topic Re: Best Buy reports CO every month! in Rebuilding Your Credit

Best Buy reports CO every month!

WannaHouse — Mon, 03 Jan 2022 22:51:55 GMT

Hello... I had a CBNA/Best Buy card back in May 2009. I'd prefer it stayed on my report because it's my oldest line, but should I pay it? Will it help my score? It's not a lot, but I want it showing positive somehow!! It bothers me so much. I've worked hard to rebuild, and it hurts me.
I've gone from 588 to 680, but then lost 30 point's with CC apps.

Re: Best Buy reports CO every month!

OmarGB9 — Mon, 03 Jan 2022 23:16:01 GMT

@WannaHouse wrote:
Hello... I had a CBNA/Best Buy card back in May 2009. I'd prefer it stayed on my report because it's my oldest line, but should I pay it? Will it help my score? It's not a lot, but I want it showing positive somehow!! It bothers me so much. I've worked hard to rebuild, and it hurts me.
I've gone from 588 to 680, but then lost 30 point's with CC apps.

I'm assuming it's been charged off, correct? If so, then it'll only stay for 7 years from the DOFD, or Date of First Delinquency, which is the first missed payment in a series of missed payments that subsequently led to a charge off (CO). Paying would still help you because once it's paid, those monthly updates will stop, the utilization hit will go away (charge offs count as maxed out credit card accounts), and your scores can slowly recover. You're better off getting this TL deleted than having it stay because of its CO status. It'll come off anyway at 7 years like I said.

Re: Best Buy reports CO every month!

WannaHouse — Tue, 04 Jan 2022 02:23:37 GMT

Right...Charged off in 2017 I think. So still have 3 more years.

Re: Best Buy reports CO every month!

OmarGB9 — Tue, 04 Jan 2022 04:47:07 GMT

@WannaHouse wrote:
Right...Charged off in 2017 I think. So still have 3 more years.

Correct, but as I mentioned, you can stop the monthly updates and potentially boost scores right away by paying it off.

Re: Best Buy reports CO every month!

WannaHouse — Mon, 30 Jan 2023 08:20:36 GMT

I realize this was last year, but it dropped off my TU and Experian, but Equifax still shows it. it drops my score from 715 to 701 and irratates me! Should I dispute it?

Re: Best Buy reports CO every month!

FireMedic1 — Mon, 30 Jan 2023 10:22:59 GMT

@WannaHouse wrote:
I realize this was last year, but it dropped off my TU and Experian, but Equifax still shows it. it drops my score from 715 to 701 and irratates me! Should I dispute it?

Nothing to dispute. It was closed. Ran its course until it fell off after 7 yrs since the CO. Once CO'ed it never returns to a positive perfect payment account. Part of the age metics. Sorry for the loss.

Re: Best Buy reports CO every month!

OmarGB9 — Mon, 30 Jan 2023 18:11:37 GMT

@WannaHouse wrote:
I realize this was last year, but it dropped off my TU and Experian, but Equifax still shows it. it drops my score from 715 to 701 and irratates me! Should I dispute it?

Did you ever pay it off? If not, there's nothing to dispute. They are allowed to update CO every month until the 7 year mark or until paid off.

Re: Best Buy reports CO every month!

WannaHouse — Mon, 30 Jan 2023 18:36:47 GMT

No, I haven't. Didn't have extra money to do it, but I can now. I am going to message and ask about paying it off.