Reply
New Member
Posts: 1
Registered: ‎04-07-2011
0

Charge off credit card less than 30 days

I had a credit card charged off on Aug 25. I can pay the balance but will it help or hurt my credit? What's the chance of getting the CO removed?
Moderator
Posts: 13,308
Registered: ‎04-15-2011
0

Re: Charge off credit card less than 30 days


gwill wrote:
I had a credit card charged off on Aug 25. I can pay the balance but will it help or hurt my credit? What's the chance of getting the CO removed?

It will get rid of the debt if you paid it, it would also look better on a manual review.  Once paid, you could try to GW it.



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!
Contributor
Posts: 228
Registered: ‎08-29-2013
0

Re: Charge off credit card less than 30 days

Well certainly paying it will look better than not paying it. AT LEAST the balance will be reflected as 0. 

Because it's so recently charged off, I would contact the creditor or the collection agency and just explain that you let the account get away from you by mistake and that you are really looking to clear it up NOW to save everyone some time. With that said, ask them because the CO is so new, could they possibly just remove it from your credit due to payment in full.

 

Regardless to what they say though...paying the CO off as compared to not paying it off will not hurt your score in anyway. The charge off will still be there at the very minimum. 


Starting Score: (FICO)(August 29, 2013) 502(EQ) 568(EX) 549(TU)
Current Score: (FICO) (September 19, 2013) 702(EQ) 679(EX) 711(TU)
Goal Score: 720(EQ) 720(EX) 720(TU)

Take the myFICO Fitness Challenge
Bank of America Cash Rewards $300 | Amazon Store Card $800 | WalMart Store Card $1000
Established Member
Posts: 42
Registered: ‎08-26-2013
0

Re: Charge off credit card less than 30 days

but would it reage it if it was 2-3 years old? or what if it was sold to CA and you still want to pay it? i had a CO with paypal and got the CA removed. i just wouldnt want to reage the OC

Moderator
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Charge off credit card less than 30 days

Paying a CO will more than likely help if it is factored into your utilization.

Established Member
Posts: 42
Registered: ‎08-26-2013
0

Re: Charge off credit card less than 30 days

its $14 CO lol 

Moderator
Posts: 13,308
Registered: ‎04-15-2011
0

Re: Charge off credit card less than 30 days


creditdrsuesse wrote:

but would it reage it if it was 2-3 years old? or what if it was sold to CA and you still want to pay it? i had a CO with paypal and got the CA removed. i just wouldnt want to reage the OC


Paying it would not reage it.



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!
Moderator
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Charge off credit card less than 30 days

Established Member
Posts: 42
Registered: ‎08-26-2013
0

Re: Charge off credit card less than 30 days

I disputed it with the big 3 but am hearing now not to dispute bc it takes away other options down the road...is this true? if so, I wish when i posted about if i should dispute.im upset noone chimed in to give me the advice..too late now. of course my score dropped from the dispute even though the account is closed and charged off...hopefully since i emailed the executive escalations dept and they havent been able to access the info for 3 weeks now that it means they dont have it since paypaals credit arm was changed the month all this happened.  they are having trouble getting the acct info from GE.  PP told me i could contact ge directly but if the executive team cant get it from pp why would i try to get GE to do it myself...

 

my bet was they didnt have the idocumentation and it  was lost in the transfer since the acct was sold to CA agencies maybe?  since it took them 3 weeks I figured id dispute with big 3 and they wouldnt respond to them in the 30 days and it would be deleted..

 

Do i have any recourse if it comes back verified?  what other options do i have? i noticed BBB complaints get handled fast and closed in customers advantage 70% of the time.. surely they would let $15 dollars go as to not casue BBB score or complaints to remain.  long story short i was  signed up for a ge acct without my consent and then had 2 credit accts.  the $15 balance was on the original account and my new acct which i had no idea was seperate showed 0 balance..therefore the $15 went unaddressed fopr 4 years.   pp is very shady. please give advice on what to do now.. will my score go back up after investigation?

Valued Contributor
Posts: 2,161
Registered: ‎08-24-2013
0

Re: Charge off credit card less than 30 days

"if so, I wish when i posted about if i should dispute.im upset noone chimed in to give me the advice..too late now."

 

Shame on us for not meeting your expectations. We are profoundly sorry.



Starting Score: 618
Scores on 10/9/13: EFX 652, XPN 669, TUC 662
Scores on 3/17/14: EFX 649, XPN 677, TUC 681
Goal Score: 720 ALL


Take the myFICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.