Reply
New Visitor
Isaiah_2990
Posts: 1
Registered: ‎12-07-2012

Are payments toward a charge off supposed to be updated on report ?

[ Edited ]

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..

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011

Re: Are payments toward a charge off supposed to be updated on report ?

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.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


Take the FICO Fitness Challenge
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Are payments toward a charge off supposed to be updated on report ?

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.

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011

Re: Are payments toward a charge off supposed to be updated on report ?


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!



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


Take the FICO Fitness Challenge
Established Member
bigpayback
Posts: 10
Registered: ‎06-07-2007

Re: Are payments toward a charge off supposed to be updated on report ?

[ Edited ]

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:

 

 
                Thank you for visiting OpenMyPremierCard
               Congratulations on your recent approval.
To OPEN your new account and ACCESS your available credit, simply pay your Processing Fee in full today. Processing Fee payments made by methods other than a Debit or Credit Card will pend for up to 6 business days delaying access to your available credit. So use your debit or credit card! You may even qualify for immediate^ access to your available credit. Fill out the information below to get started.^Immediate access requires payment in full by a debit or credit card and is not available to residents of New York, cards reported Lost/Stolen/Fraudulent or on pending funds.




Starting Score: 524
Current Score: 542
Goal Score: 700


Take the FICO Fitness Challenge
Contributor
Isaiah2990
Posts: 86
Registered: ‎04-28-2012

Re: Are payments toward a charge off supposed to be updated on report ?

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.


Starting Score: FAKO EQ 497 EX 516 TU 517 (4.28.12)
Current Score: FICO EQ 587 (9.29.13) TU (GECRB) 596 (2.19.13) EX (USAA) 482 (3.12.13)
Goal Score: 700 all across the board!
Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011

Re: Are payments toward a charge off supposed to be updated on report ?

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.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


Take the FICO Fitness Challenge
Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011

Re: Are payments toward a charge off supposed to be updated on report ?


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!!!!  :smileyhappy:


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+