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120 Days Late - Now Paid - Remove?


jennk
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Hi I had account with Discover that went 120 days late in June 2001. Starting in July of that year I began a payment plan and paid off the account earlier this year. I know that Discover can be hard to deal with, but should I ask them if they would be willing to delete the entire tradeline from my credit reports? I hate to loose credit for making payments ontime without missing for the lat 4 or 5 years, but it seems like the 120 late (and the notation "Closed by Credit Grantor") hurt me more than the payment hisotry. Is this correct?

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How exactly is the TL reading? Is it updated each month with "Paid, was 120 days late" or "Paid collection"? Rather than have Discover delete the TL and its age (which helps your FICO), ask them if they would update to "Pays as Agreed." Since you've already paid the account you've lost your leverage (the best time to ask for a pay-for-delete or pays-as-agreed is before you pay); however, it's always worth a shot. The best I was able to get my OCs to do was to delete the TL entirely, and I did take a temporary hit in my FICO scores. However, they've rebounded, and yours will, too.

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Actually, if you have an agreement to repay them and you completed that agreement, the account should be listed as "Paid as agreed." Anything else is misleading and untrue. You had a repayment agreement and you held to it.

The 120 day late should remain in the payment history as should the closed by credit grantor.

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Actually, if you have an agreement to repay them and you completed that agreement, the account should be listed as "Paid as agreed."
Ah, how I wish that were true. Believe me, I've researched this one to death over the years because I have one baddie left on each of my reports, each from a different OC who I paid after the account went to their internal collections. They can report it as "Paid After Chargeoff," (if it actually was charged off) "Paid, was 120 Days [or however many days] Past Due," or "Paid Collection." Unless the OC is simply being kind regarding their reporting, and I understand some are, FICO interprets "Pays As Agreed" as meant to apply to the original agreement. Reporting the status of an account as "Paid, was 120 Days Past Due" is not untrue or misleading, because that really is the status of the account. They're not saying the account is currently 120 Days Past Due, but that at one time it was.
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Ok well, it does show as paid, so I guess what both of you are saying is to leave it alone as even with the 120 days late it is doing more good than harm. Thanks
If your status simply reads "Paid," and the 120-day late notation is located way back in 2001 in your payment history, then yes, it really isn't hurting you that much anymore.
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Better to leave it alone. In 2008, it'll become a positive for you with some good history.
I believe how it works is the entire TL will delete at the 7-1/2 year mark, not just the negative part of the TL. Once again, wish it were different as it would be great to keep the history of the remaining baddie on each of my reports while seeing the "collection" and "was 150 days late" notations disappear.
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I believe how it works is the entire TL will delete at the 7-1/2 year mark, not just the negative part of the TL. Once again, wish it were different as it would be great to keep the history of the remaining baddie on each of my reports while seeing the "collection" and "was 150 days late" notations disappear.

If the TL is positive after the negative bit, the TL remains, but as a positive. I've got ten of them doing just that.

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  • 1 month later...

Great thread but confuses me about whether my TLs are good or bad.

Have several charged off accounts that I settled for 30-50% only last year.

The TL now reads "Pays as Agreed" with 0 balance. However, the remarks sections says "settled for less than balance". Also shows late history.

So is this good or bad? Should I try to get wording changed or whole thing deleted?

Also one CR show this in the "negative" section, another one shows it in good standing.

Please clarify what this means and anything I should do.

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They arent listed as charge offs (9), they list Pays as agreed. However, the comments mention settlement.

So is this something I should work on deleting? These are 20 year old accounts and so help my aging for FICO, right? Does that offset the bad comments?

Trying to know what if anything I should do with these.

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