Some of you may remember me posting about the voluntary reposession that's on my report, due to come off in 3/02. I pulled a copy of my Transunion & Equifax reports & the repossession is gone...I've never disputed it. I guess it just sorta dropped off. I always thought this was the biggest issue with my credit scores being so low (no negative credit in 4 years). My score went up a whopping 20 points!!!!!
I've already prepared myself when a charge-off comes off next mont due to 7 year rule. My score probably won't improve by much. Old accounts near the 7 year limit have very little effect on your score. That's what I've read
let me show you how this works. Say your score was 650 before the Chg.Off. Bang you get hit with a C/O and it knocks 50 points off your score dropping it to 600. Seven years later it falls of your report and they give you 20 points bringing your score up to 620. You just lost 30 points. Old Charges offs have a big effect on your score that continues even after it drops off your report.
