cancel
Showing results for 
Search instead for 
Did you mean: 

How to proceed with settled negative accounts

tag
mattymo
Established Member

How to proceed with settled negative accounts

So I have 4 or 5 negative accounts on my history with DofD approaching 7 years. All of these accounts have been settled for less than the full balance and closed as of 2 years ago. I need a 20pt increase in my score in order to get a loan ASAP. Is there anything I can do with these accounts that would be beneficial? I've tried goodwill letters with no success...should I keep trying those or is there a way to offer payment in exchange for deletion at this point?

Message 1 of 5
4 REPLIES 4
TheGardner
Valued Contributor

Re: How to proceed with settled negative accounts

How long until they drop off?
If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
Message 2 of 5
mattymo
Established Member

Re: How to proceed with settled negative accounts

One this month, then October of this year and February of next.

Message 3 of 5
TheGardner
Valued Contributor

Re: How to proceed with settled negative accounts

In June you can ask the CRA to delete early, several people have had success. Good luck!
If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
Message 4 of 5
RobertEG
Legendary Contributor

Re: How to proceed with settled negative accounts

If they are OC accounts, then only their reporting of derogs, such as a charge-off or collection referral no later than 7 years plus 180 days from DOFD.

The CRA does not delete the accounts based on expiration of credit report exclusion periods for derogs reported under the account.

 

Have you previously requested deletion of only the derogs, or were your requests for their deletion of the entire account?

If to date you have only requsted deletion of derogs, they might be more willing to delete the entire account.  That relieves them of any need for possible updates or need to address any possible disputes over info still reported in the file.  They can mothball the account.

 

You would lose its age in your AAoA calculation, but gain in earlier deletion of all reported derogs......

Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.