One main financial updating

[w121jld]

The entire account isn't being deleted just the charge off.

[merlinflex]

Did your scores increase?

[Anonymous]

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@Anonymous wrote:
No.

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It will if they actually remove the charge off status.

[pizza1]

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@w121jld wrote:
The account is about 5 years old, but it's been charged off reporting every month since 05/2012.

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You may see a little change in scores with the actual "CO" status being removed, but will depend on how it reports AFTER the fact.

If there are NO negatives or negative 'wording" associated with the acct after the CO status goes away, and it changes to a postive acct, youll see a a bump in scores if its your only negative reporting.  

If there are negatives wordings still attached to the acct after the CO status part is removed, it will still be considered a negative or derogatory acct, so then the DOFD applies....in your case if DOFD was in 2011, then acct will drop or turn postive in 2018. 

[sjt]

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@w121jld wrote:

One main financial called me today and stated that since my account was settled that they are going to remove the charge off and just report as settled in full. Will this raise my credit score? 

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If the account was reporting monthly, then settling the account to a 0 balance will help result in a bump in score. 

My friend recently paid a charge off still owned by the original creditor and reported monthly. After it was updated to paid/charge off, 0 balance, they received a nice bump in score.