Date of First Delinquency Question

[Anonymous]

If a credit card is charged off, and in the time leading up to the charge off the card had gone delinquent, but then was paid current, and fell behind again, and was paid current, and it was the third time the card went delinquent that it ended up being charged off from, what is the actual “date of first delinquency?

Say card goes 30 days late in May 2011
Gets current

Goes 30 days late in July 2011
Gets current

Goes 30 days late in October 2011 and charges off in 2012 as a result.

When does the 7 year clock start ticking from? Which is the true DOFD?

Does paying current erase the current delinquency?

[Anonymous]

i believe (and someone correct me if i am wrong)

If the account was charged off then the DOFD is the first time you were late in the chain that led to the card being charged off.

Example:

May 2011 Late <-Chain Starts

Gets Current <-Chain Resets

July 2011 Late <-Chain Starts

GetsCurrent <-Chain Resets

October 2011 <-Chain Starts
ChargedOff

In that scenario the DOFD is Oct 2011

Even if you paid it now, it would still be marked as a derrogatory and you would not see a benefit. MY advise, you are going to have to deal with the charge off falling off... Take the funds it seems as if you wee about to pay to that debt and set up a secured CC/installment loan.

A common misconception is the "note" indicating X days late xxxxxxxxxx. This does not mean you are currently late, but means that through the allowed reporting life of the tradeline (7 years back) you were "X days late x times"

Again, only reporting my research from here  

[Anonymous]

Read some of the "Frequent Posters" comments in this current thread. http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/what-do-i-do-next-600-seems-so-far-away/td-p/...

[Anonymous]

Great stuff again. I just need to get deeper into the threads as you have. Thanks for quality answers to 2 of my posts.