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Is it wise to ask to re-age my account


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I gave up at

Let’s say that you or someone you know got into a bit of a bind some months ago and you have some credit accounts with late fees and over the limit charges. These “late” affect your credit score.

 

I wouldn't count on it but you are free to try.

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Well, the term re-aging by most people's standard, means changing the DOFD to a later date, therefore extending the time period that a negative item can report. So if your first delinquency on an account was August 2007 then the date that they can legally report till is August 2014. Now when they reage an account they push that DOFD forward, like say to August 2009 which means that the reporting will stay on till August 2016 (7years).

 

What this article is talking about I have never heard of, and it goes back to that old adage that if it sounds too good to be true then maybe it is. However if this is a viable solution, I surmise that somewhere here on CB it would have been discussed, but I have never heard of it.

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I also read this on bankrate.com

 

Re-aging guidelines

In June 2000, the Federal Financial Institutions Examination Council set down new guidelines for issuers to follow when re-aging consumer credit card accounts. To be considered for re-aging:

 

The borrower should demonstrate a renewed willingness and ability to pay.

 

The credit card account should be at least 9 months old.

 

The borrower should make at least three consecutive minimum monthly payments or the equivalent sum.

And there's more. Federal regulators also placed limits on the number of times an account could be re-aged.

 

A creditor may only re-age an account once in a 12-month period and twice in a five-year period for open-ended accounts such as credit cards.

 

A creditor may also re-age a past-due account if you agree to enter a debt-workout program or debt-management plan. This revised payment plan could be worked out between you and your creditor, or it could be negotiated with the help of a credit-counseling service or a debt-management company.

 

A creditor may only re-age an account in a workout program once every five years.

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I gave up at

Let’s say that you or someone you know got into a bit of a bind some months ago and you have some credit accounts with late fees and over the limit charges. These “late” affect your credit score.

I wouldn't count on it but you are free to try.

Yes, looks like someone peddling magic fairy dust to me.

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http://www.cnbc.com/id/41021972

If it is not true why are there so many links on it

So truth is directly proportional to the number of links on the Interwebs? Interesting.

 

Just because some of us are skeptical or have never heard of the tactic shouldn't stop you from trying if you are determined. I enjoy being proven wrong in cases like this. Go for it if you feel you've weighed the benefits and risks and it makes sense.

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It's called a "rule 5000 reage." It's part of the FDIC rules.

 

http://creditboards.com/forums/index.php?showtopic=304349

 

You just created a link to it from here, so the fact per se that it has links doesn't mean that it's necessarily true and doesn't mean that its not true. We are talking about it here but not quite convinced yet. Like CV said, go ahead and try it out because if it pans out for you, I'm sure you just may get a new title here on CB....like the "Queen of Reaging".

 

If you go thru with it, document everything you do and all agreements should be in writing to safe guard yourself. And let us know how it goes because this is definitely intriguing info.

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Here's the FDIC link for those interested: http://www.fdic.gov/regulations/laws/rules/5000-1000.html#5000uniformpf

 

As I keep reading this, it seems to be more of a banking regulation as to how the loan is classified for the bank's credit portfolio. I haven't seen anything regarding how it would need to report with the CRAs. I would assume that policy is determined by the lender themselves, so maybe it will work sometimes but perhaps not all? It also seems to open you up to a credit line getting reported as a settlement or modification, which could wreak more havoc on scores.

 

I'd love to hear from people that have successfully done this though.

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It's called a "rule 5000 reage." It's part of the FDIC rules.

 

http://creditboards.com/forums/index.php?showtopic=304349

 

You just created a link to it from here, so the fact per se that it has links doesn't mean that it's necessarily true and doesn't mean that its not true. We are talking about it here but not quite convinced yet. Like CV said, go ahead and try it out because if it pans out for you, I'm sure you just may get a new title here on CB....like the "Queen of Reaging".

 

If you go thru with it, document everything you do and all agreements should be in writing to safe guard yourself. And let us know how it goes because this is definitely intriguing info.

 

Or "CB Oil of Olay" :P

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Here's the FDIC link for those interested: http://www.fdic.gov/regulations/laws/rules/5000-1000.html#5000uniformpf

 

As I keep reading this, it seems to be more of a banking regulation as to how the loan is classified for the bank's credit portfolio. I haven't seen anything regarding how it would need to report with the CRAs. I would assume that policy is determined by the lender themselves, so maybe it will work sometimes but perhaps not all? It also seems to open you up to a credit line getting reported as a settlement or modification, which could wreak more havoc on scores.

 

I'd love to hear from people that have successfully done this though.

That's how I read it also, but like I said, I'd love to be wrong!!

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