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.

 

 

 

 

 

 

Need advice from you seasoned Veterans

Mar 172011
 

Hi,

 

I am new here on the board. I came across myFICO when researching student loan consolidations/rehabilitations. 

 

I had started to rebuild my credit about 3 years ago but had a relapse :(  I digress.

 

I just wanted to share my situation and get some advice. 

 

I just recently completed my student loan rehabilitation. I have been steadily at about 548 with Experian since July, and just pulled Equifax (509) and TransUnion (552). 

 

I still have one of my many student loans from the consolidation showing as negative but did confirm with the DOE that they sent the remaining funds (115 dollars out of 10K) that had been outstanding due to an error or timeframe issue with the payoff. So that is the only one still showing as default. I immediately disputed online and the loans are all showing zero balances paid collection accounts and I understand they will be there until they fall off. 

 

My question is more about the rest of my credit. I currently have some other derogs including 2 small collection accounts for under $300 each from 2 old utility bills. I am wondering if it would be in my best interest to offer them a “pay for delete” as I have seen it referred to?

 

I have 3 Capital One credit card accounts charged off in the past couple of years that had original balances of 750, 500, 1500 although they are showing much higher as collections. Should I try to do the same thing with them as well (PFD)?

 

I know that is kind of a vague rundown and I have some other issues with my report, but figured this would be a good start. Trying to buy a house in the next 2 years need to get into the 700′s. I understand it will take time but I’m headed in the right direction. 

 

Also, I have no credit card accounts and was even denied by US Bank for a secured card for $300 because of all the collections. I was thinking of having a friend or family member add me as an authorized user on a couple of accounts to improve my utilization and that aspect of my report.  I was thinking of waiting a couple of months after paying on my current student loans and getting some things straightened out and applying for a secured card with Orchard Bank. Any insight there?

 

Thank you in advance.

Advice on Closing Credit Cards

Mar 162011
 

As of this morning, this is my list of active cards, balances and credit limits. Unless I bunked my spreadsheet, my total utilization is at 5.56% (That’s a negative balance on Credit One). I was thinking of closing the Credit One, First Savings, and possibly the Orchard Card since doing so will have minimal effect on my utilization, especially if I pay the balance on the Applied Card as well. My question is, aside from not having to worry about the annual fees, do I gain any other advantages for doing so? Are there any possible negative I’m not considering aside from the utilization and the eventual AAoA? As always, any advice and insight is appreciated.

 

Applied Card ….91…..1250

Merrick…………..158….1800

Orchard………….79…….900

Capital One……..0…….750

Credit One…….-47……600

First Savings ….99……550

Cap One………….0…..1000

 

My apologies if this should be in the Credit Card forum. Please move if appropriate.

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

Looking To Increase My Score

Mar 012011
 

As you can see in my sig my score is not great. I am wondering if my score is ever going to go up. The thing that is hurting me the most is a 90 day late in Dec 2010 on my Nelnet student loans. I moved and they never sent me any paperwork saying my loans went out of deferemnt after I graduated. I tried getting them to remove the lates and they will not budge. I have had probably at least 7 or 8 collection accounts removed in the past 2 months across all 3 of my reports. I currently have only one credit card and never been late for 14 months now. My utilization is high right now at about 70% and will have this card payed off in March or April. Will I see a significant jump in my score paying my utilization down to a 0 balance or will the 90 day late sting my score for a long time?

Almost There! FP E-mail Anyone?

Feb 132011
 

Hello everyone!

 

I have been on a roll due to the expert advice I have been digging up here on the MyFICO forums! I had an account with First Premier(Opened in 7/06 Last Updated: 2/2011) which has a balance of $428. It is CO and I can PIF.

 

I have read  First Premier isn’t the best when it comes to settling matters such as these, however I have been on fire with achieving PFD. Getting 2 collections removed within the last 14 days!!!!! (Hoping to see a score jump with these, as one was VERY recent)

 

I figure if I get these taken care of, the only baddies I have left are PAID judgements(0 on EX, 1 on TU, and 2 on EQ), 2 Old Collections (reporting on EX and EQ) which will fall off later this year.

 

I also have some lates on some SLs froma few years back, but have had a clean payment history on those for almost 2 years!!

 

Does anyone have an e-mail contact for First Premier? 

 

 I could then try my luck and approach a PFD, or at least get the Utilization and Derog reporting of my CR!

 

I would be for ever indebted! (No Pun Intended :smileyvery-happy:

 

Also-If I can’t get a PFD, what would be the best way to get this to report as PAID, and not look as derogatory as a CO?

 

Thanks in advance gang, ANY ADVICE WOULD BE MUCH APPRECIATED!!!

 

Thanks TO ALL WHOM HAVE HELPED!

 

2/2010:

 

EQ: 472

TU: 454

 

2/2011:

 

EQ: 572

TU: 584

 

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