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A newbie looking for some advice from the pros. Please help!!

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Anonymous
Not applicable

Re: A newbie looking for some advice from the pros. Please help!!

Initially it will say “paid, settled for less than balance owed” when they update it after it’s paid off, but shortly afterward (maybe a month) it won’t matter because it’ll vanish.

And yes when the 120-late hits 7 years it’ll go away and you’ll have a clean closed CapOne tradeline reporting for a few more years.
Message 21 of 80
Anonymous
Not applicable

Re: A newbie looking for some advice from the pros. Please help!!


@Anonymous wrote:
Initially it will say “paid, settled for less than balance owed” when they update it after it’s paid off, but shortly afterward (maybe a month) it won’t matter because it’ll vanish.

Awesome!!! I might have to borrow some money, but I'm going to pay this off immediately! I'm very happy about this, you have no idea. Smiley Happy 

And yes when the 120-late hits 7 years it’ll go away and you’ll have a clean closed CapOne tradeline reporting for a few more years.

 

Sounds good!! I can wait till August for them to fall off, which I'm taking care of the Midland Collection and paying off other outstanding debts on my other CC's. 

 

I'm sorry, I have another question. After getting my FICO's last night, as recommended, I noticed that I also have several lates on my Comenity account as well (le sigh...). I have 2 (30-60) and 1 (60-90). Any recon I can do about these? So that made 4 late payments on my Cap 1/BB and 3 late payments on my Comenity/ID. Let me know! I'm getting such good advice from this forum and I'm so excited to finally fix things! Smiley Happy


 

Message 22 of 80
thornback
Senior Contributor

Re: A newbie looking for some advice from the pros. Please help!!


@Anonymous wrote:

 

I'm sorry, I have another question. After getting my FICO's last night, as recommended, I noticed that I also have several lates on my Comenity account as well (le sigh...). I have 2 (30-60) and 1 (60-90). Any recon I can do about these? So that made 4 late payments on my Cap 1/BB and 3 late payments on my Comenity/ID. Let me know! I'm getting such good advice from this forum and I'm so excited to finally fix things! Smiley Happy


 


You will have to start a Goodwill campaign to have those lates removed - it can take some time and determination, but worth it if successful.   If the lates are valid, you can't dispute them so your only hope is to convince someone at Comenity to remove them.    Goodwills are basically letters that you send to the lender requesting removal of negative information as a good faith gesture.  You can briefly describe life events (financial hardship/job loss, medical, etc.), or perhaps your credit naiveté, that may have led to the lates and ask for a chance at a clean slate. 

 

For goodwill examples (old, but always valid, thread): https://ficoforums.myfico.com/t5/General-Credit-Topics/GW-Example-Letters/m-p/4521

For the best goodwill technique: https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/m-p/4727098

 

 

 

 

 

 

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 23 of 80
thornback
Senior Contributor

Re: A newbie looking for some advice from the pros. Please help!!


@Anonymous wrote:

@thornback wrote: 

 

The account with the 120-day late was brought to a current status and closed?  If so, then when the 120-day late hits the 7 year reporting statute (May 2020), it will be removed -- just the late; the account  itself will revert to closed and in good standing and will remain on your reports for another few years (accounts in good standing remain on reports for ~10 years after the close date). 

 


I don't know where to check if it was brought to a current status?? It just says purchased by another lender (Midland Funding - which is the $694 collections, I have) and closed. I checked again and it looks like I had late payments from May 2013- Aug 2013. If I'm understanding correctly, those will be removed this year (the lates) and the account will just stay closed but no derogs on it?


Okay wait -- 

 

If it was purchased by Midland than the account must have been charged-off  (written off the books) also.   Does it not say anything about a charge-off on the account?   

 

An unpaid charge-off account will be removed *in its entirety* once it hits the seven year mark because it is still a delinquency (never paid/brought current).  If the account was charged-off but eventually paid and brought into current status, the 'charge-off' notation would be removed but the account will remain.   If the account was not charged-off and, instead, brought current after the 120-day late, then the account would remain and only the lates removed.     A charge-off that has been sold to a collection agency never has the chance to be updated to reflect 'Paid/Current' status because the original creditor no longer owns the debt - so even if the collection agency was paid, the original creditor would never update their tradeline to reflect payment. 

