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CO as satisfactory account?

Frequent Contributor

CO as satisfactory account?

I'm still working on my aunt's CR & Score since she wants to raise her score asap with hopes of applying and getting approved for FHA mortgage. In viewing her reports she has a charge off with discover but on her TU report it's showing up as a satisfactory account? I thought CO's were bad? The original cl was 2k with high balance of 5,800 from late fee's and interest. She closed the account and settled with them paying 1800  which I guess it why it's showing in satisfactory accounts. according to TU's CR ( the only one report this activity ) The open date was 12/1995 last update was 12/2003 closed 02/2003 Remarks: account closed by consumer. Is this hendering her score or should she try to gw and get it removed? Her EQ score on 1/28/2008 was 575.... any suggestions?


Message Edited by Bran9192 on 05-08-2008 05:41 AM
6 REPLIES
Moderator Emeritus

Re: CO as satisfactory account?



Bran9192 wrote:
I'm still working on my aunt's CR & Score since she wants to raise her score asap with hopes of applying and getting approved for FHA mortgage. In viewing her reports she has a charge off with discover but on her TU report it's showing up as a satisfactory account? I thought CO's were bad? The original cl was 2k with high balance of 5,800 from late fee's and interest. She closed the account and settled with them paying 1800  which I guess it why it's showing in satisfactory accounts. according to TU's CR ( the only one report this activity ) The open date was 12/1995 last update was 12/2003 closed 02/2003 Remarks: account closed by consumer. Is this hendering her score or should she try to gw and get it removed? Her EQ score on 1/28/2008 was 575.... any suggestions?


Message Edited by Bran9192 on 05-08-2008 05:41 AM


Is it showing a balance? What was DOFD?
 
CO's are a negative on one's credit report.
 
 
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Frequent Contributor

Re: CO as satisfactory account?

Thanks for the response Sidewinder!
This is exactly how it reads on her TU report and it's in the satisfactory accounts part of the report.
I'm assuming that since she settled and paid the agreed amount of 1800 that this is a CO but I'm not sure, wouldn't this be treated as a CO?
 
Discover Fincl Svc # xxxxxxx
Po box 15316                                        Balance 0                       Pay status paid or paying as agreed
Wilmington DE 19859-5316                 Date updated 12/2003    Type Revolving
800 xxx                                                  High Balance 5800         Responsibility Individual
                                                              Credit limit   2000           Date opened 12/1995
                                                              Past due  0                     Date closed  02/2003
loan type:  credit card
remark:  account closed by consumer
Regular Contributor

Re: CO as satisfactory account?

If its being reported as pd as agreed and revolving, I would leave it alone. A CO on her report will really hurt her. IMO
Frequent Contributor

Re: CO as satisfactory account?

So you are saying this isn't tagged as a CO and leave it alone since it's in her satisfactory accounts? She only has 7 accounts in good standing perhaps better to leave this one alone then...
Senior Contributor

Re: CO as satisfactory account?

I'd leave it alone...especially since it was opened in 95!  Nice aged account!


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

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Frequent Contributor

Re: CO as satisfactory account?

Thanks everyone for the advice.... we are going to leave that one alone! Smiley Wink