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I have a charge off thats 9 months old (164 dollars) with Bank of America (government credit card) and was wondering how much this is hurting my credit score. Its currently at 606. I have a 1 credit card (2500 CL) that i always keep below 10% and have one 1000 dollar loan I took a few years ago that i paid on time.
Since I haven't gotten any where with PFD's I'm just gona pay this off since i'm trying to improve my credit. Anybody have any idea's what my credit score may jump to?
Also whats considered a high credit limit on a credit card? When i checked my credit report it said that my low credit limit is hurting my score so i'm guessing 2500 is a low credit limit. whats a high credit limit? 5000? 10000?
The co is hurting you not only because it's derog, but also because of unpaid amount that is included in your utilization. BoA isn't known to be great with things like that. But your conscience will feel better and upon manual review having it paid will look good.
Initially, you might see a decrease in score after paying it, because fico will see it as a more recent derog. Maybe not so much though, since it's only 9 months old. A co is considered pretty bad. But really how many points depends on the rest of your report.
Is this the worst baddie on your reports? Most recent?
I don't think a low credit limit hurts your score. Now if it's low credit usage....or maybe because you don't have enough positive tl's?