I was reading a post and I got to thinking and I wanted to see what others think. If a person has existing charge-offs/collections on their CRAs, at what point does the impact of these start to NOT impact your scores AS MUCH. I know while they are their, they are bad period, but the longer they are on your report, the less significant they become. What I'm asking is, how long is that? 2 , 3, 4 years? Just trying to get peoples opinions.
All of my collections are over 5 years old. They are still the first reason I get declined, mostly because one company ( that has three of the accounts ) keeps updating. Creditors look at the date of last update instead of the date of deliquency, then tell me I have a delinquency less than two years old. This has happened with Cap 1, Nextcard and Citi. It is also the first and primary reason listed on my FICO asthat reason my score is what it is.
Jzilla, I have noticed the same on my collection. Whenever I use something like worthknowing, etc. they go by the date last updated rather than the reported since date. To answer the original question, I have one collection reporting since March 2000, but actually sent to collections since Oct 1997. Also, a thought: maybe the impact has to do with a combo of not just dates, but amounts? Mine is for <100$, but still comes up as #1 reason impacting my score.
Mine are all under $100 except one which is $419. That one will be gone in September anyway and it hasn't been updated since August of '95.
