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Charge Off Status after payment

Established Member

Charge Off Status after payment

Hello Everyone,

 

 

I had a capital one credit card that went into Charge Off (CO) in November 2008. On December 28, 2009 i settled this card with the collection agency.

My question is why is this card still reporting as CO on my credit report?? It is interesting to note that Jan - May it is marked paid, not late and then goes back to "CO"

To sum it  up: 
 I opened the card 5/2007, it had a $1250 limit, it went into 30 days late on 6/2008, and charge off 11/2008, the was rated paid from 12/2008 to 5/2010 and now it states "CO" everymonth thereafter

 

Any idea of how i can dispute this or do anything about this? I have a feeling this is one of the factors that is keeping down my credit score. 

 

I also have another Capital One card with the exact same situation on my credit file.

I understand the charge off status will always remain, but it does say settled, however it keeps raiting me "CO"

 

Any ideas? 

 

Current FICO Scores as of September 2017:
Experian: 640
Equifax: 608
TransUnion: 655
Message 1 of 7
6 REPLIES
Established Contributor

Re: Charge Off Status after payment

It will stay say charge off, but show as paid. From what I understand it will not really benefit the score. It would have been better to pay for deletion in this case if you could have.
WM TransUnion- 650 (6/2014) Credit Sesame Experian- 691 (6/2014) Credit Karma TransUnion- 665 (6/2014)
Amex Zync/UNICORN- NPSL/Capital One Venture One Pro -$7,000/NFCU Cash Rewards- $7,500/NFCU NavChek- $5,000/SouthWest Airlines- $5,000/Capital One Quicksilver Platinum- $3,000/Wal-Mart Discover- $6,000/Bill Me Later- $2,200/JCP- $4,700/Discover IT- $500/Care Credit -$2,300/Old Navy Visa- $2,000/New York & Company - $1,000/Capital One -$800
GOALS: No new inqs until 10/30/14. Pay off debt consolidation loan in less than 1 year. Snowball debt payments.
Last HP: 3/5/14
Message 2 of 7
Regular Contributor

Re: Charge Off Status after payment

The CO will DEFINITELY affect your score. I had one from about three years ago, but after explaining the situation with the OC, they removed it.

 

However, paying it will not remove it. It will update the status to "paid," but that doesn't change the fact it reached a CO status, from what I understand. Since you've paid it, sounds like you need to start GWing them. Did it show up under both the OC and the CA, or just the CA?


Starting Score: TU: 550 EQ: 556 (pulled 6/2010)
Current Score: (pulled 4/18/11) TU: 668(pulled 4/18/2011) EQ: 741
Goal Score: Above 700 on both


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Message 3 of 7
Valued Contributor

Re: Charge Off Status after payment


KeepSwimming wrote:

The CO will DEFINITELY affect your score.



+1 I just had a bogus CO removed from my credit reports last week or the week before......

 

My EQ was 700, after the CO was removed it went to 774 FICO

My TU was 727, after the CO was removed it went to 784 FICO

 

So yeah CO's really kill credit scores Smiley Sad

 

Like KeepSwimming said start sending GW letters to Cap1

 

Keep us updated,

 

Best of Luck!!


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

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Message 4 of 7
Super Contributor

Re: Charge Off Status after payment


chan85 wrote:
It will stay say charge off, but show as paid. From what I understand it will not really benefit the score. It would have been better to pay for deletion in this case if you could have.


A paid off COdoesn't really help the score, but it does stop a possible lawsuit from the CA or creditor.  With that said, having a paid CO is better than having an unpaid CO. At somepoint, the OP may be able to get it deleted before time. 

Message 5 of 7
Established Member

Re: Charge Off Status after payment

I understand what everyone has said, but that still doesn't explain how the card was reporting as good as the CO for almost a year until i paid it off and now is rating me as charge off. I am not talking about the status, i am talking about those little marks that say positive, or green within the 81 month history.

 

The status does say: Charge Off Paid/Settled for legally for amount less than balance

 

 

Other credit cards that i have paid off that are in "charge off" on my credit report say "charge off" in the status but in the 81 mth history are reporting green or positive.

 

I will try a GW letter, doesn't hurt i guess.

Current FICO Scores as of September 2017:
Experian: 640
Equifax: 608
TransUnion: 655
Message 6 of 7
Frequent Contributor

Re: Charge Off Status after payment

Dont you have to be 120 days or so late before a charge off occurs?  It doesn't typically happen when you're thirty days or less late or sixty even, so those are the dings you'll be receiving (30 days late, 60 days late, etc.), for seven years right?

Message 7 of 7