 

It's possible the creditor failed to update the account as a charge-off -- in which case, I have no idea how it would be handled by the bureaus at the 7-year mark since the fact that it was sold was reported.  

 

Go pull your reports from AnnualCreditReport.com (it's free & just reports, no scores) -- these reports are very comprehensive and will give you more account detail than the commerical sources and should provide the Date of First Delinquency (DOFD) and expected date of removal (if one exisists) for this account. 

 

In the case that this is a charge-off, since the first late appears to have occurred in May 2013, account removal would come May 2020.  This means that you are within, or approaching, the windows to request Early Exclusions from the credit burueas.   Transunion will remove a derogatory account 6 months early (so you can call and request now),  Experian is 3 months early, and Equifax is 1 month early but often not worth the headache because - it's Equifax.

 

 

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 24 of 80
HeavenOhio
Senior Contributor

Re: A newbie looking for some advice from the pros. Please help!!

Welcome, @Anonymous. Smiley Happy

 

You're going to want to address your QuicksilverOne and its fee. Call in and see if you have an offer to upgrade it to any of Capital One's no-fee cards. If they give you options, Quicksilver is the best choice. But if something like the VentureOne is the best offer, take it.

 

You need to note that QuicksilverOnes are notoriously hard to upgrade. But there's evidence that consecutive months of usage can possibly coax an upgrade offer. The fact that you've been making payments each month constitutes consecutive months. If you weren't already making payments, I'd suggest charging something each month and paying it off to get your usage.

 

I was able to upgrade two QuicksilverOnes after 12 or 13 consecutive months of usage. If there's no offer today, call in each month and ask again. This may or may not work. But at this point, your QS1 is propping up your report and worth keeping in the short term. If you can upgrade it, you can keep it indefinitely. Otherwise, you'll eventually want to close it.

Message 25 of 80
Anonymous
Not applicable

Re: A newbie looking for some advice from the pros. Please help!!


@thornback wrote:

@Anonymous wrote:

@thornback wrote: 

 

The account with the 120-day late was brought to a current status and closed?  If so, then when the 120-day late hits the 7 year reporting statute (May 2020), it will be removed -- just the late; the account  itself will revert to closed and in good standing and will remain on your reports for another few years (accounts in good standing remain on reports for ~10 years after the close date). 

 


I don't know where to check if it was brought to a current status?? It just says purchased by another lender (Midland Funding - which is the $694 collections, I have) and closed. I checked again and it looks like I had late payments from May 2013- Aug 2013. If I'm understanding correctly, those will be removed this year (the lates) and the account will just stay closed but no derogs on it?


Okay wait -- 

 

If it was purchased by Midland than the account must have been charged-off  (written off the books) also.   Does it not say anything about a charge-off on the account?   

 

An unpaid charge-off account will be removed *in its entirety* once it hits the seven year mark because it is still a delinquency (never paid/brought current).  If the account was charged-off but eventually paid and brought into current status, the 'charge-off' notation would be removed but the account will remain.   If the account was not charged-off and, instead, brought current after the 120-day late, then the account would remain and only the lates removed.     A charge-off that has been sold to a collection agency never has the chance to be updated to reflect 'Paid/Current' status because the original creditor no longer owns the debt - so even if the collection agency was paid, the original creditor would never update their tradeline to reflect payment. 

 

It's possible the creditor failed to update the account as a charge-off -- in which case, I have no idea how it would be handled by the bureaus at the 7-year mark since the fact that it was sold was reported.  

 

Go pull your reports from AnnualCreditReport.com (it's free & just reports, no scores) -- these reports are very comprehensive and will give you more account detail than the commerical sources and should provide the Date of First Delinquency (DOFD) and expected date of removal (if one exisists) for this account. 

 

In the case that this is a charge-off, since the first late appears to have occurred in May 2013, account removal would come May 2020.  This means that you are within, or approaching, the windows to request Early Exclusions from the credit burueas.   Transunion will remove a derogatory account 6 months early (so you can call and request now),  Experian is 3 months early, and Equifax is 1 month early but often not worth the headache because - it's Equifax.

