Only 1 thing left that is hurting my score

[fezwhy]

After I paid my util % down and the foreclosure fell off last year I was able to get my 1st car loan.

I have just 1 thing left and that is a Sally Mae private student loan in default that I cosigned on.  The SOL expired a few months ago. 

However I see they keep posting it as a charge off every month since then. 

Can they still do that even though the SOL expired or should I be disputing that with the credit bureau? 

[Calistal]

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@fezwhy wrote:

After I paid my util % down and the foreclosure fell off last year I was able to get my 1st car loan.

I have just 1 thing left and that is a Sally Mae private student loan in default that I cosigned on.  The SOL expired a few months ago. 

However I see they keep posting it as a charge off every month since then. 

Can they still do that even though the SOL expired or should I be disputing that with the credit bureau? 

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SOL is just the amount of time that they have to sue you, how long that stays on your credit report is a completely different thing.  I think the average rule is negative accounts stay on for 7.5 years after the DOFD.  Disputing it won't do anything to help to my knowledge.  If I'm wrong - please someone correct me.

[fezwhy]

Oh ok.  So I just have to let it run it's course and wait for it to fall off.

[fezwhy]

I just received a letter in the mail from the debt collector and they want to settle.  With interest they originally wanted 15.7k. 

They want to settle for the amount of 4,130.

That's so much less than owed, however I don't have that kind of money laying around to pay in full.

Am I better off just letting it fall off since next year will be 7 years or make some type of payment arrangement?

Will they go back and correct all the charge offs and make them paid in full if I pay this off?  Or will I have to write goodwill letters?

[Anonymous]

Unless you're planning to buy a house or take out an auto loan in the next year I would probably let it age off.   What's your UTL?  If it's high you can pay it down to get your scores up and just garden.  When the SL falls off you'll get a huge bump.

[fezwhy]

Thanks I was kind of thinking of just letting it fall off.

My util is usually less than 10%.  I pay everything off in full every month.

The only debt I currently have is my car loan and that will be paid off next spring.

I am currently gardening with 2 cards and my car loan. 

I don't plan on buying a house for at least 2 years down the road and the car I drive now I will have for at least 5 or 6 more years.

My score gets dinged 5 to 10 points every month when they do another charge off on the loan.  My scores average about 650 and don't seem to go any higher.

[gdale6]

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@fezwhy wrote:

Thanks I was kind of thinking of just letting it fall off.

My util is usually less than 10%.  I pay everything off in full every month.

The only debt I currently have is my car loan and that will be paid off next spring.

I am currently gardening with 2 cards and my car loan. 

I don't plan on buying a house for at least 2 years down the road and the car I drive now I will have for at least 5 or 6 more years.

My score gets dinged 5 to 10 points every month when they do another charge off on the loan.  My scores average about 650 and don't seem to go any higher.

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You need to have 3 open revolvers to help maximize your Fico score. Im sure the CO updating is keeping your score held down, they do it for a reason. Its an attempt to force you to deal with them and restrict your ability to get new credit.