Help please =]

[summerblessing]

Ok, I paid in full Portfolio on Nov 6. They told me 21 days after that, they would update my account as closed, paid in full. they still haven't, but I am giving them the benefit of the doubt due to the holidays. I figure I will call them again this Friday if it still shows open with a 0 balance.. I know it will still be a negative because it was originally a Cap One acct that was sold to Portfolio in April of this year. It aggravates me because i never received ANYTHING from them saying they were collecting on behalf of Cap one. it wasn't until I ordered my credit report did i even know who they were. 

I have 4 things on my credit history..  2 of which are good. One is my car payment which I have never been late on, and one from Aarons from 2004. I have sent GW letters to Cap one with NO success.

Since I am fairly new to the forums, can anyone give me advice (or inform me of when these might drop off my credit)?

Portfolio Not Reported 4/2009 $0 120+ days past due

Cap One Not Reported 6/2003 $0 Bad debt/collection

Aaronrents XXXX4476 11/2004 $0 Pays account as agreed

Acc.Confin XXX2925 4/2008 $10,480 Pays account as agreed

Cap One

Status as of Nov, 2009

Date opened Jun, 2003

Date of last activity Jul, 2003

Date closed Not Reported

Account number Not Reported

Loan type Not Reported

Largest past balance $500

Terms (0 Months)

Account Type Revolving

Account holder Individual

Scheduled payment amount Not Reported

Descriptions   Paid charge off

Portfolio

Status as of  Nov, 2009

Date opened Apr, 2009

Date of last activity Jun, 2005

Date closed Not Reported

Account number Not Reported

Loan type Not Reported

Largest past balance $871

Terms Not Reported

Account Type Open Account

Account holder Individual

Scheduled payment amount

$0

If Portfolio DID update on their end, will it take 30-60 days for TU, EX and EQ to update on their end?   Or should I call Friday and ask why they havent set the portfolio account as closed, paid in full?

[llecs]

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

and What Steps Do I Take - great for learning the repair process.

Portfolio is reporting that you paid in full as evidenced by the $0 balance. However, that won't help your FICO score at all. A $0 balance CA is just as bad as a $10,000 balance CA per FICO scoring. The only way you'd see any score improvement is to get them deleted. A PFD would have been a better first option (well, DV before that). Send them a GW and ask them to delete.

CapOne is over 6 yrs old. If your AAoA is older than 6 yrs old on that report, then send CapOne a GW asking them to delete too. If this account is older than your AAoA, then send a GW asking them to remove any lates and the CO reference. The "paid charge-off" reference is hurting your scores too. If those 4 are the only 4 on your report (ignore Portfolio as that only hurts your scores), well....3, then ignore the request to delete via a GW for CApOne. IMO, I'd do nothing. I'd stop sending GWs to CapOne. If they delete, your score WILL drop. It is your oldest account, your oldest revolving account, and it supports your AAoA by one full year and then some. If it falls off, you'd take a hit, IMO.

Bad accounts fall off 7-7.5 yrs from DOFD. You don't have DOFD listed so there's no way in telling. You need to pull your CRs directly from the CRAs. EQ will list the DOFD and TU and EX will list the drop off dates. CapOne could convert to a positive account and continue reporting for another 3 yrs beyond the 7. Aaron is a positive account and will continue to report for 10 yrs from the closure date. Your car loan will also report for about 10 yrs from the closure date. Hopefully they'll report longer for you.

[summerblessing]

Thanks a bunch

I tried and tried to get a PFD from portfolio with NO success. I just got so tired of dealing with them that I just PIF. I was told that if I wanted to apply for a mortgage in the future, I needed to have all my debts settled. I was hoping that by having no active collections reporting each month, my score might go up faster. I knew that it wouldn't make my score go up when I paid though. It is still negative.. as is the Cap One. 

Thanks again for answering my question.  This credit stuff gives me a headache. I thought it would be easy peasy after I got the first 3 companies to PFD, but I guess I saved the worst for last.. cause Portfolio wouldn't budge!! But, I guess I am on the right track...  At least I have no more collections!! wooo!! 

Now I guess I play the waiting game?