@gsxr600k6 wrote:Thanks for the response. Considering I had a Fico score of 750 just last year, how long does it realistically take to get back to 700's? I have a steady job with decent income and I am able to pay off the debt. I don't have rent or mortage and I can be a little aggressive with the payments. I have close to $20k in debt. Once all the debt is paid off can i expect an increase in the score? is there anything else that I can be doing in the meantime that can help improve my score (besides paying my cards on time)
Paid debt is always better than unpaid. But as far as your scores, it's going to take awhile if the CO is recent. Wells Fargo does not PFD, nor do they grant goodwill deletions for charge offs (believe me...I've tried!). The only time I've seen it happen is under really extraordinary circumstances (i.e. solider deployed to Iraq gets laid up in a hospital for several months). Even that may not be enough...and they will want documented proof. So you will probably have to carry the CO for the full 7 years.
The "good" news is after 24 months, the impact on your score will be less and less over time. I have a 6 year old CO from Wells Fargo, and all my scores are all well over 700. The CO has not stopped me from re-fing my mortgage, getting a new car (tier 1) and getting most of the cards in my siggy. I don't even think about WF anymore.
So keep your head up. It gets better!
Good luck!
