Question About Older Collection Accounts & How to count age........

[llsnmerriman]

I apologize if this post is not supposed to be under this forum. 

My husband & I have been working on our Credit for  the past yr.  We are currently planning on buying a house in the near future, (1-2 yr range) We paid all collection accounts last yr & have recently opened a credit card in the past 6 months and have 2 installment loans in perfect standing.  My question is;If a mortgage co requires a certain amount of time w/ no recent collections how do I  count the age of our collection accounts?  From date opened? Date closed? date paid? Date of last activity?  We have a CO w/ Cap One, we paid in full the account was opened in 07, closed in 09, paid in mar 10 , and states date of last activity in Mar 10.. So, what would the age of the account be the dola?   Ty in advance.

[haulingthescoreup]

Well, they are scored on the basis of the date of assignment. I would think that's what mortgage lenders are looking at, but I would advise asking your lender to be certain.

[RobertEG]

+1

As HTSU has said, the date of collection is reported to the CRA under field code 17A of the base segment ot your credit file,  as specified in the credit reporting manual,   The  "Date Opened,"  is clearly defined in the reporting manual as the date that the collection was assigned to or purchased by the debt collector.  .Dates closed, any DOLAs, or dates of payment,  are totally irrelevant, both to FICO scoring, and to date of opening of the collection with the CRA.

If the debt is paid, then I doubt that any mortgage lendor will give this more than a passing notice.  They simply want it paid to assure their first claim for assets shuld you later default.  I dont think they wil quibble over the date of the collection.

Remeber that a collection "account" is not an account of yours.  It is a reproting account between the debt collector and the CRA,... 

It is not included in, nor is it a part of, your AAoA account age computation.