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Hello everyone I have a few questions!
So pretty much earlier this year I had my entire tax refund offset and sent to a charged off cc (military star card) I owe about $400+ last time I spoke to the collection agency..When they got my money for taxes..was my report supposed to be updated and have a lower amount on the charge off ?
Another question is I recently decided to settle with first premier for a charge off for a payment of $198.. after it is paid off is it possible I can get another cc with them again ?
My final question is..I plan on having all 3 of my charged off cc's paid off by the end of January and I will be debt free.. will my score raise once those items are paid off since my DTI will most likely go down ? According to EQ it's currently 86% right now..
Welcome to myFICO!
Yes, when you pay off or pay toward a charged off account it should update to the new amount. Most creditors do this automatically once a month or whatever their schedule is. If this isn't happening, I would submit a dispute with the Credit Reporting Agencies (CRA's) that the balance is wrong and you'd like it updated.
Congratulations on settling with First Premier. Most creditors would give you another account, some even if you have a charged-off account. My advice though, would be to stay away from First Premier and consider yourself lucky that they are paid and you're done with them. Look into other rebuilder cards with Capital One or go Secured with US Bank/Bank of America etc.
I can't accurately answer your last question since I am not 100% sure that your DTI is included in your FICO. It may fall under the "amounts owed" category of FICO scoring which is 30% of your score but again I am not entirely sure. Shogun will be here to answer that shortly I am sure.
I'm not Shogun but I play one on myFICO sometimes....DTI isn't a part of FICO scoring. DTI is the debt to income ratio and it's not included because income isn't included into FICO. Not those CO'd CCs could be factored into utilization and in some cases, paying down a charged-off CC can increasing your score. Depends on other factors.
@llecs wrote:I'm not Shogun but I play one on myFICO sometimes....DTI isn't a part of FICO scoring. DTI is the debt to income ratio and it's not included because income isn't included into FICO. Not those CO'd CCs could be factored into utilization and in some cases, paying down a charged-off CC can increasing your score. Depends on other factors.
Lol I'm sorry Ilecs! You play a very good Shogun!
I Agree with sphinx313 stay away from First Premier, High processing fee $75 plus shipping fee is another $20. I applied last wk before I came back to the forum but It was
too late, I noticed the limit was only $300 and there wasnt a option to cancel the transaction, I'm not activating any credit card from them, after reading the forum I went to CAP1 and got approved for unsured rewards card with no processing fees' First Premier keeps sending me emails to pay processing fee, they can rot in hell for all I care:
Thanks for the heads up.. I accidently made a new account by mistake.. do you guys think I have a chance of obtaining a new credit card once my 3 charge offs are paid ?.. those are the only baddies on my CR other than some late payments on my car payment.
You always have chances to obtain new credit with a fairly decent CR. There's always a lender somewhere, it's just that some of them fall into the predatory category, where you have to be very careful that you don't mess up with them or you will pay dearly.
@llecs wrote:I'm not Shogun but I play one on myFICO sometimes....DTI isn't a part of FICO scoring. DTI is the debt to income ratio and it's not included because income isn't included into FICO. Not those CO'd CCs could be factored into utilization and in some cases, paying down a charged-off CC can increasing your score. Depends on other factors.
Oh now that was funny!!! Since you're doing impressions, I wanna hear Scooby Doo!!!!