determining when account will fall off report

[Esdedxiye]

Hi all,

This is my first time posting, and I had a couple questions about negative accounts and when they fall off. march of 22 was the first time i ever went to review a credit report. Apparently i had an old credit card that first went to 30 days delinquent in august of 2016, and was sitting in charge off until march of 2022. once i figured it out i paid the account and closed it immediately. so from my understanding, it doesnt matter when it was paid off, the negative item will no longer impact my account in august of 2023, does that just apply to the 30 days late payment? or does that apply to all charge offs for that account? or does it fall off 7 years from march of 2022 when i paid up the account? i am getting conflicting info everywhere. I have built up my credit from mid 500's to high 600's pushing 700 in the last year, and am hoping to get the best rate possible for a home. I qualify at the "minimum" right now, but i am taking steps to make sure I am on the right track.

Thank you

[GZG]

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@Esdedxiye wrote:

Hi all,

This is my first time posting, and I had a couple questions about negative accounts and when they fall off. march of 22 was the first time i ever went to review a credit report. Apparently i had an old credit card that first went to 30 days delinquent in august of 2016, and was sitting in charge off until march of 2022. once i figured it out i paid the account and closed it immediately. so from my understanding, it doesnt matter when it was paid off, the negative item will no longer impact my account in august of 2023, does that just apply to the 30 days late payment? or does that apply to all charge offs for that account? or does it fall off 7 years from march of 2022 when i paid up the account? i am getting conflicting info everywhere. I have built up my credit from mid 500's to high 600's pushing 700 in the last year, and am hoping to get the best rate possible for a home. I qualify at the "minimum" right now, but i am taking steps to make sure I am on the right track.

Thank you

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pull your EQ report from https://www.annualcreditreport.com/ 

it is very likely 7 years from the DOFD listed for that tradeline on your EQ report which should be around 7 years from that 2016 date 

[drewricomakeubu]

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@Esdedxiye wrote:

Hi all,

This is my first time posting, and I had a couple questions about negative accounts and when they fall off. march of 22 was the first time i ever went to review a credit report. Apparently i had an old credit card that first went to 30 days delinquent in august of 2016, and was sitting in charge off until march of 2022. once i figured it out i paid the account and closed it immediately. so from my understanding, it doesnt matter when it was paid off, the negative item will no longer impact my account in august of 2023, does that just apply to the 30 days late payment? or does that apply to all charge offs for that account? or does it fall off 7 years from march of 2022 when i paid up the account? i am getting conflicting info everywhere. I have built up my credit from mid 500's to high 600's pushing 700 in the last year, and am hoping to get the best rate possible for a home. I qualify at the "minimum" right now, but i am taking steps to make sure I am on the right track.

Thank you

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I second the first reply. Pull your EQ report from annualcreditreport.com and it should tell you your DOFD. Just add 7 years to it. 

Transunion will do an early exclusion (deletion) at 6 months, which for yours would qualify now. How I've done this in the past is make a Transunion Account, go to dispute center, choose that tradeline and choose "other" as reason for dispute. I usually wrote "Account is almost 7 years old, kindly asking for early exclusion" and every time I've done that its been deleted immediately as long as it was within the 6 months. 

Experian will delete 3 months early, but they build that into their "On record until" date so no need to push that. 

Do not ask Equifax for an early deletion. They will delete it in August or possibly July. 

[fury1995]

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@Esdedxiye wrote:

Hi all,

This is my first time posting, and I had a couple questions about negative accounts and when they fall off. march of 22 was the first time i ever went to review a credit report. Apparently i had an old credit card that first went to 30 days delinquent in august of 2016, and was sitting in charge off until march of 2022. once i figured it out i paid the account and closed it immediately. so from my understanding, it doesnt matter when it was paid off, the negative item will no longer impact my account in august of 2023, does that just apply to the 30 days late payment? or does that apply to all charge offs for that account? or does it fall off 7 years from march of 2022 when i paid up the account? i am getting conflicting info everywhere. I have built up my credit from mid 500's to high 600's pushing 700 in the last year, and am hoping to get the best rate possible for a home. I qualify at the "minimum" right now, but i am taking steps to make sure I am on the right track.

Thank you

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Agree with everything stated above.

From Equifax:

[Jeffster1]

I never had a late payment until 2016. I filed BK in April. 2017. Fortunately, I did not have a ton but, the last few months, I have been submitting requests for EE to TU and EX based on DOFD. TU - 6 months EE. EX - 3 months EE. I don't bother with EQ because they will just screw it up and probably make it worse. 

TU EE within the above parameter has been instantaneous for me.

EX EE  has been "interesting." They have removed accounts even somewhat beyond the 3 months EE. However, I had submitted for EE for a couple of accounts 6 months in advance, instead of. 3 months. They denied the request for EE, but removed the accounts anyway about a week later.

[MeredithLepore]

You're correct that the late payment will fall off in August of 2023 - 7 years after the account went into delinquincy. At this point, however, the impact of the delinquency on your credit is minimal. As delinquencies age, their impact on one's credit score reduces, even though they stay on the credit report for 7 years. As long as you have been making payments on time since the delinquency in 2016, it represents good credit management to creditors.