Account was charged off and FICO score went up 58 points!?!?

[Xyberz]

Hi,

I'm new to this forum and was wondering if someone could explain to me how and why my FICO score went up 58 points when an account that I had in bad standing was just charged off?  Also, even though as nice as it is that my score shot up 58 points and now I'm considered to have an average credit score, will my credit score stay this way as long as nothing else bad happens?  

I have an open partially secured credit card with a $300 limit and it's in perfect standing ever since I opened it up last year.  I just applied for an got approved for a no annual fee credit unsecured card for $300 which I also plan to keep in excellent standing.  If I maintain these 2 cards, I'm assuming this will help increase my credit score if that's correct.  I'm hoping to raise my score past 750 within a year using this technique listed by another member on this forum at:

http://ficoforums.myfico.com/t5/Credit-Cards/Pay-in-Full-or-Leave-balance/td-p/905900

Not sure if it's possible with 2 CCs, one being partially secured with an annual fee and the other unsecured with no annual fee.  Right now I use Credit Seaseme to track my score since it's free.  Not sure if that's a good idea or not and also how reliable it is.  

Any input would be greatly appreciated and I look forward to learning from the community and hope to one day be able to contribute that knowledge to others that don't know a whole bunch about credit such as myself right now.  

[Creditaddict]

What is your score now? from here?

What account was charged off? how much? what's dates of first delinquency and now chargeoff?

2 accounts with capital one?

[Xyberz]

Well according to Credit Sesame, my current score is 641.  I haven't pulled my scores from the actual big 3 yet. 

The account that was charged off was a big whammy (in much shame), and it was from Santander for a vehicle.  On my Equifax, and I'm assuming it should be the same for the other 2 credit bureaus, it states that first date reported is 3/31/14.  The date of first delinquency is 12/2013.  The balance is $13,762.

My first partially secured CC w/annual fee is from First Premier Bank and my second card that I have still yet to receive in the mail is from Capital One.  

Please let me know if there's something I missing or anything else that would help.

[user5387]

You mention both FICO and Credit Sesame scores.

I would not rely on the latter in this situation for determining how much a derogatory will hurt.  Instead, I'd use the EX or EQ score from this site, or the TU 08 score from a place like Barclays, Discover, or Walmart.

I'd also rely only on actual credit reports in determining the current status of a derogatory.

[Xyberz]

Actually I did get my credit report from all 3 bureaus from AnnualCreditReport.com.  That's how I found out the dates and current status.  The only thing I listed that was from Credit Sesame is the score itself. 

[Xyberz]

Ok, I pulled my ACTUAL FICO scores from all 3 credit bureaus on their websites.  Paid about $30 for all 3 and 2 of them were trials I have to cancel within 7 and 30 days.  

Here are my scores as of today 4/8/14:

Equifax 558
TransUnion 616
Experian 530

Given the situation in my first post, how will this affect my scores?  Also since I'll have the 2 cards, how can I use these to increase my scores as much as humanly possible?  I've seen that I should keep a $0 balance on one card and then under 9% utilization on the other?  

Unfortunately I didn't get taught about credit from anyone when I was younger so as you can imagine, I didn't manage it well and up until even now.  But I'd like to start today to make sure I can do everything possible to increase my score as quickly as possible.  I really want to be able to get a house in the next couple of years for myself and my family as I'm not getting any younger.  This is something I'm taking seriously and will be teaching my kids about and how important credit can be to a person.  

[JLK93]

Equifax is the only credit bureau that sells FICO scores on their website. You bought FAKO scores. If a score is referred to as FICO it is a FICO score. If it is referred to in any other way it is not a FICO score.

[Xyberz]

Damn what a bummer.  I hate learning the hard way, especially when it involves money that I didn't have to spend. 

Is FICO Standard from this site the best place to get all 3 real FICO scores?

[NotTellinYou]

Yes.