Pay Off Capital One

[Anonymous]

I spoke with Experian today and they told me that the closed account with a balance of $34.00 was pulling down my score because it was a charge off with a balance so I contacted Capital One today and payed the $34.00. When they update my Fico Score how many points can I expect it to go up? Or will nothing change?

[pizzadude]

---

@Rickdoc1 wrote:

I spoke with Experian today and they told me that the closed account with a balance of $34.00 was pulling down my score because it was a charge off with a balance so I contacted Capital One today and payed the $34.00. When they update my Fico Score how many points can I expect it to go up? Or will nothing change?

---

I wouldn't expect much of an increase if the charge off status doesn't change, regardless of the balance.   A CO is a major derogatory item which will significantly impact your FICO score.

[cluelessoregonguy]

If the charge off hadn't updated in awhile having it update can actually knock you down some points. Might be worth seeing if Capital One would just go ahead and drop it off the reports since you paid it. I was successful in a similar situation with a small amount that I didn't know about (old utility bill). I explained my situation after paying and they dropped it from the reports without even telling me.

[Zach76]

CapitalOne doesn't do PFD or remove items before the FCRA demands it.

[Anonymous]

I contacted Capital One this morning and they said they cannot remove it that they will update that the dept is satisfied/paid. I hope this helps me. I also have a collections on a Chase card with a $2,100. balance that I made monthly payment arrangements at $100.00 a month that i been paying for the past three months. If this was paid off in fill will it make a differance on my fico scores?

Rich 

[pizzadude]

---

@Rickdoc1 wrote:

I contacted Capital One this morning and they said they cannot remove it that they will update that the dept is satisfied/paid. I hope this helps me. I also have a collections on a Chase card with a $2,100. balance that I made monthly payment arrangements at $100.00 a month that i been paying for the past three months. If this was paid off in fill will it make a differance on my fico scores?

Rich 

---

Similar to the other account, I wouln't expect much of a FICO score increase from paying.   If you could negotiate a PFD that would help though.

[Anonymous]

What is a PFD?

[pizzadude]

---

@Rickdoc1 wrote:

What is a PFD?

---

Pay for Delete ~ you pay a delinquent / charge off / collection  in exchange for the creditor removing the account from your reports.   You'll have to negotiate this as most creditors won't initially agree to delete in exchange for payment.