I made a mistake & have adknowledged it. I have a Verizon Wireless account that was opened 8/02 that has been reporting as a CO every month. It still is reporting CO every month, even now. I had honestly thought this was included in a Chap 7 I had to file in 8/02. I had written several letters asking for clarification including sending a copy of my BK papers. I finally got a call from someone today. As it turns out it was a account my husband had opened in our names late August 2002. So the acct was opened 8/02 not delinquent in 8/02. So it was a valid debt, I just didn't recall it because hubby had carried the phone and things were in such a mess for most of 2002 that it's a wonder I am still sane. Worse to worse hubby had made payments on this acct during 2003 & 2004. We seperated in 2004 and the acct went bad then. The fact remains that the acct had my name and social to it. So it is now paid in full. I asked for the possibilty of a PFD and was told no. They said it could only be updated as paid in full. This was my only post BK baddie on Equifax & Transunion. Due to the age of this will it affect my scores any being updated as paid in full or will it look better to potential creditors? All other baddies are noted as IIB. At least I took care of it & it's over. Sigh Tegleg
Probably a marginal impact that could go either up or down. The fact that it is paid will look better on a manual review and it should not continue to report each and every month now. Unless Verizon is the exception to the rule, companies quit reporting "paid" charge-off's. That in of itself will help from a score perspective and some lenders preclude approval with any "un-paid" charge-off's. Conversely, if there is a change in the date of last activity/status, that could hurt you but, again, I would think only marginally.
Having it "Paid" cannot hurt your score any more than it is now. Keep your fingers crossed that they do not catch their mistake of going deliquent in 2002. This will put more "age" on the baddie. You probably should add a "consumer statement" to your reports, that this was your ex-husband's account, and you had no knowledge of this account.
Thanks for the advice. I appreciate it, as always. I figured that it prob would'nt affect my scores as much but that it may improve a manual review of a credit app, if not an original app then maybye a recon. Biz, I went back and checked my tri report and sure enough the Verizon account lists 8/02 as the start date. This could be a big advantage if it isn't changed when they update with the CRA's as it will "drop off" sooner. This will take care of all baddies on TU & Equifax except for the 8/02 Chap 7 and the IIB accounts. Everything else on those two is current & clean. Exp still has that stupid TXU CO I am still fighting and 2 med collections that will be out of sol 5/08. Since these baddies are proving very difficult I think I will just avoid any Exp inquiries until those drop off or are deleted. There are two very nice cash rewards cards I am focusing on. Penfed which I have a savings with and Nasa which I plan to open a IRA with. They both pull Equifax. I am waiting though at least 6 months to apply to let my current accounts age and the Verizon TL updated. I am not applying for anything for 6 monthes and at that time it will be those two only. Nothing else. All my other accts will be PIF except for the Carecredit that will show a decresing balance. Maybye I'll have better luck! Tegleg
