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Do account drop off (date of last activity)

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Fasfeed

Joined: 06 Feb 2008
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Posts: 87

3212 Magic Points

Subject: Do account drop off (date of last activity)

Wed Mar 05, 2008 10:29 pm

Ive seen many different post concerning the entry date that the 7 year period is measured from . Ive always been told since dealing with credit that the drop off date is figured from date of last activity. I have seen post stating that drop off date is from date of charge off which on equifax does not give a percise date. I am viewing my equifax report under section labled ( FACTS YOU SHOULD KNOW ) collection accounts: Remain for 7 years Credit account paid as ageed remain for up to 10 years. Accounts not paid as agreed remain for 7 years . ( The time periods listed above are measured from the date in your credit file shown in the '' date of last activity '' field accompanying the particular credit or collection account. This being the case all account drop off 7 years from date of last activity . Its stated clearly in the report. And indeed if accounts drop off from date of charge off then when does an account that was paid as agreed an in good standing drop off .I KNOW THEY REMAINS FOR TEN YEARS BUT FROM WHAT DATE?

fireyone

Joined: 26 Feb 2008
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Posts: 2858

1966 Magic Points

Sat Mar 08, 2008 2:02 pm

Can't answer this question but if the account is in good standing it really helps you out so I wouldn't worry about it. Anyway someone here is sure to help you out.

Ism

Joined: 13 Feb 2008
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Posts: 44

2506 Magic Points

Sat Mar 08, 2008 5:17 pm

It should be from the last date of activity. Let's say you paid off an instalment loan on good terms Jan 2000. That should remain on your report until at least Jan 2010.
I have also heard the theory that after the frist couple of years, the older line don't weigh as much in the credit score as the newer. They still count, but not as much as a current good line.

Sometimes I wish the agencies would just say how they score once and for all and stop being all secretive!

fireyone

Joined: 26 Feb 2008
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1966 Magic Points

Sun Mar 09, 2008 12:42 am

How does it work if you take out a credit card and charge something and pay it off a month later in full. I hear that it raises your score. Is this true? My husband does this..he will use his sears card and he hates having a balance so he usually pays it in a month unless it is a higher amount then he will make it in two payments. His credit score is awesome but then it probaly came from paying all our loans off early..So does the credit card thing work?

goodnatured

Joined: 03 Nov 2007
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Posts: 3137

5332 Magic Points

Sun Mar 09, 2008 2:17 pm

The credit card is still open so it should report in good standing, where a loan once it is paid off, it is not an open account anymore so it would be considered closed and satisfied when it is paid off. So one would remain an open and in good standing, where the other would be considered closed and in good standing. Hope this clears things up. I hear it is not good to pay a loan off early, it does not establish payment history, payment history is what part of your credit history is rated one. At least this is my understanding of how it all works.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
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1966 Magic Points

Tue Mar 11, 2008 1:27 am

WE usually don't pay off extremely early. say it is a 4 year loan we usually pay it in three. I try to always leave a little balance on the credit card cause I heard it doesn't help if you pay it off quickly but yet I have also been told you can charge one day and pay it the next and it helps your credit. It seems my husbands scor is always higher than mine so I wonder whos way of thinking is correct?

Ism

Joined: 13 Feb 2008
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Posts: 44

2506 Magic Points

Tue Mar 11, 2008 12:55 pm

This is the breakdown I've usually seen on how your score is calculated:

35% — punctuality of payment in the past (only includes payments later than 30 days past due)
30% — the amount of debt, expressed as the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)
15% — length of credit history
10% — types of credit used (installment, revolving, consumer finance)
10% — recent search for credit and/or amount of credit obtained recently

For you and your husband, assuming all else equal, it would seem the difference would be in the ratio of debt - he would have a 0 and you would have a 10% - both well under the 30% usually suggested. I don't know if the difference between 0 and 10 would equate to a significant score difference too.

fireyone

Joined: 26 Feb 2008
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Posts: 2858

1966 Magic Points

Wed Mar 12, 2008 1:28 am

Thanks for clarifying that for me. I also was thinking after I already posted that last post ...maybe income had something to do with it...his being way more than mine. It does make sense that since I don't pay mine off completely that it would make his score higher.

sdchargers_63

Joined: 13 Aug 2007
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2654 Magic Points

Subject: cb

Wed Mar 12, 2008 3:39 am

I'll tell ya............the CB's can be confusing!! 'You' may think your Credit Score is low on ONE CB and it's ok.And...vice a versa. I have a few outstanding debts, on my CR. However...they are gonna 'fall off' soon. SOO....I decided just to leave them alone!!

fireyone

Joined: 26 Feb 2008
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Posts: 2858

1966 Magic Points

Wed Mar 12, 2008 7:06 pm

That is pretty much what I decided to do to. I have only ever checked my score on one. The one outstanding debt that I do have is actually on there twice..One from the original creditor and one from a collection agency. I didn't think both could report. There only seems to be one thing different in the two and thats the dollar amount. The original creditors has $1640 and the collection Agency has $1641. The collection agency lists the original creditor as Capitol One, which it is. So I figure once it falls off if the other one doesn't I will dispute it then.

Richard
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Richard

Joined: 27 Jun 2006
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4598 Magic Points

Thu Mar 13, 2008 6:41 am

Well, it seems that the CA has bought the debt from Cap one. So you have to pay the CA. Now send debt validation letter to Cap one.. and you can always dispute both of them but with different reasons.
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sdchargers_63

Joined: 13 Aug 2007
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2654 Magic Points

Subject: debt

Fri Mar 14, 2008 2:36 am

Yeah..'Fireyone'.......doesn't make sense, to me anyway, to 're-start' a debt, if it's falling off soon. I think you and I are on the 'same page' with this thing. At least I know my Credit score will go up, a bit.

carol

Joined: 27 Jun 2006
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Posts: 375

10293 Magic Points

Fri Mar 14, 2008 4:34 am

Well Fireyone,

If your debt with Capital one drops off, that is because the OC charged off the debt and sold it to a CA. There is also a chance that it has appointed the CA to collect on the debt. A charged off debt does not mean that you cannot get sued for it. Think twice Smile

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myfunboat
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Subject: old debt showing up on credit report again

Fri Mar 14, 2008 4:42 pm

In 1992 I had a charge off on a credit card from omni...it is now showing up again...!!!
Can I get this removed since it is past 7 years or can some new guy that has purchased the old debt...put it on credit report? Can I write a letter to have it removed?
Thank you

fireyone

Joined: 26 Feb 2008
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Posts: 2858

1966 Magic Points

Fri Mar 14, 2008 11:01 pm

Carol, I'm sure my debt is past SOL so how can they sue. I was told (by an atty. handling a different matter) that once it passes SOL they no longer have the right to sue they can just keep pressuring to collect the debt. So how are you coming up with this theory? Myfunboat...I have no clue but I don't think they can relist it..someone here I'm sure will help you.

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