 

Just pulled my reports from AnnualCreditReport - it states that it's NOT a charge-off :

 

Date Opened: 01/05/2009 Balance: $0 Pay Status: >Account 120 Days Past
Report Created On: 01/03/2020 File Number: XXXXXXXX
Page 1 of 13
Responsibility: Individual Account Account Type: Revolving Account Loan Type: CHARGE ACCOUNT
Date Updated: 09/09/2013 Last Payment Made: 08/26/2013 High Balance: $1,248 Credit Limit: $505
Due Date< Terms: Paid Monthly Date Closed: 05/17/2013 >Maximum Delinquency of 120 days in 08/2013 for $10 and in 09/2013<

Remarks: PURCHASED BY ANOTHER LENDER; TRANSFERRED TO ANOTHER OFFICE

Estimated month and year that this item will be removed: 02/2020

 

I don't know what this means?? :/

 

 

 


 

Message 26 of 80
Anonymous
Not applicable

Re: A newbie looking for some advice from the pros. Please help!!


@thornback wrote:

@Anonymous wrote:

 

I'm sorry, I have another question. After getting my FICO's last night, as recommended, I noticed that I also have several lates on my Comenity account as well (le sigh...). I have 2 (30-60) and 1 (60-90). Any recon I can do about these? So that made 4 late payments on my Cap 1/BB and 3 late payments on my Comenity/ID. Let me know! I'm getting such good advice from this forum and I'm so excited to finally fix things! Smiley Happy


 


You will have to start a Goodwill campaign to have those lates removed - it can take some time and determination, but worth it if successful.   If the lates are valid, you can't dispute them so your only hope is to convince someone at Comenity to remove them.    Goodwills are basically letters that you send to the lender requesting removal of negative information as a good faith gesture.  You can briefly describe life events (financial hardship/job loss, medical, etc.), or perhaps your credit naiveté, that may have led to the lates and ask for a chance at a clean slate. 

 

For goodwill examples (old, but always valid, thread): https://ficoforums.myfico.com/t5/General-Credit-Topics/GW-Example-Letters/m-p/4521

For the best goodwill technique: https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/m-p/4727098

 

I'll start typing up the GW letter and gathering the information I need to send them out on Monday. Would you be willing to help me? Smiley Happy You've been soooo nice and super helpful and I really appreciate it. I'm a newcomer and doing this all on my own so I need all the help I can get...lol.

 

I'm hoping that they'll remove something from my CR. I have 3 late payments, February 2017, December 2017 & January 2018 (which is the 60 day late one). I'll also be settling with Midland for 40% off so that will be deleted hopefully by March. *fingers crossed*

 

 

 


 

Message 27 of 80
Anonymous
Not applicable

Re: A newbie looking for some advice from the pros. Please help!!


@HeavenOhio wrote:

Welcome, @Anonymous. Smiley Happy

 

You're going to want to address your QuicksilverOne and its fee. Call in and see if you have an offer to upgrade it to any of Capital One's no-fee cards. If they give you options, Quicksilver is the best choice. But if something like the VentureOne is the best offer, take it.

 

You need to note that QuicksilverOnes are notoriously hard to upgrade. But there's evidence that consecutive months of usage can possibly coax an upgrade offer. The fact that you've been making payments each month constitutes consecutive months. If you weren't making payments, I'd suggest that charging something each month and paying it off to get your usage.

 

I was able to upgrade two QuicksilverOnes after 12 or 13 consecutive months of usage. If there's no offer today, call in each month and ask again. This may or may not work. But at this point, your QS1 is propping up your report and worth keeping in the short term. If you can upgrade it, you can keep it indefinitely. Otherwise, you'll eventually want to close it.


Thanks for the insight! Ironically enough, my Plat that I got back in 2014 was just PC'ed to a Quicksilver. The Quicksilver 1 I have is still fairly new with them and only about 2 years old. I'm working on paying them both off. I just got CL increases on both of them as well. The Plat went from $1,500 to 3K and the QS1 went from $1,000 to 2K. I'm due for a CL increase on the QS1 but I need to make higher payments on it then just the minimum (or so the denial letter states) the Plat, now turned QS just got a CL increase, so I'll have to wait on that. I'll eventually want to turn the QS1 to a regular QS or I'd even want a Savor 1 down the road if they'd offer it.

