Just paid 3 CO's and have a question

[Anonymous]

I am in the process of buying a home (we close next Friday : ) but it was required that I pay my three charge offs.  I have been planning on paying the CO accts for many months now but had to wait until we were approved for our house and scores pulled etc. Anyways, I was not able to get PFD agreements from either lender.  I tried and tried and tried : )

Honestly it is not a huge deal because I know our scores will eventually increase if they drop from us paying the CO accounts and our main goal was to buy a home and pay our outstanding past due debts.  However, I would like to refinance my car once we close on our house but worried my score may drop too low.

Here is the question,  These charge offs ARE included in my utilization according to MyFico.com.  From my understanding there is a great chance our scores will increase since out utilization is so high (%81) right now due to the charge offs.  Once the charge offs are reported as paid our utilization will drop to 0%.  I would really love to hear from someone that has paid charge offs that were included in their utilization percentage.  

My car will be paid off in about 1 year but we have an APR of 17.99%.  We bought the car before I was able to get our scores up.  

[Anonymous]

OHHHHhhh and I will still be hounding the creditors requesting for the accounts to be deleted but I am sure it will likely take months to get that to happen if ever at all so I am not counting on it.  

[hdrider07]

Definitely keep sending GW letters to try and get those removed, that will really help your scores.  I assume since the 3 CO's were factored into your UT that they were still owned by the original lender, if that is the case then you UT will drop once they reflect paid and will give you a score boost but not as much as it would if the CO's werent there.

I paid a CO and got a boost from UT dropping, my UT didnt drop like yours though so my boost wasnt that much.

[2NE1]

What are the company names of these CO accounts?

17.99% interest on a car loan isn't as bad as the 26.99% I had for over a year! Thanks to MyFico I found out about local credit unions, I was able to refinance my car loan and lower it to 9.24%! so good luck on yours!

[Anonymous]

The charge offs were with Citi/Sears and American Express.  I feel pretty confident that I can get the Citi charge off deleted per reading so many sucess stories online with them.  American Express I am a little weary.

I typed up GW letters for all three accounts last night and sent them via the BBB.  I have had great success with BBB before so I going that route and then I will also send to contact emails that I have and I am faxing the letters also.  

It is great to hear that you had an increase... I hope we do too : )