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Need Help with rebuild after recent CO

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Anonymous
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Need Help with rebuild after recent CO

Hi everyone.

 

I am trying to help out a 20 year old kid whose credit has been destroyed before it even got started.

 

Actual FICO score is 606 as of yesterday (EQ). It is not a FAKO score.

 

Brief history:

6 total accounts. 4 of them were AU. They were all closed in good standing, never a late payment. It appears this was done to establish some credit history before getting  own card. Off to a good start at first.

1 open store account with $100CL (reporting as still open and in good standing. No late payments ever).

1 Charge off with Capital One since January 2011.

 

 

From the research I have done on here, it seems the CO will stay on CR for 7 years. The charge off is 5K.

I am aware of the ramifications for not paying (collections, possible litigation, etc.). And obviously a SERIOUS deliquency for someone so young. 

 

I thought a card could not be counted as a CO until there has been 180 days of non payment in a row? This reports as 150 days, then one timely payment, then CO the following month, and every month thereafter to date. Anyone have info on this? 

 

 

 

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