Message 28 of 80
thornback
Senior Contributor

Re: A newbie looking for some advice from the pros. Please help!!


@Anonymous wrote:

@thornback wrote:

@Anonymous wrote:

@thornback wrote: 

 

The account with the 120-day late was brought to a current status and closed?  If so, then when the 120-day late hits the 7 year reporting statute (May 2020), it will be removed -- just the late; the account  itself will revert to closed and in good standing and will remain on your reports for another few years (accounts in good standing remain on reports for ~10 years after the close date). 

 


I don't know where to check if it was brought to a current status?? It just says purchased by another lender (Midland Funding - which is the $694 collections, I have) and closed. I checked again and it looks like I had late payments from May 2013- Aug 2013. If I'm understanding correctly, those will be removed this year (the lates) and the account will just stay closed but no derogs on it?


Okay wait -- 

 

If it was purchased by Midland than the account must have been charged-off  (written off the books) also.   Does it not say anything about a charge-off on the account?   

 

An unpaid charge-off account will be removed *in its entirety* once it hits the seven year mark because it is still a delinquency (never paid/brought current).  If the account was charged-off but eventually paid and brought into current status, the 'charge-off' notation would be removed but the account will remain.   If the account was not charged-off and, instead, brought current after the 120-day late, then the account would remain and only the lates removed.     A charge-off that has been sold to a collection agency never has the chance to be updated to reflect 'Paid/Current' status because the original creditor no longer owns the debt - so even if the collection agency was paid, the original creditor would never update their tradeline to reflect payment. 

 

It's possible the creditor failed to update the account as a charge-off -- in which case, I have no idea how it would be handled by the bureaus at the 7-year mark since the fact that it was sold was reported.  

 

Go pull your reports from AnnualCreditReport.com (it's free & just reports, no scores) -- these reports are very comprehensive and will give you more account detail than the commerical sources and should provide the Date of First Delinquency (DOFD) and expected date of removal (if one exisists) for this account. 

 

In the case that this is a charge-off, since the first late appears to have occurred in May 2013, account removal would come May 2020.  This means that you are within, or approaching, the windows to request Early Exclusions from the credit burueas.   Transunion will remove a derogatory account 6 months early (so you can call and request now),  Experian is 3 months early, and Equifax is 1 month early but often not worth the headache because - it's Equifax.

 

Just pulled my reports from AnnualCreditReport - it states that it's NOT a charge-off :

 

Date Opened: 01/05/2009 Balance: $0 Pay Status: >Account 120 Days Past
Report Created On: 01/03/2020 File Number: XXXXXXXX
Page 1 of 13
Responsibility: Individual Account Account Type: Revolving Account Loan Type: CHARGE ACCOUNT
Date Updated: 09/09/2013 Last Payment Made: 08/26/2013 High Balance: $1,248 Credit Limit: $505
Due Date< Terms: Paid Monthly Date Closed: 05/17/2013 >Maximum Delinquency of 120 days in 08/2013 for $10 and in 09/2013<

Remarks: PURCHASED BY ANOTHER LENDER; TRANSFERRED TO ANOTHER OFFICE

Estimated month and year that this item will be removed: 02/2020

 

I don't know what this means?? :/

 

 

 


 


OK...  seems it wasn't actually reported as charged-off (that would be the lender's error) but it doesn't matter because it was never paid and brought into current status either.   They sold the debt -- once the creditor sells a debt they have to update the balance to reflect $0 and notate the account as sold; this does not negate the delinquency though.      Bottom line -- the account is going to fall off in Feb 2020, there's no saving it as a positive, closed account.  You can either wait it out and let it fall of on it's own -- or start calling each bureau, asking for a supervisor, and requesting they remove it now (called Early Exclusion but don't use that term, just ask if it can be removed early).   That will be one less negative item on your account.   

 

FYI: The point gain (if any) may be minimal though - you have to consider that the removal of this account may drop your average age of accounts and that the other derogatories on your reports are continuing to hold down your scores.    BUT -- your ultimate goal should be clean reports as that's most important for credit health -- the high scores will come. 

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 29 of 80
Anonymous
Not applicable

Re: A newbie looking for some advice from the pros. Please help!!


