CO PIF....what to expect?

[Brooklyn2018]

Hi, Everyone!

I’ve got some questions needing answered regarding CO cc. I PIF to the CA on a CO cc. OC said they would report $0 bal PaidSatisfied.
(BTW, this was and IS my ONLY revolving account reporting 45% UTL)

1st Question: When and how long(PIF 02/26/2018) will that reflection show up on my CR?

2nd Question: Will I see a small score increase?(I’m sure all depends on what else is affecting that factor?)

Question: When should I start my GW campaign?

3rd Question: Should I app for a secured cc to start a positive TL to start increasing my scores and create some positive history??(I have NO open accounts)

Thanks!

And remember...you guy’s created this monster!!😂😂😂

[thornback]

If this is your only cc, you could see an increase of 20-30 points just from the decreased utilization. They will likely report at the same time of the month they used to report your monthly activity, so you should be able to estimate based on the last reported date listed on your report.

Maybe wait a month or two after payment to start your Goodwill campaign - there's no real reason behind waiting, it just seems like the appropriate thing to do, in my opinion.

And yes, you should absolutely go for a secured cc. You could wait for the balance you just paid to update - just to secure your chances of getting a secured card with a decent lender that will graduate to unsecured after 6 months to a year - like Discover or Cap One (that's what I'd do). Once your new card reports, you'll see another score boost for adding a revolving credit account.

Good luck!!

[GodivaD]

Hi,

Congratulations on your PIF!
The account is usually updated in 30 days but could be sooner depending on the creditor and when your account reports.

I personally would wait until it reports on all credit bureaus before applying for a card. Prior to applying check CAP1 for your prequalification. I was approved for a QS cap 1 with a low score prior to playing my last charge off.

What else is on your credit? You mentioned this is the only revolver and no open accounts. Anything derogatory?

I expect a score boost because your uti will go down.
I’m planning my goodwill saturation now. I have three closed/paid accounts with late payments on them.

[Brooklyn2018]

Thanks, tmr!!

I appreciate the quick response.👍😊

Great advice! I appreciate the guesstimation on the score increase...I LIKE IT!!(tho I know it’s just a guess👍😉)

I will definitely wait for the $0 bal report before I app for a secured card.

Thanks, again!👍😊

[thornback]

You're Welcome!

FYI: My guess is based on my own personal, very similar experience. Charge-off account was my only revolving account, showing 113% util. I paid it off and once it updated I gained 27-48 points across all 3 bureaus (I had another negative account on the report that only gained 27 points - EQ).

I figure your gain may be a bit lower only because your % of util is much less. So... I guess we'll see, make sure you report back with an update!! Hoping for 20+ 🤗

[Brooklyn2018]

Thanks, GodivaD!👍😊

I will wait for to app for that secured card until my cr shows $0 bal. 😊 I’m not sure which card I will app for but, I will more than likely, go with one with a prequal offer so, I get just soft pulls. I’m saving my hard pulls until I am absolutely ready. I haven’t had a HP in over a year now and that looks good to creditors, as it shows I haven’t been desperate and I’ll have a better chance. I only have 3 HP’s over a year old so, that’s a good thing AND I wanna keep it that way. Lol Plus, I’m working to get some derogs off(in and out of SOL) so I have a better plan moving forward. I want to take the “baby steps.” I KNOW I need a positive TL to start masking the bad but, I definitely want to get rid of some of the bad first before I start to app for JUST THAT ONE secured cc. But, definitely will DO the prequals FIRST and go from there. Thank kindly for the great advice. That’s why I’m here to get the best advice on my journey, from you guy’s! 👍

I DEFINITELY will be pull’n for ya on you GW campaign. “GO GET’EM RANGO!!”😂
GOOD LUCK!👍👍👍

Thanks!👍😊

[Brooklyn2018]

Wow!

Those points are sweet!!
Congrats on them when you got them!

If I get “10 points!!!” I’ll be happy. That’s 10 more points toward my goal which is 600 for now across the board.
I finally understand and accepted the WORK it’s going to take to get there.

I’ve learned so much on here, interacting with everyone. It’s AMAZING how GREAT this FORUM and PEOPLE are!!! I do ABSOLUTELY APPRECIATE everyone’s advice and their experiences, ESPECIALLY EVERYONE’S SUPPORT!! It’s in my siggy!!😉

I will definitely...and you know I will post my increase(whether there is or isn’t) because, I’ll be so dang excited!! Lol

Thanks!!😊👍

[Anonymous]

Do you mind me asking if you paid a collection agency or the OC? Just curious because I have a CC that has been sent to collections but the OC still owns it, and I don't know who to pay. But the card still shows like 158% utilization or something like that so I'd love to get it to show 0. 

And yes, absolutely get a secured CC I would start good-will in about a month. 

[Anonymous]

Congrats on finally tackling that! I know you weren't sure about what to do at firsr. Now it's over and done with (And you can't be sued)! Yes, you will def see a boost in credit score. I paid off (well, settled) two Chase cards other day that each were at 118% utilization😕. IMPATIENTLY waiting for when it shows in report. I'm curious as well how much score will go up. And yes, like others said, I'd give it a month before sending GW letters (considering the updates aren't even showing on your report yet as well). Keep us updated!

[Brooklyn2018]

Thanks, Donna71281!!😊

Yes. It feels good to finally be done with that one. I’m glad you were able to get yours paid. Ive got my fingers crossed 🤞🏻 your scores soar.

I’ll update as soon as I get some news.
Thanks for all your support.👍

Have a great one!😁