Report Update Question

[Yet2b]

Two questions:

1.  I recently negotiated a payoff of two charge-off's (auto loans) from JULY 2008. Simply put, I was laid off and could no longer afford the payments.  Well, last week, payment was made to the original creditor (have agreement in writing) to settle the accounts.  How long does it take for the credit report to update with CRA's?  The OC told me, they have deleted on there end but now, it is up to the credit bureaus to do their thing and update.  Anyone have experience with this?  These are the only two baddies on my reports (both are on all three).  Is it worth it, to send the letter to one of those rapid re-scoring places, to make the update?  I would like to do a small home equity line with my mortgage lender, but want to wait until these are removed.

2.  With that being said, my FICO score with TU is 652 and Equifax is 683 as of this morning.  Any idea, on how much my score will decrease or increase (range)?  AAoA are ~4 years on both TU and EQ.  I have about a ~40% credit card utilization currently, two open auto loans and a few store charge cards ...at $0 balance.  Just the one credit card with the balance, with a 10K limit.  I also have a new mortgage (NOV-11), that is not reporting yet.  I am hoping it will soon report, to broaden the 'mix' of credit. 

Input appreciated. 

[pizzadude]

How long ago did they say that they sent the deletion request to the CRAs ? It can take weeks, or sometimes even longer for the deletes to be processed....

[Booner72]

There are too many variables such as as AAoA, mix of credit, etc to even guess what will happen to your scores.

yes it can take weeks.  Did they delete the whole acct or just the lates?

When I've gotten deletions, I just call the CRA up every day, sometimes twice a day, to check on the status.  And they have all been gone within a week.  (My judgment, a collection, etc).

I just have to sit on hold FOREVER until someone picks up.  Then I ask , they look, they see it should be deleted, so they delete it.  It's all done by this e-OSCAR system that sends info back and forth, so it's pretty much instantaneously sent once the OC sends the info, but then the time of waiting is waiting for CRA to get to it.  If you bug them, they'll do it to get you on the phone.  At least in my experience.  TU and EQ have done this, I can't remember my EX experiences.

[Yet2b]

Thank you for the advice.  It has been a few days now, that the delete request was submitted.  I think I will call TU, EX and EQ routinely, until the reports are updated and I verify through soft pulls they are indeed gone.  I am sure, the CRA's can see the request to 'update/delete' but will drag their feet and do it in their own good time.  Hopefully, a little pushing will get them to move on it.