In an auto loan, my first delinquent or missed payment was 7/2017, which means 7 years from that would be 7/2024. Do they add time to this date? I have heard 30 days, but this account is showing the date to be removed as 10/2024. How is this calculated exactly?
@rosco75 wrote:In an auto loan, my first delinquent or missed payment was 7/2017, which means 7 years from that would be 7/2024. Do they add time to this date? I have heard 30 days, but this account is showing the date to be removed as 10/2024. How is this calculated exactly?
Date of first default (which is the date used in credit exclusion) is defined as the date the account first went delinquent and was never brought current . Your posted image indicates that after 7/17 the account was brought current again therefore 7/17 is not the DOFD.
@dragontears wrote:
@rosco75 wrote:In an auto loan, my first delinquent or missed payment was 7/2017, which means 7 years from that would be 7/2024. Do they add time to this date? I have heard 30 days, but this account is showing the date to be removed as 10/2024. How is this calculated exactly?
Date of first default (which is the date used in credit exclusion) is defined as the date the account first went delinquent and was never brought current . Your posted image indicates that after 7/17 the account was brought current again therefore 7/17 is not the DOFD.
Your explanation does not explain the projected 10/2024 date. Assuming your explanation, 2/2018 would be the DOFD. If this were the case, the expected removal date would be 2/2025 and not 10/2024 yes?
If the 30 day late is what your concered about. I had 1 30 day late with Santander which was PIF 3 yrs before BK. Once it fell off I got a whopping 5 points. The BK hit took care of any real gains.
