Paid Charge off vs Charge off

Mar 172011
 

Hi Everyone!

 

I have heard various opinions about paid Charge offs vs Charge offs. I hear some folks say it doesnt make a difference on you score and really only matters when you have a manual review. Also heard that it can actually hurt your score because it effects the DOLA. On the other side I heard it can help your score becasue the unpaid charge off amount is included in your utilization percentage rate. But I also heard that once you paid the charge off everything zeros out so its a wash when it comes to calculating your utilization rate.

 

Some folks say you should only consider paying a charge off when you can get a PFD. I think that makes sense but I think its practically impossible to get a PFD on a revolving account. Just seems like people have success with PDF for things like uitlity bills and medical type bill, and not any kind of revolving credit or other types of accounts through a financial institution.

 

Curious to hear your thoughts on this.

 

 

 

 

 

 

Quick Question about paying charge off’s

Mar 162011
 

Hi Everyone, please help

 

When calling the OC to pay on or off a charge off what should be my verbiage to request a pif arrangement?  I know that I should accept or request a settlement. PFD are great however, if not the PFD the PIF is the next best thing.

 

If I request the PIF will that then remove the charge off status?  Also, if I make maybe 3 to 4 payments to pay off the balance would it be better as the utilization would then should a monthly increase in score?

 

Yes, the charge off has been reporting in my utitlzation per my fico but not other credit monitoring services.  The past due amount is 1266.00

Please help, question about Midland

Mar 132011
 

HI all,

 

I have a quick question.  I recently checked my Equifax score and noticed there is a ding on there from a Midland Collection agency.  It states I owe them 2500 and I had a late payment in 2009.  I couldn’t figure out what this was for, since I have not had any credit problems since 2004 and am waiting for the last thing to fall off in May – a Capitol One Bill for $500.  This is the only thing I can imagine it is for, since I do not have any other charge offs or collections.  However, the DOLA on the Capitol One bill is May 2004.

 

Please advise me what to do.  I do not think Midland is allowed to collect in my state (Hawaii) since I have never received any notifications or correspondence from them.  And I certainly haven’t made any payment to them ever let alone missed a payment in 2009.

 

Obviously I am upset about this as my credit was getting close to 700.  This ding has dropped my credit score to 590!!!! :(  

CA in Denver – Machol & Johannes

Mar 102011
 

Chase charged off my debt and CA Machol & Johannes came after me, backed me into a corner and coerced me to agree to a monthly payment of $100 for 85 months. OC is reporting the charge off to the bureaus and Machol and Johannes is not reporting that I am making monthly payments (so far $900 has been paid, each month on time). I thought this would help my credit, but it has not.

 

What can I do?

Paid charge-off lowered score

Feb 132011
 

Hi, this is my first post and I searched to see if this had been covered but I couldn’t find anything.  I subscribed to myFico about 6 months ago and I have been working to rebuild ever since.  I had an account with a creditor that had defaulted in 2006.  I paid it off late 2010 once I started rebuilding.  My credit has since gone up, but I just received a score watch alert saying my score went down. 

  Previously reported Newly reported
Balance: $1 $0
Past due: $0 $0
Status: Bad Debt; Placed for collection; Bad Debt; Placed for collection;
Last activity: 9/1/2006 9/1/2006
Description: Charge off account
Account closed by credit grantor
Amount in high credit is original charge-off amount
 Paid charge off
Account closed by credit grantor
Amount in high credit is original charge-off amount

So the report says the charge off was paid but it lowered my score 15 points.  Can anyone help me with this?  I can’t find any information anywhere that explains why my score would go up, then go down once they reported it paid. 

Thanks, Jordan

Advice and Help

Jan 242011
 

I had a CC that charged off in 2006.  It was then sold to Titan Recovery Group.  Then a new company bought the original CC company.  I paid someone what was owed on the charge off but do not remember who it was.  Fast forward to today.  Titan Recovery group has gone out of business.  The new CC company says nothing they can do because the debt occured with the 1st CC company.  However, they will delete it if I can show them it was paid even though it is reporting a 0 balance.  Without even a clue where to look for my paperwork back in 2006 is there anything I can do?

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