Do you intend to pay the debt?
If not, it'll be removed in 7 years from DoFD.
If not, it'll be removed in 7 years from DoFD.
Hi & Welcome to the forums!
Sorry to read of your prior troubles but glad you've been able to move beyond them. Also sorry you had to learn the hard way why we don't dispute negative, but accurate tradelines. That said, congrats on making it this far on your rebuild all by yourself!!
@Anonymous wrote:
Derog:
Account: JPMCB CARD
Date Opened: 02/26/12 (Still reporting 180+ late each month)
Account Charged Off. $1,987 written off. $1,987 past due as if November 2019
Credit Limit $1,500
On Record Until: Feb 2020 (As per transunion but hadnt been updated)
Balance Updated: 11/18/2019
First 30+ late May 2013
Account: Chase Auto
Date Opened: 02/11/2013
Account Charged off/Never Late. $5,687 written off (status updated 06/2014)
Original Balance $11,183
On Record Untill 2021
Charged off // Repossession date June 2014
For the Chase card with a DOFD (Date of First Delinquency) of May 2013 -- you can request an Early Exclusion (EE) from Transunion now. Transunion will delete 6 months early upon request; Experian is 3 months early, Equifax is 1 month.
For Transunion, you can file a dispute via Credit Karma using the dispute reason "too old to be reported". They are the easiest & most see a resolution/deletion within 24-48 hours. Alternatively, you can call customer service and speak with a Supervisor to have it removed.
For Experian, they will auto-remove 3 months early -- so sometime this month it should drop off but you can also call them and speak with a supervisor to have it removed faster. (Just ask for deletion due to age of the derogatory -- they act like they don't know what "Early Exclusion" means...).
For Equifax -- you can try in April by phone, but they're sometimes difficult so multiple calls may be necessary.
You can do the same for the auto loan when you get closer to the 2021 drop off. 6 months, 3 months, 1 month.
While you wait for that auto loan to drop, you can focus on getting your revolving utilization down a little further. There are utilization thresholds for scoring: 88.9%, 68.9%, 48.9%, 28.9%, 8.9% (red is considered high). We see an average change of +/- 10 FICO points as utilization passes below/above a threshold. It is recommended to keep aggregate utilization below 8.9% and individual utilization below 28.9%.
Also (and you may already be well aware but I couldn't tell by your post, so forgive me) don't put too much weight into the scores on Credit Karma. They are of the Vantage 3 model and differ (often greatly) from FICO, so don't use them to gauge your progress. CK is great for monitoring your report activity - but the scores are somewhat meaningless as the overwhelming majority of lenders use FICO scores.
Do not poke the Chase bear.
@Anonymous wrote:Thanks i had no idea about the Early Removal thats great information and news for the chase card.
The account after checking experian the Credit Card is in auto-dispute via Experian so maybe thats whats happening. (I didnt request dispute)
The scores above is from MyFico Dashboard, the account info is from Credit Karma as i hadnt figured out how to navigate the dashboard just yet.
Thanks for being so detailed in your post. You're very welcome!
Should I not send a letter to Chase Auto seeking deletion?
Im in process of lowering my Utilization should be 28.9% very soon and with the credit card being removed i should see a jump in score.
Have anyone gotten credit from an account that fell off their credit report?
Yea... if I had to guess, that dispute on Experian is the account being in the process of removal. I know when you call them to have it removed, they open a dispute complete the process.... so that makes sense.
Leave Chase alone. They are a very, very serious lender and not at all likely to remove their tradelines - even if you paid them every last cent owed. Just wait it out... (unless you want to pay them back everything you owe in hopes of reestablishing a relationship in the future?? -- but they won't delete).
And yes, it is very common to see an increase in scores after the removal of a derog, but the most points are usually gained by the removal of your very last derog. Also, points gained vary - it is profile-specific. There is also a possibility of losing points when an account is removed - even if it's a negative account. If removal of the account results in a significant decrease in your age of accounts, the possibility of a score drop is there. But - your account (i think) was still showing an outstanding balance which is factoring into your overall utiliation, so the removal of the account will also reduce your util, which would result in a point gain. Basically, it will boil down to the ratio of points gained from the removal of the derog and reduction in util to the points lost (if any) from the reduction in your age of accounts. You may gain points, lose a few points, or break about even. Either way -- even if you lose points - it's so worth it. Your goal should be to have a clean (derog free) report - the higher scores will come in time so try not to stress it.
