chargeoff readings - Is this really true [Archive]

evelyn

09-22-2005, 09:26 AM

http://www.atvantage.com/mortgage/credit_glossary.asp

Found this article on the net. Just wanted to know that ifwhat they say about charge offs are correct. If one company or another keep putting it on your credit report what is the use. It just seems hopeless to your credit score.

You carry it for 7 years and they keep putting it back on again.

StaciMM

09-22-2005, 01:01 PM

The 7 year rule is based on 'Date of Last Activity' which is generally when you last paid on it. Judgements however can be renewed-so could stay on your report virtually forever.

Edited to add:

This site has other info that is wrong also... It says BK shows from 7 years from discharge while its actually 10. (Though I'm not sure if that starts at filing or discharge.) It also says you have to be 36 months post BK to get a homeloan but there are plenty who have proven that wrong.



	Bankruptcy Forum > Before the Discharge > Collections > chargeoff readings - Is this really true PDA chargeoff readings - Is this really true evelyn 09-22-2005, 09:26 AM http://www.atvantage.com/mortgage/credit_glossary.asp Found this article on the net. Just wanted to know that ifwhat they say about charge offs are correct. If one company or another keep putting it on your credit report what is the use. It just seems hopeless to your credit score. You carry it for 7 years and they keep putting it back on again. StaciMM 09-22-2005, 01:01 PM The 7 year rule is based on 'Date of Last Activity' which is generally when you last paid on it. Judgements however can be renewed-so could stay on your report virtually forever. Edited to add: This site has other info that is wrong also... It says BK shows from 7 years from discharge while its actually 10. (Though I'm not sure if that starts at filing or discharge.) It also says you have to be 36 months post BK to get a homeloan but there are plenty who have proven that wrong.