Reply
Regular Contributor
Posts: 137
Registered: ‎10-12-2012
0

Question: Percent of On-Time Payments & Charge Offs

Hi,

 

I noticed from my Credit Karma report that I have 90.71% on-time payment:

 

On-time Payment: 127

Total Payment: 140.

 

My first CC was issued in 2000 (still have it). Been through some bad years with several Chargeoffs in early 2010 but either PIF or settled. So I'm very clean now. But my question is how CK determines 127 and 140, based on what?

 

Also, do all (paid/settled) charge offs stay for 7 years? Can I work the CCC or Credit Bureaus to get them removed. It's been almost 3 years, and I never missed any payment. Util is always < 10%.

 

Thanks

FICO Scores 8: EX 731, EQ 731, TU 725

Credit Cards: Chase Freedom 9.5K | AMEX TrueEarnings 4.5K | Cap1 Venture Visa 3.5K | Cap1 QS MC 3.5K | Discover IT 1K | Cap1 Spark Cash 15K | AMEX SimplyCash 9K

Store: PayPal SmartConnect 10K | JCP 5.2K | Banana 3.3K | Walmart 4.5K | Kohls 1.5K | TargetRED 200
Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
0

Re: Question: Percent of On-Time Payments & Charge Offs

It's not really worth worrying about how Credit Karma comes up with that.  FICO doesn't use that method. 

 

As for the chargeoffs, they will stay on 7.5 years past the date of first delinquency.  The only way to have them removed earlier is to write GW letters.  That means goodwill letters.  You're basically just asking for a favor.  You write that to the lender, not the CRAs. 

 

When asking for a GW deletion, you basically want to explain in a succinct way what you are asking for, what happened, why it happened, and why it won't happen again/why you've become a good customer for them again.  You can search on the forums for examples of GW letters.  However, I would strongly encourage you to take a shot at writing yours before you search for examples.  There is no magic language that you need to use.  It's not governed by the FCRA, and you have no right to the deletion so you don't have to think that you need to use the right phrases, or sound like a lawyer, or anything like that. 

 

The reason I say this is that too many people look for an example because they are worried they are going to write the wrong thing, but then they can't get away from the example.  So they end up sending a letter that begins and ends the same way as thousands of other people's letters with only a couple details in the middle changed.  How do you think that plays out when the company receives the letter.  It's obvious that it is something you copied off the internet.  It's not personalized and it gets treated that way.  So try to write your letter first and then, if you must, search for examples and see if there is anything you want to edit in your letter.  But keep it your own. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Regular Contributor
Posts: 137
Registered: ‎10-12-2012
0

Re: Question: Percent of On-Time Payments & Charge Offs


Walt_K wrote:

It's not really worth worrying about how Credit Karma comes up with that.  FICO doesn't use that method. 

 

As for the chargeoffs, they will stay on 7.5 years past the date of first delinquency.  The only way to have them removed earlier is to write GW letters.  That means goodwill letters.  You're basically just asking for a favor.  You write that to the lender, not the CRAs. 

 

When asking for a GW deletion, you basically want to explain in a succinct way what you are asking for, what happened, why it happened, and why it won't happen again/why you've become a good customer for them again.  You can search on the forums for examples of GW letters.  However, I would strongly encourage you to take a shot at writing yours before you search for examples.  There is no magic language that you need to use.  It's not governed by the FCRA, and you have no right to the deletion so you don't have to think that you need to use the right phrases, or sound like a lawyer, or anything like that. 

 

The reason I say this is that too many people look for an example because they are worried they are going to write the wrong thing, but then they can't get away from the example.  So they end up sending a letter that begins and ends the same way as thousands of other people's letters with only a couple details in the middle changed.  How do you think that plays out when the company receives the letter.  It's obvious that it is something you copied off the internet.  It's not personalized and it gets treated that way.  So try to write your letter first and then, if you must, search for examples and see if there is anything you want to edit in your letter.  But keep it your own. 


I pulled this out from myFICO Quarterly report:

Payment after charge off/collectionChase Bank Usa Na
Account number: XXXXXXXXXXXX
Date opened: 6/2004
Settled—less than full balance
More Info

 

@Walt_K: Thanks for the detailed explanation. 

 

So when I write the goodwill letter, should I ask the creditor to (a) remove the account, or (b) change to a different report status (for example: "Paid as agreed"). 

Thanks?

FICO Scores 8: EX 731, EQ 731, TU 725

Credit Cards: Chase Freedom 9.5K | AMEX TrueEarnings 4.5K | Cap1 Venture Visa 3.5K | Cap1 QS MC 3.5K | Discover IT 1K | Cap1 Spark Cash 15K | AMEX SimplyCash 9K

Store: PayPal SmartConnect 10K | JCP 5.2K | Banana 3.3K | Walmart 4.5K | Kohls 1.5K | TargetRED 200
Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
0

Re: Question: Percent of On-Time Payments & Charge Offs

You ask for deletion.  Good luck with the GW.  Always free to post it back here and ask people for suggestions as well.  I just think it's really important for people to make a pass at it before looking at someone else's words.  For me, I find that once you are looking at someone else's example, it is difficult to put it out of your mind.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.