I graduated from college in August of 2008. I don't think I was ever really on time with my loans. They started with EdFinancial, went to AES, then to ECMC. There was $16,000 in charge-offs that I paid in full last month. I know derogatory lines fall off after 7 years, but does that restart with each lender? How does that work?
It depends were they reporting as lates monthly or just a charge off/ collection? if it was reported as lates, you could be in for a world of hurt, if they were just collections all chargeoffs should come off 7 years to the date of first delinquency on the loans no matter how many times they were sold
Since they are now paid closed, you can ask TU to delete 6 months early, Experian will delete three months early, and Equifax will delete 3 months early
The lates for original creditors usually fall off at 7y. For collections - it can be 7y +180d from the date of first delinquency (DOFD).
Be careful with asking for early exclusions - TU is pretty basic, but EX has had some squirrely stuff, and EQ can be an utter nightmare. If you are going for a major purchase like a car or house, it might be worth it. If you're just wanting to increase your score, 3m is not a long wait (and I thought EQ was one month, but they're squirrely, so I don't even play with them).
Yes, ex now has early exclusion preset into removals now they are removing lates or derogatories 6 years and nine months after dofd without asking, eq is also, so neither of those are worth messing with TU is the big one, with EE you get 6 months whereas they normally delete one month early without EE