off, it would have fallen off anyway.

[ScoreOrBeScored]

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@Imperfectfuture wrote:
You will be rebucketed into a new scoring range, one without negatives. It will have little score impact, even though AAoA will go down. My oldest account (HSBC, CO, 2002) dropped off, my score rose significantly. Since you have your other cards, Dillard's still reporting, and auto loans, you will be well into the 700's after the baddies are gone.

Congrats.

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Okay thanks, midland funding filed Judgement June 2012. I got it removed off TU but still remains on other 2 reports. 

I have filed law suite against midland funding also.