Charge Off PIF question

[CS800]

Ok here's the deal. I spoke ot both the CA and the OC. Both said they would not remove the charge off even if I PIF tomorrow. The status will turn to Charge off paid in full but the account will still not be positive.

So will the change in status from Charged Off to Charge off PIF give me some form of score boost? Account was charged off 2009. DOFD was Oct 2008.

I figured I can always pay then try GW even though OC said they can't delete it. I'm sure they could if the wanted.

[guiness56]

If the OC was showing a balance you very well could see a score boost.  If this amount was being calculated in your utilzation it will no longer be there.

It is possible for a CO to turn into a positive account once all the lates fall off.  It can happen but, it may just fall off when the CRTP has expired.

It is fairly new and likely to be within SOL for suing.  Is it a large amount?

[CS800]

$85 the total amount

And no credit limit reporting on this one but on the closed BoA that I have they all report.

3 BoA closed accounts in 2007 that i have been paying since 2007 on a payment plan.

The one im paying off this month has a $9000 credit limit

But all three cards have a combined limits of $17000.

So when I pay these off completely since they are reporting my limits, I could get a boost?

[guiness56]

It had always been my understanding that if it is a CO with the OC and the debt has not been sold, the balance will always be counted toward your utilization.  It doesn't matter if there is a CL reporting or not.

It may be different now.  If the CL is reporting then the balance will too.  If that is the case, yes, when you pay them the balance, neither will count toward utilization.

If I got this wrong, I am very sure someone will correct me.

[MarineVietVet]

I have a follow up to this. I asked someone much higher on the food chain than myself about this and got this answer.

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 My words are in bold black. In a recent post someone wrote: It had always been my understanding that if it is a CO with the OC and the debt has not been sold, the balance will always be counted toward your utilization.  It doesn't matter if there is a CL reporting or not.  Don't know where/how this idea came about, but there's no truth in it.

 I also asked: 

Now in the stickied thread about closing CC's it states:

 If a closed CC account with a balance continues to report the original credit limit, then both the balance and the CL of the closed account will be used in the utilization calculations.

 My question is this: Are CO CC's with both the CL and balance reporting looked at the same as any other closed card or are there special rules for the CO card? Charged off revolving accounts are treated no differently than closed accounts in good standing.  And as with any non-CO'd closed account, the absence of a limit or balance or both will exclude it from utilization calculations.

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 I hope I formatted that right where it makes sense.

[RobertEG]

I would look at the CO from the perspective that it is, in effect, only an internal accounting transaction done by the OC done for their internal business benefit.

Whether or not the OC reports the CO to a CRA has no affect on the substance of the account, such as balances and credit limts, unpaid debt., collection actiivities, etc.

It is, except for its affect on consumer credit scoring, really just a sidebar scoring issue.  It is just like any other closed account.