Credit Cards

[bigboytoys1]

I had a charge off from Cap 1 dating back to Sept 08 never reported by CA.  CL was $300 and reached $750 w/ lates and penalties, settled for $560 back in Jan 08.  Just called Cap 1 figured i'd try to get them to reopen account and remove charge off, they refused to change charge off but agreed to delete all lates and other derog info.  my question is will the deletion of the lates help my FICO scores? 

[YoungEntrepeneur]

Of course, that's what everyone hopes for.

[briandor]

Actually no.  If they are removing the lates but not the charge off on your report than it won't affect your score at all.  As long as it continues to report as a charge off any other changes to the account won't matter since the charge off is the most severe derog being reported for the account.

Now if they were to remove the lates and relist the account as an open account you would be in business.  Even if they were to change it from a charge off to a settled account it wouldn't help much.  Unfortunately Cap1 is a tough one too since they seem to make an effort to keep the account listed on your CR for as long as possible.

[concorduser]

My suggestion make a deal with them in which they will remove complete nagative information including the chargeoff, even if you have to make the full amount for them to do it.

[bigboytoys1]

thanks for the input.  cap 1 will only remove the lates, my score did jump 31 points when i settled.