New here, so unsure of all the abbreviations and what not. Or how to exactly phrase this but, long story short I put my Verizon fios internet account on what I thought was vacation hold, and at the time I had a small balance remaining. I found out last week that it already reported to Experian. And that dropped my score from low 700s to around 580... I’ve tried the vp route asking for pay to delete, they won’t budge. The most they can do they said was to report it as paid in full. But being that my score dropped so many points is it even worth paying it off? Prior to this I’ve had no collections, I have an AMEX GOLD card, capital one card and Bank of America. Make all my payments on time. My current utilization I believe is 40%.
What i’m basically asking is do I just give up on trying to request pay for deletes and settle for paid in full. Or is there other things I can do in the meantime to get my scores back up? I really need to get a car, was hoping to finance or lease one. And apply for an apartment complex.
Many thanks in advance to whomever can give me some guidance on what to do here to get my scores back up.
How long was this vacation hold? Usually it takes months for a missed bill to work its way to your credit.
Unfortunately, your score won't go back to it's former glory until that derogatory is removed, which is 7 yrs 6 mos from first default. You should still pay it off. As long as it exists it'll count towards your utilization and can report monthly as well as increase in amount from collection fees and interest, which will worsen your utilization. Sorry, I'm sure that's not the answer you want to hear. I would bombard Verizon with Goodwill letters to get them to remove it, but realistically, Verizon rarely deletes
Every single day they would get an email and/or letter if your account has always been in good standing. GL2U
Hi and welcome to MyFICO
Oh this stinks and so sorry for the huge score drop. Was this a 30-day late or a 60-day late? If 30-day and no other hiccup, keep calling, and beg and plead. Not saying it would help but you would have gone the extra mile to try and get it reversed. And yes, pay it off.
I think the bigger concern right now—not a car or apt—should be other CCs doing a SP review of your accounts. That score drop and large UT may spook them, especially AmX. Work on getting that UT to <8.9% ASAP.
EDIT: Ugh I just saw your post about it was late in May. If it’s a 90-day late, that’s even worse. So you weren’t getting emails or letters? I have Xfinity and I’m always getting reminders even when mine is on autopay.