What's more hurtful; High Utilization in CO or Recency of Delinquency

[Anonymous]

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@johnpalley wrote:
can you make that out ok? where it says reported under equifax in used to say 2004.

Message Edited by johnpalley on 08-11-2008 09:01 PM

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I hate the way TC lists the details; it doesn't show all the details you need, like, Equifax. According to what we have here, ALL your reports are showing the outstanding balance, which is hurtful. The date reported of 2008 means nothing, as long as it doesn't show the date of last activity as 2008. However, it does look like the information on your file is inaccurate, because, it is not consistent. I'm not so sure I'd mess with it, though...unless, you paid it.

[johnpalley]

ssstevie, if the date reported means nothing than why did my score drop 19 points but my balance is the exact same? it doesnt make sense. actualy, i got my equifax credit report from myfico from a week or 2 ago before it got changed. im gonna post it in a second just to compare.

Message Edited by johnpalley on 08-12-2008 11:20 AM

[johnpalley]

and now im gonna post what scorewatch said after. this was before the investigation started. Message Edited by johnpalley on 08-12-2008 11:39 AM

Message Edited by johnpalley on 08-12-2008 12:50 PM

[johnpalley]

this is the scorewatch alert. so what do you think?

[Anonymous]

Ok, it looks like they didn't even charge off this debt, so, they can definitely continue to list the balance. In what state are you? It looks like they may not be able to sue you, due to SOL (if it's 3 years in your state), but, they can definitely continue collection activity.

[Anonymous]

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ssstevie wrote:
Ok, it looks like they didn't even charge off this debt, so, they can definitely continue to list the balance. In what state are you? It looks like they may not be able to sue you, due to SOL (if it's 3 years in your state), but, they can definitely continue collection activity.

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A charge off can still have a balance.  Just because a debt is charged off does not mean it then has to report with a $0 balance.  When a creditor charges off a debt they are merely making an accounting adjustment that recognizes the likelihood that the debt will never be repaid.  It does not mean it is no longer owed or that there is no longer a balance.

It looks to me like the change in status went from "Consumer disputes" to "Charge off."  It wasn't just a matter of the Date Reported being updated.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Ok, it looks like they didn't even charge off this debt, so, they can definitely continue to list the balance. In what state are you? It looks like they may not be able to sue you, due to SOL (if it's 3 years in your state), but, they can definitely continue collection activity.

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A charge off can still have a balance. Just because a debt is charged off does not mean it then has to report with a $0 balance. When a creditor charges off a debt they are merely making an accounting adjustment that recognizes the likelihood that the debt will never be repaid. It does not mean it is no longer owed or that there is no longer a balance.

It looks to me like the change in status went from "Consumer disputes" to "Charge off." It wasn't just a matter of the Date Reported being updated.

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I'm sorry, this is not what I meant at all. I know CO's can have balances...what I meant, was a "sold" charge off. My brain is a bit fried in the office today and I cannot think straight!

[Anonymous]

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ssstevie wrote:

I'm sorry, this is not what I meant at all. I know CO's can have balances...what I meant, was a "sold" charge off. My brain is a bit fried in the office today and I cannot think straight!

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Ah, gotcha.  Yes, Amex rarely sells their CO'd debts to third-party CAs.  Most of their collections stay in house.

[johnpalley]

cheddar , i just started the investigation 4 or 5 days ago. before that it said charge off. you can see how it looked before the investigation a few posts up. should my score stil have gone down. just so you all know im in massachusetts. the sol is 6 years right? it says on my transunion credit report that its removed in 2010.

Message Edited by johnpalley on 08-12-2008 12:46 PM

[Anonymous]

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johnpalley wrote:
cheddar , i just started the investigation 4 or 5 days ago. before that it said charge off. you can see how it looked before the investigation a few posts up. should my score stil have gone down. just so you all know im in massachusetts. the sol is 6 years right? it says on my transunion credit report that its removed in 2010.

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It should only affect your score if the DOLA is updated, not the Date Reported.

SOL has nothing to do with CRTP (credit reporting time period).  CRTP for a CO is 7.5 years from DOFD.  SOL varies by state and only defines the period during which a creditor may successfully bring a suit in court.  It is completely unrelated to the length of time it may appear on your CRs.