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confused on the 7 years charge off thing
can some one ease my troubled mind and tell me when this should come off my credit,
Its from a old gf and waiting to have it gone for good, Im assuming april 2015 but i hear it can come off as early as 6yr9mo so maybe around feb/march:
Credit Card
Dec 17, 2007

Account Details
Last Reported Jul 06, 2010
Creditor Name BK OF AMER
Account Type Credit Card
Account Status Closed - Derogatory
Opened Date Dec 17, 2007
Closed Date Dec 31, 2008
Limit $2,500
Term --
Monthly Payment $0
Responsibility Individual
Balance $789
Highest Balance $3,197
Payment Status Collection/Chargeoff
Worst Payment Status Unknown
Date of Last Payment May 05, 2008
Amount Past Due $697
Times 30/60/90 Days Late 0/0/0
Remarks Charged off as bad debt
Profit and loss write-off

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7 Years and 180 Days...

Helpful to 16 out of 20 people

You may be in for a longer wait than April 2015.  The last payment on the account was in May 2008, so 7 years takes you to at least June of 2015 until it clears your report.  If they take the full 7 years and 180 days, which they legally can, that takes you to December of 2015 until it clears your report. 

The question is if that is when did the clock actually start and will they stop reporting early?  If you were still working with BoA to close the account, the clock may not have started ticking until December 2008 which could means it could be on your report up until June 2016.  Some people have had stuff drop off early, but I know I had lates stay on for the full legal time of 7 years 180 days.

Keep in mind that this information can be reported beyond the 7 years and 180 days in some situations.  See below:

In general, derogatory items stay on your credit report for 7 years and 180 days (as per the 1996 Consumer Credit Reporting Reform Act) after the last negative activity on the account. 

There are some exceptions:

  • Bankruptcy - 10 years
  • Unpaid judgements or lawsuits - 7 years and 180 days at a minimum (commonly 7 years and 180 days after you clear the judgement)
  • Information reported because of a credit or life insurance application for over $150,000 - Indefinitely
  • Credit information provided for a job application where the salary is over $75,000/year - Indefinitely

Keep in mind that if you are required to report on any credit problems for a job or insurance application (over the stated limits) that the Credit Reporting Agencies can and will report back everything in your history ever, so you better be honest.  At the current time, I don't know if there is any way for a consumer to get a copy of a report that extends past the 10 year history.  Also, keep in mind that these restrictions are only for the Credit Reporting Agencies.  If you flubbed up your credit with a creditor over 10 years ago, your report may be clean, but the creditor doesn't have to forget or forgive and can legally hold your previous credit activity against you.

I'm not sure if this information makes you feel better or not, but at least you know what the possibilities are.

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2 People Helped

esperian time line

Helpful to 2 out of 3 people

Esperian says' flat out it is removed 7 years after the first delinquency, date...    in  my case they have a date of nov,2010  jan 2011, feb 2011 ,   then they chrged off ...  many of the credit co.  start their clocs at different dates and they for sure do not have the same info. its up to you to fight with the credit co..  by the way credit karma's scoring is a joke .. 

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62 People Helped

Helpful to 9 out of 11 people

I had a couple of cards follow me around for over 25 years.  I kept thinking it would go away and it never did.  It took a significant number of letters and effort to clear up old crap from when I was 20.  I am now 49 and just got my first two credit cards since I was 20.  Never wanted credit, but these days you just can't run a business, lease a building. without it.

For years I thought no credit, was good credit........ 

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Helpful to 1 out of 2 people

For those of you reading this comment and thinking you're hopeless getting credit cards, don't be.  You can get a credit card and you can even get a car from a dealer.  This person may have had a different reason why over 29 years he's never had a credit card.  He said he never wanted credit cards to begin with.  If you're running a business, you can get them, just try to pay them in full each month.  Credit cards with rewards are great because you can accumulate those points.   I use this leverage from customers to accumulate massive points, so do not deny yourself.  Also,  dispute, dispute and dispute.  You will be amazed of how many disputes you can win easily and your score shoots up.  

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the 7 year itch

Helpful to 4 out of 6 people

If you are kinda confused about the 7 year thing, you are not alone. Credit accounts that report on your report will fall off the report 7 years after the closing date.

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Helping Hand

Helpful to 7 out of 14 people

The account should be removed in December this year. Becareful not to make any payment of any type, this will restart the clock for another seven years. If it is not removed by December start to dispute the account. Accounts should be removed from the date they are closed. Hope this helps.

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That's not correct.  The 7 year window is 7 years from the last report date of the negative occurrence.  Regardless if a person makes a payment on said account thereafter, the negative history can still be removed after 7 years from the date it occured.  The new on-time payment history will remain however, if someone choses to reestablish a delinquent account.   If the account is already very old and nearing the 7 years letting it fall off is the better way to go.   However, in the rare occassion a creditor has not closed the account and will allow the person to reestablish the account, new positive payment history can be created; the old negative history will still be removed after 7 years.    I personally have several accounts that I reestablished that the old negative payment history has been removed. 

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Helpful to 1 out of 2 people

So youre telling me that if I have 1 missed payment from 2/2010, I can have that 1 bad payment removed 7 years after?

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The clock doesn't start when the last payment was made. It starts the first date that a late payment hit. This article will explain it. It's writen by an atty and VERY informative.

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