Rebucketing & Credit Score Impact?

[los_west]

I am very hopeful to have my last paid-CA entry be deleted soon.  Does that mean since I don't have "collections" on my report, I will be rebucketed?  Will it tank my credit score or give it a boost?

I still have a couple of charge-offs with 0 balances from HSBC, from 2008 & 2009.  All other cards/accounts are in good standing and are paid on time.  I am trying to bring my Util % down.  Currently at 70%....but hope to be at 10% in 3 months.

Husband and I are hoping to purchase a home in 6-9 months, so I hope to improve my credit score as much and as soon as possible.

[RobertEG]

The absence of major derogs removes you from categorization of your file as "dirty," and thus places you in a "clean" payment history category.

If you still have charge-offs in your CR, then rebucketing based on payment history wont occur until all major derogs are gone.

As an aside, with mortgage app on the horizon, the status of any unpaid debt will still be an issue, regardless of whether it has been excluded from your credit report.

Most mortgage processes require the disclosure of any unpaid, delinquent debt.

You state that the collection has been paid, but what about other accounts?

A charge-off reporting a $0 balance could signify either that the debt was satisfied, or only that the OC has sold the debt, and it is still lingering out there as unpaid debt.

Has the debt on the charged-off accounts been satisfied?

If not, then credit score alone is not the entire picture.  Any unpaid, delinquent debt may also, regardless of score, become an issue when apping for major credit.

[los_west]

All of my CA entries were paid in full, and 2 already had been deleted.  As for the charge-offs, I am fairly certain that they were all paid for/settled during my time with a debt management company.

So as far as I know, those "$0" charge off accounts will be my only big baddies.