@thornback wrote:

@Anonymous wrote:

@thornback wrote:

@Anonymous wrote:

@thornback wrote: 

 

The account with the 120-day late was brought to a current status and closed?  If so, then when the 120-day late hits the 7 year reporting statute (May 2020), it will be removed -- just the late; the account  itself will revert to closed and in good standing and will remain on your reports for another few years (accounts in good standing remain on reports for ~10 years after the close date). 

 


I don't know where to check if it was brought to a current status?? It just says purchased by another lender (Midland Funding - which is the $694 collections, I have) and closed. I checked again and it looks like I had late payments from May 2013- Aug 2013. If I'm understanding correctly, those will be removed this year (the lates) and the account will just stay closed but no derogs on it?


Okay wait -- 

 

If it was purchased by Midland than the account must have been charged-off  (written off the books) also.   Does it not say anything about a charge-off on the account?   

 

An unpaid charge-off account will be removed *in its entirety* once it hits the seven year mark because it is still a delinquency (never paid/brought current).  If the account was charged-off but eventually paid and brought into current status, the 'charge-off' notation would be removed but the account will remain.   If the account was not charged-off and, instead, brought current after the 120-day late, then the account would remain and only the lates removed.     A charge-off that has been sold to a collection agency never has the chance to be updated to reflect 'Paid/Current' status because the original creditor no longer owns the debt - so even if the collection agency was paid, the original creditor would never update their tradeline to reflect payment. 

 

It's possible the creditor failed to update the account as a charge-off -- in which case, I have no idea how it would be handled by the bureaus at the 7-year mark since the fact that it was sold was reported.  

 

Go pull your reports from AnnualCreditReport.com (it's free & just reports, no scores) -- these reports are very comprehensive and will give you more account detail than the commerical sources and should provide the Date of First Delinquency (DOFD) and expected date of removal (if one exisists) for this account. 

 

In the case that this is a charge-off, since the first late appears to have occurred in May 2013, account removal would come May 2020.  This means that you are within, or approaching, the windows to request Early Exclusions from the credit burueas.   Transunion will remove a derogatory account 6 months early (so you can call and request now),  Experian is 3 months early, and Equifax is 1 month early but often not worth the headache because - it's Equifax.

 

Just pulled my reports from AnnualCreditReport - it states that it's NOT a charge-off :

 

Date Opened: 01/05/2009 Balance: $0 Pay Status: >Account 120 Days Past
Report Created On: 01/03/2020 File Number: XXXXXXXX
Page 1 of 13
Responsibility: Individual Account Account Type: Revolving Account Loan Type: CHARGE ACCOUNT
Date Updated: 09/09/2013 Last Payment Made: 08/26/2013 High Balance: $1,248 Credit Limit: $505
Due Date< Terms: Paid Monthly Date Closed: 05/17/2013 >Maximum Delinquency of 120 days in 08/2013 for $10 and in 09/2013<

Remarks: PURCHASED BY ANOTHER LENDER; TRANSFERRED TO ANOTHER OFFICE

Estimated month and year that this item will be removed: 02/2020

 

I don't know what this means?? :/

 

 

 


 


OK...  seems it wasn't actually reported as charged-off (that would be the lender's error) but it doesn't matter because it was never paid and brought into current status either.   They sold the debt -- once the creditor sells a debt they have to update the balance to reflect $0 and notate the account as sold; this does not negate the delinquency though.      Bottom line -- the account is going to fall off in Feb 2020, there's no saving it as a positive, closed account.  You can either wait it out and let it fall of on it's own -- or start calling each bureau, asking for a supervisor, and requesting they remove it now (called Early Exclusion but don't use that term, just ask if it can be removed early).   That will be one less negative item on your account.   

 

FYI: The point gain (if any) may be minimal though - you have to consider that the removal of this account may drop your average age of accounts and that the other derogatories on your reports are continuing to hold down your scores.    BUT -- your ultimate goal should be clean reports as that's most important for credit health -- the high scores will come. 


So I can look forward to this being removed from my CR next month? The whole account or just the late payments/delinquencies? A lot of my older 2012-2013 accounts are going to be removed this year (as expected), but you're right — one less derog on my report. That just leaves the Midland collection & the 3 late payments from Comenity.

Message 30 of 80
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