topic Removing charge off/oldest account from credit report in General Credit Topics

Removing charge off/oldest account from credit report

Lysergic — Sun, 15 Jun 2014 02:07:26 GMT

Hi all,

So I was finally able to remove 1 of 2 old charge offs from my credit reports this month. However, I haven't seen a score increase via ScoreWatch or CreditKarma yet. I still have 1 CO remaining from 2008. Would anyone have an idea whether getting this last one removed would result in a score increase, decrease, or not move much at all. This charge off is 6 years old so the damage is 'minimal' but it's also my oldest account. For reference my current accounts are listed below. I would appreciate any advice/direction.

Wells Fargo (Charge-off): 8 years, 3 months; DOFD 8/2008 expected removal 8/2015

Capital One Secured Platinum (Closed): 1 year, 4 months

Capital One QuicksilverOne: 6 months

Barclaycard Rewards: 6 months

My current AAoA seems to only be 2.5 years. Removing the charge off would effectively drop me to only 1-1.5 years. Is my AAoA so low already that my score would only go up once the CO is removed? I've been added to a Bank of America AU with a $30k limit that's 18 years old but it hasn't shown up on my reports yet so I'm not factoring it in just yet.

Any chance the CRA's would remove the charge off a year early if disputed?

Re: Removing charge off/oldest account from credit report

mongstradamus — Sun, 15 Jun 2014 02:12:45 GMT

@Lysergic wrote:
Hi all,

So I was finally able to remove 1 of 2 old charge offs from my credit reports this month. However, I haven't seen a score increase via ScoreWatch or CreditKarma yet. I still have 1 CO remaining from 2008. Would anyone have an idea whether getting this last one removed would result in a score increase, decrease, or not move much at all. This charge off is 6 years old so the damage is 'minimal' but it's also my oldest account. For reference my current accounts are listed below. I would appreciate any advice/direction.

Wells Fargo (Charge-off): 8 years, 3 months; DOFD 8/2008 expected removal 8/2015
Capital One Secured Platinum (Closed): 1 year, 4 months
Capital One QuicksilverOne: 6 months
Barclaycard Rewards: 6 months

My current AAoA seems to only be 2.5 years. Removing the charge off would effectively drop me to only 1-1.5 years. Is my AAoA so low already that my score would only go up once the CO is removed? I've been added to a Bank of America AU with a $30k limit that's 18 years old but it hasn't shown up on my reports yet so I'm not factoring it in just yet.

PS

Any chance the CRA's would remove the charge off a year early if disputed?

I had my last charge off removed earlier this year and my scores went up almost 100 points not bad

Re: Removing charge off/oldest account from credit report

Lysergic — Sun, 15 Jun 2014 02:28:55 GMT

Nice congrats! I'm chilling around a 660-680 across all 3 at the moment. I was at 587 when I started early last year. I'm expecting a 40-50 point bump when the last one falls off.

Re: Removing charge off/oldest account from credit report

mongstradamus — Sun, 15 Jun 2014 02:49:17 GMT

@Lysergic wrote:
Nice congrats! I'm chilling around a 660-680 across all 3 at the moment. I was at 587 when I started early last year. I'm expecting a 40-50 point bump when the last one falls off.

I think my TU went from 710 to 804 if i recall and my eq went from 725 to 802 pretty big jumps for me.

Re: Removing charge off/oldest account from credit report

takeshi74 — Tue, 17 Jun 2014 12:15:22 GMT

@Lysergic wrote:
So I was finally able to remove 1 of 2 old charge offs from my credit reports this month. However, I haven't seen a score increase via ScoreWatch or CreditKarma yet.

When was it removed? Was CK reporting it and has it been removed from CK? If not TU tends to be slow to update.