Probably a dumb question..but please help!

[Anonymous]

Any help will be greatly appreciated. I'm taking the next year to improve my scores even more and I have a couple of maybe obvious questions.

1). I have 1 judgement on my report that was has a reported date of June 29, 2004...can we estimate the exact date this will fall off?

2). I have a derogatory account with a report date of 10/28/2004..can we estimate the exact date this will fall off?

Both of these are for the same item an apartment I was evicted from when I was laid off.

They are both the most heinous items on my report at this time, however I have some other collections that I will have to settle since PFD process has not worked. The creditors have verified and debts and they're not willing to PFD. I would like to have a median of 620 by the end of the year so that I can qualify for FHA at minimum because owning would be so much better than renting here in California I'm willing to do whatever to get those scores up. Any advice or suggestions would be greatly appreciated!

[Anonymous]

Judgments stay for 7 years from the date filed.  If it was reported in June 04, it should be coming off soon.

As for the account you need to find the DoFD.  The date reported is no help in determining when it will fall off.

I can say that if they both happened in June 04 or earlier, it should be very soon for both.

[Anonymous]

Thanks so much! On my TU credit report it stated that one would continue to report until April 2011 and the other until May 2011. I'll look for both of them to be gone by June and then calculate from there. Thanks so much. I don't remember when the actual DoFD date was on that account but it had to be before October because the judgement came in June and I was out of the apartment way before then. Thanks again!

[RobertEG]

As a sidenote, accounts dont fall from your CR at any specificed time.  What "falls" (i.e., ceases to appear in your CR) are individual derogatory items of intormation, each at its own separate time.  Monthly delinquencies on an OC account individually "fall-off" after 7 years from their individual dates of monthly delinquency.  The DOFD on the OC account is only relevant for the expiration of reported charge-offs and collections, which all fall on the same date of 7 years plus 180-days from the DOFD on the OC account.

When calculating the "fall-off" date, look only at the date that the relevant delinquency occured, i.e., the date of the actual monthly delinquency, or the date of first default for COs and CAs.  Other dates, such as dates reported, dates of last activity, etc., are not the dates upon CR deletion is based.

Once all derogs on an account have "fallen-off," it becomes a postiive account as far as credit reporting goes, and it is then to your advantage to retain the account.