I am moving into the goodwill portion of my rebuild and ran into this with 2 accounts. I have one account with the first late payment in Nov 2012. I am still paying on this account. The 7 years will run 11/2019 but it will remain on my report because I am still paying on it. Correct?
2nd one- first late payment was 1/2013. I set up a payment plan with them and have been paying on it for 6-7 months. The last payment is due 1/2020. Exactly 7 years. Will that one fall off? Should I ask for early deletion? I feel like I am tossing money out the window on that one that I could be using to bring down my utilization. They are still reported FP every month.
Negatives fall off no longer than 7.5 years from DOFD, usually at 7 year mark. Payments do not change that.
Was the account eventually charged off or not?
The first account I listed never charged off just had a number of late payments.There were times where got it current and actually it is current now (but closed). I think I may have misunderstood what the 7 years meant. That account isn’t going anywhere anytime soon.
The second account (photo below) was charged off but I am not sure of the actual date. I started making payments to them on a payment plan 12/2018. The last expected payment 1/2020. My first late payment to them was 1/2013 then I got current with them until Feb/2017 and never caught back up. So I guess the drop off date would be from Feb 2017.
Thank you for your help. I don’t see a goodwill working with this. Any suggestions?
On the account that was brought to current and never charged off, individual late will fall off when it reaches 7 years. If it's a chain delinquency without CO, like 30/60/90, it will fall off when 30 reaches 7 years.
For CO account, grab a copy of free annual credit report. It should have DOFD listed. "Falling off" is not going to be influenced by payments. Still happens at 7 years
I dont see a GW working, but you can try. There is nothing to lose by trying. If that does not work, best thing you can do for yourself is to pay it off. Your scores will start recovering once that happens. It's a slower process but it works.
Give GW a try and see what they say. Dont give up on a first or 10th no.