Oldest account a charge off...worth pursuing it's removal?

[guykara]

Hi all!

I had a $300 Capital One card that resulted in a charge off in 2008 (which is now paid off).  I've sent out emails / snail mail to them to have a "good will adjustment" made to my credit report.  This account is my oldest record of credit...even though it's a charge off, will it be worth removing?  I also have a BoA credit card charge off (also paid off) from the same year.

My goal is to purchase a house in about 2 years.  I currently have a $500 credit card that I've had for about 2 years with no missed payment and last week got a $12,000 credit card through my credit union. (Not sure if this is relevant information, but thought I'd through out my other credit card history).

Any advice is welcomed - thank you

[RobertEG]

It is definately worth the effort to pursue deletion of any major derog.

However, in view of the apparent dates, it may die of its own old age prior to when you need to app for your mortgage, so earlier deletion may not be critical to your mortgage app since the debt is satisfied.

If it was charged-off in 2008, the DOFD must have preceded that date.  Most COs are not actually taken until over a year from the date the account first became delinquent, as the basis for a CO is that they have determined that the consumer is not going to pay the debt, and time of delinquency is usuallly the basis for making that determination.

Thus, I would presume that the DOFD is sometime back in 2007.  Seven years plus 180 days from that DOFD is the max it can remain in your CR, which would most likely be within the next two years.  What is the DOFD of record in your credit file?

[guykara]

My first late was November of 2008.  Hope that helps!

Thanks,

[RobertEG]

Your first delinquency was in 11/2008, and they reported a charge-off in 2008?

That does not sound right.......

[guykara]

I'm sorry for the confusing information.  It looks like the chargeoff happened in 2010...but my first late payment was in 2008.

Here's a screenshot from my credit report on Equifax.  http://cl.ly/image/0p0a2Q3V3e2A