Untangling EQ

[atlastontheroad]

Ok, so popular opinion here says "EQ hates lates."  And I have plenty of them, primarily from 2002-2004.

Popular opinion and experience here also says that 30 day lates hurt less and less until they hit the two year mark when they are no longer hurting much.

How many years does it take for 60 day lates to hurt a whole lot less?

How about 90 day lates?

I have a single charge off that was paid in 2004 on a 9/2003 DOFD.  It's dropped off of TU already, but of course the E's still have it.  Can a charge off report both charged off AND the lates that caused the action?  (Now that I type this, it seems logical that it can)

When does the pain become less....er....painful .....especially with EQ?

atlast....

[smallfry]

I found the cure for the pain of EQ. I have stopped pulling the score.

[Red1Blue]

How did stop pulling the score help?

---

smallfry wrote:
I found the cure for the pain of EQ. I have stopped pulling the score.

---

[Anonymous]

I have given up looking at EQ until my 2 years clean hits-

The Sim says I will get a nice FICO boost-

IMO and research- FICO ONLY looks at the worst Derog and how recent on each TL-

So FICO sees CO 5 years ago- minus XX points.

It does not care if the were 40 lates prior to this-

Disputing something like this can make it look more recent

CO 1 month ago - when it is verified.

---

smallfry wrote:
I found the cure for the pain of EQ. I have stopped pulling the score.

---

[haulingthescoreup]

---

@Anonymous wrote:

I have given up looking at EQ until my 2 years clean hits-

The Sim says I will get a nice FICO boost-

IMO and research- FICO ONLY looks at the worst Derog and how recent on each TL-

So FICO sees CO 5 years ago- minus XX points.

It does not care if the were 40 lates prior to this-

Disputing something like this can make it look more recent

CO 1 month ago - when it is verified.

---

My only quibble (you knew I'd have one!) is that FICO also looks at the number of accounts that have had lates. So I guess the lateness ding is driven by the most severe as you said, but I'm still getting negatives for multiple accounts with lates (3.)

[rom828]

Timothy,  here's my situation:

I have a paid Providian account CO  11-03.

It reports on EQ and EX as closed 11-03 and is shown as a charge off. (Tho EQ still does no show status as "paid charge off as the other CRAs do and I cant  get them to corect it).  However, it also is showing on both  EQ and EX with 25 (!)   90 days lates from 11-03 to 11-05 (paid off 11-05).

This means they were reporting lates after it was charged off.

Past disputes EQ and EX have always just come back  verified and info hasnt changed.  TU shows it as CO with no lates at all.

Since  the acct was charged off 11-03, isnt that the "worst deliquency" and the OC should stop reporting any further lates?!

I have an atty working on another issue for  me and wanted him to address this too,  as I assumed all these lates in addition to CO are factored into  scoring.  FICO reports include these lates in total number of lates.

From what you're saying, and I think I've asked about this before, if it gets updated and the lates are deleted,  it will then be scored as a recent  CO which could/would be worse for my score.

If that's the case, I should leave it alone, but do creditors looking at my report see the number of lates? Wouldnt that have a negative impact?   And like Hauling said, doesnt FICO score by number of negatives?

Maybe the bigger question,   can an OC add lates after an account has been charged off??

I also have 1  60 day late from 11-03 on an acct I closed in 11-03 (acct paid in full).  Would that have any bearing on my score at this point?  It is actually incorrect, but I never put much effort into getting it corrected.   I started the credit  rebuild last Oct, and this is one of my last 3  'baddies'  (with a red flag) shown on report (including the Prov  CO which deletes 10-09),  but not sure if it's worth fighting.

Message Edited by rom828 on 06-20-2008 03:31 PM

Message Edited by rom828 on 06-20-2008 03:32 PM

Message Edited by rom828 on 06-20-2008 03:32 PM

[GFer]

"If that's the case, I should leave it alone, but do creditors looking at my report see the number of lates? Wouldnt that have a negative impact?"

Creditors will know enough that the lates were because of the charge off.

[Anonymous]

  Good one, lol

[RobertEG]

Rom, per the FCRA, a charge-off or collection, whether paid or not, can remain on a consumer's credit reports for up to seven years. The time limit is based on the date of the original delinquency (i.e. when the debtor missed a payment and never again became current), not the date of any later activity. Thus, post-charge-off payments or placing of an account into CO or CA status should not "re-start the clock."  Also, whether an account is still open or closed has no affect on immediate FICO other than loss of CL on the account, and setting of a different clock for ultimate deletion of the account from  your age history (normally 10 years after closing in good standing).

You are apparently approaching the 7 year limit from the delinquency dates, and they must drop then, regardless of what  you or the creditor have done since then.

If they continue to report from subsequent CO or CA dates, that is illegal.

Message Edited by RobertEG on 06-21-2008 12:52 AM

[Anonymous]

Disputing only makes it look new, or does FICO score it as new?