Tradelines: Charge Off vs Collection

[BallBounces]

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@BMW_328i wrote:

Thanks for your reply.  What information do I need to give?

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Well, for starters, as I asked, "What does it look like in terms of missed payments prior to the charge off?  "

Your scores are quite low.  Time, patience and perseverence will be required as you begin the work to imptrove them.  The rebuilding forum would be a great spot to do some research.

[BMW_328i]

All bad...not one one time payment.  Basically, I opened the card used it and never paid.  The myFICO Score Estimates give me a nice increase onthe pending items outlned above.  Although the score esimates are not cumulative, I hope it's in the same ballpark.

[BMW_328i]

Has anyone noticed the new score simulators?  They are calculating different numbers for paying off CC balances.  I don't know why they would add the functionality to add two items but not have them cummulative.

Also, I'm getting mixed messages from myFico and the CBs.  They are eaching passing the buck on each other regarding the responsibility of updating the FICO scores.  If the CBs have the correct reports they should feed myFICO asap.  We shouldn't have to wait until a "trigger" happens.  We're paying $30/month for what?  Where's the value?  The value I did realize was when I received my reports and scores- after that there is no value until quarterly updates.  This is where they think people will purchase another report for $50??!!!  Not me.

[Anonymous]

Do not pay off the items unless they're getting deleted from your record.  They'll be new items since you just paid them and your score will go down.  They won't come off for 7 years.  See the Rebuidling your Credit section for a post I made about pay for delete.  Most collectors will agree to remove the item if you pay them.  This DOES NOT WORK once you have paid.

Also, removing 4 or 5 negative items from your report should lead to a massive jump in your score.  then you should be able to get secured credit cards or secured loans to have something reporting to start building your credit.

[BMW_328i]

Hello,

I recently paid a charge off from Captial one ($193)- now Equifax is stating that my score dropped 4 points!  How in the world is this possible???!!!  The "Score Simulator" stated I should see a 60 point increase- what gives??!!!!

Here's a snapshot of my credit:

1. Paid Charge off from 2011 ($193-Capital One)

2. Opened secured card ($500) from Capital One

3. Opened an Auto Loan ($23K) with Capital One

4. Disputed several collection items and anticipate that each CA should have deleted 2 of 5 tradelines.

5. Receives less than 6 inquires related to auto financing within last week.

Zero "New" baddies have added so this makes no sense to me.

Your thoughts?

Thanks in advace!