bayview Posted June 4, 2003 Report Share Posted June 4, 2003 I pulled my CR from EX the status of most acct. listed as 'This acct. is scheduled to cont. on record until ...' but on some of them, they have ' As of ..., this acct. is scheduled to go to a positive status'. Anyone know what I can expect or what will happen when it goes to positive status? I can't seem to find an explaination on EX site, and it doesn't sound good. Link to comment Share on other sites More sharing options...
md Posted June 4, 2003 Report Share Posted June 4, 2003 If it is an old open account with a derogatory notation then that piece of information will stay there for seven years. Once the seven years is up and assuming the account is still open, the account will switch from a negative tradeline to a positive tradeline. Make sense? Link to comment Share on other sites More sharing options...
kb9tbq Posted June 4, 2003 Report Share Posted June 4, 2003 Oh yea, that is good - means the account is still open / and the negative payment history will drop off the credit report on that date.Means you have a way to turn the account into positive by giving some time. If you close the account prior to this time though - you will have freezed the reporting with the negative information. So just keep it open till that time passes. Link to comment Share on other sites More sharing options...
bayview Posted June 4, 2003 Author Report Share Posted June 4, 2003 Ok, so this CC can become an active card again, given time? But when it becomes an open tradeline, what happens to the balance that's on there. More dets: this Fleet M/C was opened 6/93, reported since 4/94 and last reported 11/99. Status shows open/past due 150 days, 1100 past due as of 11/99. As of 7/2006 acct. sch. to go to a positive status. Recent bal. $10000. Does all this mean I'll have an open CC with a bal. of 10000 in 7/06? I thought I took a vitamin this morning but must have grabbed the duh pills. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 4, 2003 Report Share Posted June 4, 2003 <blockquote>Originally posted by bayviewFleet M/C was opened 6/93, reported since 4/94 and last reported 11/99. Status shows open/past due 150 days, 1100 past due as of 11/99. As of 7/2006 acct. sch. to go to a positive status. Recent bal. $10000. Does all this mean I'll have an open CC with a bal. of 10000 in 7/06? I thought I took a vitamin this morning but must have grabbed the duh pills.</blockquote>Opps - the creditor dopped off on their reporting ----- 11/99 no further updates made by the creditor.OK - so the true status on this should be charge off w/ what ever balance would of accumilated by this time.Sorry to burst your bubble, this is a dead tradeline that got stuck before charge off status. If you try to dispute - might end up with the creditor catching their mistake & updating to show what it should be at this time.50/50 chance of bumping, just depends on the creditor. Link to comment Share on other sites More sharing options...
bayview Posted June 5, 2003 Author Report Share Posted June 5, 2003 Thanks, but nobody said this Fix Yer Credit game would be easy. So, I should leave any acct. listed as due to go positive, alone? Is that your final answer! Link to comment Share on other sites More sharing options...
bayview Posted June 5, 2003 Author Report Share Posted June 5, 2003 Sorry, bad imitation of Regis. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 5, 2003 Report Share Posted June 5, 2003 That would be curious to see what the CRAs would do once this time expired, but without further information from the creditor (I would imagine that it is going to drop off all together & not go positive like they say) - 7 / 2006 is a long time yet to wait and see.Are you out of the Statute of Limitations for the creditor to come back on you legally for payment? Can check the link above for your state to know for sure. If you are out of this window, worth a try to see through disputing what can be done. Right now, 150 days past due (any one looking at the credit report will conclude the obvious - that this account most likely is still outstanding). I would not wait - try the dispute & see if you can't get this bumped off all together.That would of been funny to see the CRA try & make this possitive, But unfortunately I don't think that would be the case. Link to comment Share on other sites More sharing options...
bayview Posted June 5, 2003 Author Report Share Posted June 5, 2003 When does it get better!! Of course my state has a 10 yr. SOL. So, since this acct. was last reported 11/99, I'll be old, and gray and feeble and probably won't remember this even took place. Seems I should let 'sleeping dogs lie' for those type of accts. Thanks. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 5, 2003 Report Share Posted June 5, 2003 The tradeline will expire off of the credit report prior to the SOL being up, that is too bad. Sorry - 3 more years, and this will be off of the credit report by expiring.I know when I first started out, I had a bad student loan that was forgiven, but I never disputed it, just waited for it to expire. So I choose to use the time for rebuilding credit, most of my accounts where personal finance loans, or credit cards. So once the negative expired I was looking good with a few years of clean credit established. I consolidated onto an auto loan, which really jumped my score up to what it is now. So just this year I got my very first bank installment loan - and that sure feels good for the waiting and planning it took to make it this far.You have 3 years for rebuilding, think of it that way, and work on other areas for improvement. I have seen people with 700 scores even though there was a charge off listed on the credit report. If you know what areas to seek improvment on, you can out weight the negative on the credit scores. Link to comment Share on other sites More sharing options...
bayview Posted June 6, 2003 Author Report Share Posted June 6, 2003 Thanks for your input and the words of encouragement. It's people like you that make this one heck of a site. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 6, 2003 Report Share Posted June 6, 2003 Well thank you much - It is my pleasure to assist, see what others are able to accomplish to get a new lease on life with improved credit. That is the great part. Link to comment Share on other sites More sharing options...
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