CapOne status phrased differently on Bureaus

[Caliche]

Apparently I was in a fog back in 2006.  I opened a CapOne credit card with a $300 cl.  I just pulled my report a month ago and saw I owed CapOne $1172 for this same card which I don't remember ever using.  I was lead to believe that it was placed in collections as i don't recall ever making a single payment.  I got a hold of a CapOne rep who said that they still held the acct.  She read off some of the charges made with the card and I realized that it was indeed mine.  I was offered a settlement but opted to pay the full $1172 in the form of a wire transfer about 3 weeks ago.  Equifax reports it as a Bad Debt/ Collection with a $1172 balance while Transunion reports it as Charged off as bad debt.  Is this normal?  Using the simulater on MyFico the $1172 falls in the revolving/open account category.  When I simulate paying off that $1172 amount, which I have done, my credit score jumps up around 70 points.  Is this possible?  Thanks in advance for any insight.

[Caliche]

Is there a possibility that a GW letter might be beneficial in this instance?  Also how long should I expect before I see a zero paid in full status on my credit report?

[aftermath]

The descriptions are correct. 

It is unlikely you will see a PAID IN FULL status.  A charge off is a charge off and the only thing that will change is the balance updated to $0.

Dispute the balance with the CRA's if you wish to have it updated sooner.

Give Cap One some time to cool off.

Write them a goodwill letter, and specifically mention that you opted to pay it in full instead of settle and that you never intended to skip out on your obligations that is why you contacted them first.  This will show them that you made effort on your part to do good on your end and maybe they will return the favor to you.

[AndySoCal]

You are probably getting some benefit (higher score) from a lower credit utilization in the score calculation. The reporting of the account is okay.

[Caliche]

Just got a fico score alert.  That payment of $1172 that I made on the above mentioned deliquent account is now reflected on my credit report.  My EQ fico score jumped from 622 to 664.

[AndySoCal]

Nice increase !

[DI]

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@Caliche wrote:

Just got a fico score alert.  That payment of $1172 that I made on the above mentioned deliquent account is now reflected on my credit report.  My EQ fico score jumped from 622 to 664.

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Nice increase!  Is the account the oldest tradeline in your credit report?  If it is, you may want to wait before getting it deleted until other accounts mature so that your AAoA won't decrease.

[CS800]

If I understand well, this account was a charge off and you paid it in full and your got a 40 point boost just for paying it to 0?

If yes, I just paid a Kay charge off/collection. It was charged off in 2009. I PIF but there was no change in my score at all. I wonder why.

[MarineVietVet]

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@CS800 wrote:

If I understand well, this account was a charge off and you paid it in full and your got a 40 point boost just for paying it to 0?

If yes, I just paid a Kay charge off/collection. It was charged off in 2009. I PIF but there was no change in my score at all. I wonder why.

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Sometimes paying a CO off will help your score because it helps you lower your utilization. Paying off a collection will never change your score if it's coded correctly.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Caliche]

That is correct vet.  My utilization number went from somewhere north of 200 down to 50.