Charge Off in "Good Standing"?

[Anonymous]

I have a listing in my CR for an HSBC account in Good Standing that states

Status is transferred closed

History is Charge off in 7/03

Creditor's Statement -Purchased by another lender. 

Why would a charge off be in GOOD STANDING?  Should I do something about it?  The original reporting date is 6/99 with no other information.

[BungalowMo]

It seems I had one posting that way a long time ago.  Certainly a baddie, but it said "good standing".

I'd put a blanket over that puppy & let him sleep!!!

Looks like it's due to drop in the June/July time frame this year.

[Anonymous]

Thank you for your reply...so when it does finally fall off, will it negatively impact my credit score?  It is the oldest account reported to the agencies

[Anonymous]

It could go either way.  But, more than likely you would gain points since a CO is a major baddie.

[BungalowMo]

If you have an actual Equifax report, look in the acct information & you will see the section for "Date of First Delinquency".  7 years from that date, it will drop.

On Trans Union reports, the tell you at the bottom of the acct info: "This acct expected to report until xx/xxxx"  or something like that.  Gives you a date.

I have read that the same is true on reports directly from Experian, but I have never personally had them give me a drop off date.

You should get a score bump for sure.  Losing the C/O should far outshadow losing the history.  I've always had a bump when a baddie dropped.

Is this your only bad acct????  If so, you *might* see a little dip in score, then a steady rise.  Losing the last bad acct puts you in a better bucket & better scores come with that.

[Anonymous]

It is actually 7 - 7.5 years. 

[Anonymous]

IThe HSBC account is listed under my good standing accounts, I have 6 others in good standing including 4 closed and one current, a car loan. 

I have two small collections that I have paid off recently but that was before I was aware of the pfd letters. Is there anything else I can do short of trying to get cc to improve my score?

Thanks everyone, you've all been so helpful