Charge off reversal

[Anonymous]

I have negotiated an account of mine to be updated by the OC to a "non charge off" status.  Will accepting this ofer have an immediate positive impact on my credit/ FICO score?

[JoeBJay20]

Welcome to the forums.

What exactly does it mean by non charge off status?  Will it be reported as paid as agreed?  If so, the amount of positive impact is difficult to predict.  Some people have seen large gains in score, others more modest or minimal gains.  It depends on what else is currently in your credit reports. 

[guiness56]

Having a CO is one of the worst derogatories to have.  If the OC reverses that, you may see an increase in your score.

FICO scoring should be the 8th wonder of the world. 

[Anonymous]

So how did this turn out after all? I've negotiated a charge off reversal myself (I was in graduate school and let my payments be delinquent like a TRUE jackass even though I had the money sitting in my bank account) and my score is 679, wondering if I can move up to the next level in the scoring system. Did you see big gains?

[RobertEG]

I am surprised that an OC would remove a CO. 

They have already written off the bad debt, and obtained a tax writeoff of their debt.  This is an accounting mess for the OC. 

What did you offer to get them to do this?

A CO is a major derog, and its elimination, in of of itself, will have a postivie effect.