@Anonymous wrote:Someone please help me understand here:
BOFA CC
Was closed 2011 with a balance.
In January 2012, 30 days late was reported, February 2012 60 Days late was reported, March 2012 90 days late was reported, April 2012 120 days was reported - and from April 2012 to July 2013 - they all say "120."
How is this possible and shouldn't that string of late payments be deleted since January 2012 started it? and it is now past the 7 years? Instead, each month continues to be deleted instead of the string of late payments and how does 120 not eventually turn into 180 vs. the consecutive months it has been reported as 120?
I appreciate any insights.
The string will go when the oldest falls off or the July 2013 date. Its still 7 yrs from the date of the first late. But your being penelized from the 15 months late in a row. It only begun on the first 30 day late and built from there. Each one will fall off as it hits 7 yrs. But the last remaning 120 day late will end it all. Your not penalized by the amount of lates really. Its whats left over as they fall off till the end.
@Anonymous wrote:So an account only falls off 7 years from date of first delinquency if charged off, sent to collections?
TransUnion's website says the string of late payments all come off when 7 years hit from the first late payment (30 days).
But you are saying each month falls off as 7 years comes and goes?
7 years later - are the 120 days impacting my score at all?
My understanding is that the entire string of late payments should fall off at 7 years and 180 days after the DOFD. Most will fall off at the 7 year mark, so I would dispute this account with the CRA as your late payments sould not be showing at this time. Of course I could be wrong.
@Anonymous wrote:So an account only falls off 7 years from date of first delinquency if charged off, sent to collections?
TransUnion's website says the string of late payments all come off when 7 years hit from the first late payment (30 days).
But you are saying each month falls off as 7 years comes and goes?
7 years later - are the 120 days impacting my score at all?
It appears your hoping that when the first 120 day late will fall off. All the remianing 14 months after the first one with 120 day lates will go with it. It took 30, 60, 90 and 120 days late to get the first string. Yes the first 120 day late string will fall off after 7 yrs. (30,60,90,120) And the remaining 120 day lates will fall off as each month goes by. Until the last one 14 months later then the account will be late free and a major score boost will happen.
For example. Even of it was only 4 months in a row of 30 day lates. It will take 4 months to be late free. In your case it will be 14 months no matter if it was all 30's, 60's, 90's, or 120's. Soory. Wish it was better news.
My understanding matches what MakingProgress stated above. The entire string should have come off seven years after the date of the first late in the string. So, I would have expected them to come off in January.
Seems like it would be worth a phone call to TransUnion. Keep us posted!
@Anonymous wrote:Someone please help me understand here:
BOFA CC
Was closed 2011 with a balance.
In January 2012, 30 days late was reported, February 2012 60 Days late was reported, March 2012 90 days late was reported, April 2012 120 days was reported - and from April 2012 to July 2013 - they all say "120."
How is this possible and shouldn't that string of late payments be deleted since January 2012 started it? and it is now past the 7 years? Instead, each month continues to be deleted instead of the string of late payments and how does 120 not eventually turn into 180 vs. the consecutive months it has been reported as 120?
I appreciate any insights.
This is the kicker. A balance was left. If you paid it on time until it was paid off you'd have a case. Just because its closed you still had to pay or lates would occured. Suprizing it didnt go to collections or charged off. You could dispute from Jan12 to April12 since thats 7rs and a 180 days. But the rest wont go anywhere.