guyer6719

Question re ChargeOffs

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Is there a rule as to when an account can be charged off, in other words, does the account have to be 30, 60, 90 days past due to be charged off...or is there some other circumstance? I ask because I have an account that was 60 days past due and the creditor charged off. I did pay it, but I would like to have the charged off status removed.

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Who is the creditor? You can send a gw and ask them to remove the co notation..but I doubt they will. Never hurts to try. :D

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The FDIC has regulations that state that FDIC insured banks must WRITE off debts that are uncollected within 180 days. In is not clear whether or not this applies to the CC issuing subsidiaries of those banks.

So...the basic answer to your original question is...maybe.

In practice, since "charge off" is really just a charge against accrued income for P&L purpuses, CC issuers tend to make those decesions based on how they want their current balance sheet to look.

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tarbaby and willingtocope:

This was my car note account...and actually the very last payment...was struggling at the time. The last payment was due in November...but I didn't pay until January...that's 60 days PD as far as I can tell. Experian is reporting the 60 days PD in January...which is correct, but also reporting it as charged off as of February. They are also reporting the status as "collection/charged off". Do I stand a chance of getting the "charged off" removed since the account was only 60 days PD? Thanks in advance.

That's the bad news...the good news is that Credit One Bank is outta here and so is Cavalary...successful disputes on those two. In addition, I just opened a Crown Jewelers account.

One more question....you know how you pull your report and you can see the payments for the last 48 months? Do creditors or potential creditors see this when the pull your report...or do they just see the last two years of payments? Also, how old are the lates that don't hurt you?

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I guess I don't really have an answer for this. If you made the last payment, then the account should be closed with a $0 balance. The other things (CO, etc) are really status at the time of the report. So, if its status was CO in Feb, that could be because the payment you made in Jan (late Jan?) didn't get applied before they reported for Feb.

The collection notation is probably wrong...but..the CRAs don't have a dispute category of "never in collection". You might try calling the OC and ask them to correct that.

And, yes, anyone who pays for a complete report will see the same history you do.

Lates over 2 years begin being non-important. Only FICO knows the exact length of time they're factored into your score. Only the person thinking about lending you new money knows if they care at all.

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