Charge off being DELETED!!! Advice needed!

[Anonymous]

Hi all! So, I successfully received a EARLY DELETION as a Good Will from a student loan (private) that charged off in 2010 -- the lender finally agreed to remove this completely from my report today and submitted the electronic request to the bureaus today to delete it from my report and cosigners. This was a huge charge off and absolutely destroyed our credit 5 years ago ($25,000 charge off) - it docked us 75 points or so. Each! It was awful and my father wouldn't speak to me for months, as I defaulted and didn't tell him (young and dumb).

My question is -- once this comes off, even though it's 5 years old now, will it have any impact on my FICO or report as a whole ? My oldest account is from 2001 (13 years) and this account was opened in 2006, but I have many other accounts opened in 2003-2004 so I'm not too worried about AAofA. I do know eveytime a lender pulls my report for a manual review they note the massive charge off and it often hinders my approvals.

So any advice would be greatly appreciated. Also, the account was PIF after he charge off in 2010 by my father ($27,000) but they refused then to PFD or change status. Any advice would be appreciated ! My father is very happy to see it go, as his AAofA is 35-40 years !! Thank you all!

[gdale6]

A CO is a major derog and affects Fico the entire time its on file in some cases 60+ points at max CRTP. If its your only derog I would expect to see a good bump in Fico but the point gain may very well be muted if there are other derogs on your CR. Grats in getting the deletion

[Anonymous]

How long does it usually take to see a bump? I got a major CO deleted and don't have much other derogs but haven't seen a bump yet!

[Anonymous]

Same question -- how Quick do scores update for FICO? Instant as soon as the issue comes off or is deleted ? I've seen quite a delay in score updates after a deletion -- usually a few days to a week. Also keep in mind whatever score tracker you're using may not update right away, or more than once per month.

[Anonymous]

Gdale -- that is my only CO, but I have 3 medical collections I'm still disputing one of, letting other 2 age off in a year. All other debt current for 12+ months. Last late was in April 14

[gdale6]

Score changes in the blink of an eye when something affects it, its a fluid number always in flux. As far as monitoring systems to recalculate it can be days to weeks. If one has a Scorewatch subsciption its slower than some others on the web and not all things trigger updates for each bureau

http://myfico.custhelp.com/app/answers/detail/a_id/463/kw/3-bureau%20monitoring/session/L3RpbWUvMTQx...

[Anonymous]

Makes sense. I use the EXPERIAN FICO monitoring system. Updates overnight when balances come down, etc -- but scores take time it seems to change.

[Anonymous]

It doesn't make sense to me. I bought Essentials and it automatically upgraded Scorewatch to Fico 8. I called customer service and they couldn't even tell me how often my Fico score updates! It's not daily because it still reads 7-27. I am needing to look at score updates every couple days. I certainly don't see the value in $20 a month if it's not even updated? Or there's a big lag. What's the point? I asked for clarification but they couldn't explain. They said it's all "random." That MyFico Fico Scores only update once a week, they don't know what day, and it's random. I don't see the value of the product. Scorewatch seemed way better.