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Auto charge off after 6 years

Frequent Contributor

Auto charge off after 6 years

I had a vehicle financed thru Santander that was repo'd back in 2016. It's been on my credit since then and it has held my scores back, but I've rebuilt pretty well over the last few years as this is my only big bad. 

Today I got notification that a had a score drop on Experian and it says that Santander has flagged my account as a charge off on my report. How is that different from what it was before and why the sudden drop in score less than a year before it's removed?

Community Leader
Super Contributor

Re: Auto charge off after 6 years

Santander is probably sending a message being so close to the fall off date that you owe them. Were still here. Also since it hasnt been paid. Santander has written the account off as a loss for their records. Depending on your states SOL they could go legal or not. Or send it to a CA as a last ditch effort. They're a bear at times.

Homeowner Sept 2020. 2021 Explorer ST Chase 3.1%. Sharing my rebuild after BK from learning here. Started 540's. FICO 9 801 as of 05/03/2023. I stayed around to pay it forward for those who helped me back then.

Message 2 of 4
Valued Contributor

Re: Auto charge off after 6 years

@RTOrockstar  Before the notification was the account reporting the status of repossesion with a balance? Is it now reporting the account was charge off with a zero balance?

FICO Scores XPN v8 820 V2 831 (SDFCU) TUC 795 v8 EFX 819 (05/2023) FICO 8 Bankcard
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Double Cash 5/2015 11,100 Capital One/Walmart 3/2022 3,000 SDFCU 15,000 06/2023 Banking relationships Discover Bank and Lafayette FCU Quorum FCU State Department FCU

Message 3 of 4
Community Leader
Super Contributor

Re: Auto charge off after 6 years

The account probably hadn't reported in a while, and they recently updated it, causing a "catch up penalty" in the FICO algorithm, thus lowering your scores.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:

Current FICO 8 scores:

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