Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

At 6 year mark - Is it worth to take action?

The last post in this topic was posted 1027 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

Hi everyone,

 

Back in 2011 had a rough period where I had to do a short sale and some CC charge offs, below is my situation:

 

- Bank of American - Short Sale - CRAs report as "at least 120 days or more than 4 payments past due", "120 days past due", "account legally paid in full"

- Capital One CC - (still have this card) late 2011 had late payments, CRAs report as "120+ days past due" and "150 days delinquent"

- Bank of America CC - (closed acct) late 2011 charge off - CRAs report as "120+ days past due" and "Charge Off/Other Derog"

- Barclays Bank of Delaware CC - (closed acct) late 2011 charge off - CRAs report as "at least 120 days or more than 4 payments past due", "payment after charge off/collection", "account legally paid in full"

 

I'm about 13-14 months away from these falling off my credit report, I went ahead and had my old addresses (tied in to the baddies) removed except for Equifax, I called them and they put a request to delete, they asked for my email to send the results, so I should know if a few days I guess if they agreed to delete.

 

My question is if at this point being the sixth year is it going to make a lot of difference in my credit score to successfully take out 1 or 2 of my charge offs/the late payments? If not then maybe I should just do a quick dispute of them online and maybe I get lucky and one or two get deleted since my old addresses are gone?

 

Any opinions will be greatly appreciated.

 

Thank you!

Share this post


Link to post
Share on other sites

Getting rid of one or two won't help a ton and may actually lower your score depending on the AAOA hit, but if you can get them all removed you're looking at a potentially large increase.

 

Definitely worth it to dispute now. Worst case they verify and you dispute again in 6 months as past reporting SOL.

Share this post


Link to post
Share on other sites

 

Hi everyone,

 

Back in 2011 had a rough period where I had to do a short sale and some CC charge offs, below is my situation:

 

- Bank of American - Short Sale - CRAs report as "at least 120 days or more than 4 payments past due", "120 days past due", "account legally paid in full"

 

if it was not charged off , at the 7 year mark the derogs / lates will drop off and it will become a positive reporting account for 10 years past the date of closure leave it alone

 

- Capital One CC - (still have this card) late 2011 had late payments, CRAs report as "120+ days past due" and "150 days delinquent"

 

same deal

 

- Bank of America CC - (closed acct) late 2011 charge off - CRAs report as "120+ days past due" and "Charge Off/Other Derog"

 

this one will fall off at 7 years past the CO date, you can dispute early as obsolete

 

- Barclays Bank of Delaware CC - (closed acct) late 2011 charge off - CRAs report as "at least 120 days or more than 4 payments past due", "payment after charge off/collection", "account legally paid in full"

 

this one will fall off at 7 years past the CO date, you can dispute early as obsolete

 

I'm about 13-14 months away from these falling off my credit report, I went ahead and had my old addresses (tied in to the baddies) removed except for Equifax, I called them and they put a request to delete, they asked for my email to send the results, so I should know if a few days I guess if they agreed to delete.

 

My question is if at this point being the sixth year is it going to make a lot of difference in my credit score to successfully take out 1 or 2 of my charge offs/the late payments? If not then maybe I should just do a quick dispute of them online and maybe I get lucky and one or two get deleted since my old addresses are gone?

 

Any opinions will be greatly appreciated.

 

Thank you!

 

 

you only have another year to go - the main purpose is to leave as many accounts as possible that will turn positive

 

I had closed, paid in full accounts with old lates and a couple of charge offs

 

after 7 years the lates dropped off, and closed PIF accounts became positive for 3-8 another years

 

the charged off accounts were gone

 

and when I had only one new CC reporting , obtained in 2014

 

my FICO*8 jumped from 000 ( no score because no open accounts)

 

to FICO*8 760.

 

old closed Paid in full accounts that were never charged off will really Boost your score during the rebuilding and;

 

that Higher score will allow you to obtain premium cards, and you won't have to go thru

 

Toy Card Hell or Secured Card Hell.

Share this post


Link to post
Share on other sites

 

 

Hi everyone,

 

Back in 2011 had a rough period where I had to do a short sale and some CC charge offs, below is my situation:

 

- Bank of American - Short Sale - CRAs report as "at least 120 days or more than 4 payments past due", "120 days past due", "account legally paid in full"

 

if it was not charged off , at the 7 year mark the derogs / lates will drop off and it will become a positive reporting account for 10 years past the date of closure leave it alone

 

- Capital One CC - (still have this card) late 2011 had late payments, CRAs report as "120+ days past due" and "150 days delinquent"

 

same deal

 

- Bank of America CC - (closed acct) late 2011 charge off - CRAs report as "120+ days past due" and "Charge Off/Other Derog"

 

this one will fall off at 7 years past the CO date, you can dispute early as obsolete

 

- Barclays Bank of Delaware CC - (closed acct) late 2011 charge off - CRAs report as "at least 120 days or more than 4 payments past due", "payment after charge off/collection", "account legally paid in full"

 

this one will fall off at 7 years past the CO date, you can dispute early as obsolete

 

I'm about 13-14 months away from these falling off my credit report, I went ahead and had my old addresses (tied in to the baddies) removed except for Equifax, I called them and they put a request to delete, they asked for my email to send the results, so I should know if a few days I guess if they agreed to delete.

 

My question is if at this point being the sixth year is it going to make a lot of difference in my credit score to successfully take out 1 or 2 of my charge offs/the late payments? If not then maybe I should just do a quick dispute of them online and maybe I get lucky and one or two get deleted since my old addresses are gone?

 

Any opinions will be greatly appreciated.

 

Thank you!

 

 

you only have another year to go - the main purpose is to leave as many accounts as possible that will turn positive

 

I had closed, paid in full accounts with old lates and a couple of charge offs

 

after 7 years the lates dropped off, and closed PIF accounts became positive for 3-8 another years

 

the charged off accounts were gone

 

and when I had only one new CC reporting , obtained in 2014

 

my FICO*8 jumped from 000 ( no score because no open accounts)

 

to FICO*8 760.

 

old closed Paid in full accounts that were never charged off will really Boost your score during the rebuilding and;

 

that Higher score will allow you to obtain premium cards, and you won't have to go thru

 

Toy Card Hell or Secured Card Hell.

 

I had a similar experience. I had two old cards charge off in 2010, but were somehow still reported as 'open' on EQ (reported as closed on EX and TU). At the 7 year mark the lates fell off and the cards look clean, albeit inactive for 7 years. This was just luck for me, but might be something to consider if a charged off card mistakenly reports as open, preventing it from automatically being removed.

Share this post


Link to post
Share on other sites

shifter is correct, you may actually lose a few points by removing only one or two. I don't have experience with COs with Cap1 or BOA, but I know that Barclays will hang on to the last day. I'd say don't bother and wait them out.

 

One thing I regret on my rebuilding after defaulting on all cards in 2010 was not reestablishing good credit at the 6 year (or earlier) mark. You didn't mention if you have anything else on your report. Those ancient COs may not be hurting as much as you think - you might be able to pick up an unsecured Cap1, or a secured Discover (or something) to get some good history going. Having a year of history when your score "pops" in 2018 will make it much easier to get some nicer cards.

Share this post


Link to post
Share on other sites

The last post in this topic was posted 1027 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

  • Member Statistics

    • Total Members
      178,843
    • Most Online
      2,046

    Newest Member
    Kitty56
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines