Question about score increase

[first48]

I have an AMEX card that has a CO balance of 229.00.  Once I pay this in full is this going to make my scores increase.  The DOFD was in 2003.

[Anonymous]

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@first48 wrote:

I have an AMEX card that has a CO balance of 229.00. Once I pay this in full is this going to make my scores increase. The DOFD was in 2003.

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NO paid collection is not worth any points-no score change. It does look better on a manual review. HTH

[Anonymous]

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@Anonymous wrote:

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@first48 wrote:

I have an AMEX card that has a CO balance of 229.00. Once I pay this in full is this going to make my scores increase. The DOFD was in 2003.

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NO paid collection is not worth any points-no score change. It does look better on a manual review. HTH

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If the charge off is affecting your utilization much, then paying it could raise your scores.

Also, AMEX will forgive you if you pay them and want to re-apply in the future. If approved they will back date your card.

[score_building]

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first48 wrote:

I have an AMEX card that has a CO balance of 229.00.  Once I pay this in full is this going to make my scores increase.  The DOFD was in 2003.

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The other thing is if you already have other card(s) with them.  you can call after you pay it off and ask them to re-date current card(s).  Depending on how this affects your length of credit history, it could improve your scores a bit.  So too for if you get approved for an amex going forward and your card reads member since 1996 for eg. and if the new date is reported by amex and lengthens your history- this could give a lil boost (since length of history is 15 percent of score). i learned of this here at the forums and i just did this with an old amex card showing a 200 bal. from 1990 and recently got a 31 point increase.  since i haven't pulled yet i don't know for sure if my new longer history is the reason for the recent jump in score, but not much else changed just yet as far as i know.

[first48]

The balance is showing up as part of my utilization with my EQ report but not with the TU report.  I will not be able to get the long history because this was a card through my employer. 

[Anonymous]

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first48 wrote:

The balance is showing up as part of my utilization with my EQ report but not with the TU report.  I will not be able to get the long history because this was a card through my employer. 

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It's possible to still get the history, perhaps.

Anderson just had a post about this.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=107485&view=by_date_as...

Message Edited by stef37 on 08-16-2008 12:27 PM