Reply
New Member
Xtremerl
Posts: 1
Registered: ‎09-27-2013
0

I got a question

I got a bad citi card I settled it for a lower amount how to get it off my credit as a charge off
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: I got a question

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

Send a GW letter.

Member
AllyInSac
Posts: 12
Registered: ‎06-24-2013
0

Re: I got a question

Ugh!  I did the same thing with Citi...settled on a reduced amount and they promised to change the status from "Charge Off" to "Satisfied." 

That never happened.  Then, about a year later, the whole debt was off all three CRAs.  Weird.

 

Good luck with them.  They were tough,


Starting Score: 03/13 ESP-457 TU-503 EQ-505
Current Score: 09/13 ESP-740 TU 662 EQ-661
Goal Score: 750


Take the myFICO Fitness Challenge




Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
0

Re: I got a question

[ Edited ]

Prior reporting of a charge-off is their reporting of a business decision they made at that time.

The ultimate payment or non-payment of the debt does not negate their having taken that action, or its accuracy.

Thus, the charge-off can remain after the debt is satisified.

Changing the current status to paid is required, and updates the balance of debt now due, not the charge-off itslef.  You dont "pay a charge-off," you pay the debt that happened to have been charged-off.

 

The proper route would be to ask for their good-will deletion.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+