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Question on start date for negative reporting age

Spoiledgyrl00
Established Contributor

Question on start date for negative reporting age

Hi folks! I am trying to determine how much longer an old Cap One charge off I have on my credit report will remain. The first late payment was reported Oct 2012 but it wasn’t actually charged off until April 2014. So what I’d like to know is does the 7 year clock start from that first late or from the charge off date? Thanks in advance for your help!
Thank you myfico for teaching me about the credit game!
Message 1 of 12
11 REPLIES 11
Brooklyn2018
Valued Contributor

Re: Question on start date for negative reporting age

It will start from the time the last payment was made and never made another there after from that point. That will be your DOFD and that will start CRTP clock.




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Message 2 of 12
Spoiledgyrl00
Established Contributor

Re: Question on start date for negative reporting age

This is a paid chargeoff. So you’re saying that it would start from when I paid it off?
Thank you myfico for teaching me about the credit game!
Message 3 of 12
dynamicvb
Valued Contributor

Re: Question on start date for negative reporting age

I personally always have had trouble figuring these out. The easiest thing, I've found, is to log into one of the dispute sites for the CRA that you are wondering when something will fall and it will show you the month and year it will come off your report. You can also get this information on the reports obtained from annualcreditreport.com if you have not obtained one of those in the past year.

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Current 5/28/20:


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Next Goal all over 800
Message 4 of 12
Brooklyn2018
Valued Contributor

Re: Question on start date for negative reporting age

No.

What I’m saying is that when you made your LAST payment on that account, causing the account to become delinquent and you never made ANOTHER payment to take it out of delinquency and it then became charged off.

That LAST day of THAT LAST payment is what is called DOFD(Date of FIRST Delinquency) that is is the date that your creditor has SET as the date you made your LAST payment and NEVER made another payment there after to bring the account back to CURRENT.

Example:

Missed Payment $100 due 09/01/2018
30 days late 10/01/2018(DOFD)
60 days late 11/01/2018
90 days late 12/01/2018
120 days late 01/01/2019
150 days late 02/01/2019
180 days late 02/01/2019
Charge off 03/01/2019




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Goal Score: 700(by May/2021)>

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Message 5 of 12
Spoiledgyrl00
Established Contributor

Re: Question on start date for negative reporting age

Okay thank you that is helpful!
Thank you myfico for teaching me about the credit game!
Message 6 of 12
Brooklyn2018
Valued Contributor

Re: Question on start date for negative reporting age

Once you know the DOFD you then add 7 yrs to that date, as that is normally when CRA’s delete most accounts from CR’s. But, actual rule is 7 yrs plus 180 days.

If you have an account that is getting close to the CRTP(falling off CR) then you can also request an EE(Early Exclusion) from the CRA’s. You call and request to have the negative account removed early-hence EE(Early Exclusion)

TU at 6 months from CRTP
EX at 3 months from CRTP
EQ at 1 month from CRTP

Hope that helps some more?

Good Luck!

😊




Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

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Message 7 of 12
Spoiledgyrl00
Established Contributor

Re: Question on start date for negative reporting age

Looks like I’ve got about a year to go before they might start considering early exclusion. I’ll start the countdown clock! :-)
Thank you myfico for teaching me about the credit game!
Message 8 of 12
Brooklyn2018
Valued Contributor

Re: Question on start date for negative reporting age

Have you tried sending GW letters out? You can search your creditor on here and see if there were any GW success stories and how likely yours could be one too??




Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

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Message 9 of 12
Spoiledgyrl00
Established Contributor

Re: Question on start date for negative reporting age

Yeah it’s Capital One and I’ve tried each year for the past 3 years with no luck. They’ve denied each time. I sent another today because it’s become sort of an annual ritual but it seems that by the time I get a favorable response it will be time for it to age off anyway LOL.
Thank you myfico for teaching me about the credit game!
Message 10 of 12
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