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I have a 599 middle score. I have 4 charged off/collections. The credit cards were charged off in 2017. They are all still reporting. 2 are with Navy Fed and 2 are with First Premier. In 2019 I was hit with 4 late payments on my car note even though I submitted payment in time ( and received confirmation) the loan company said they did not receive the actual funds until day 30. Grrr! I have 2 current cards that are below 30% UTI. My personal loan and student loans are "never late"
I plan to reduce my current cards to a "0" valence However, should I just "settle" with Navy and First Premier so my score can recover? Or will this hurt me. I feel horrible. And I don't want to renew my lease. So I only have about 3 months
@Kmht2258 wrote:I have a 599 middle score. I have 4 charged off/collections. The credit cards were charged off in 2017. They are all still reporting. 2 are with Navy Fed and 2 are with First Premier. In 2019 I was hit with 4 late payments on my car note even though I submitted payment in time ( and received confirmation) the loan company said they did not receive the actual funds until day 30. Grrr! I have 2 current cards that are below 30% UTI. My personal loan and student loans are "never late"
I plan to reduce my current cards to a "0" valence However, should I just "settle" with Navy and First Premier so my score can recover? Or will this hurt me. I feel horrible. And I don't want to renew my lease. So I only have about 3 months
If the charge offs are showing a balance then paying them off (or settling) will increase your scores as those balances are being counted in your utilization and mortgage scores are very sensitive to revolving utilization.
Do you think it will increase right away?
@dragontears wrote:
@Kmht2258 wrote:I have a 599 middle score. I have 4 charged off/collections. The credit cards were charged off in 2017. They are all still reporting. 2 are with Navy Fed and 2 are with First Premier. In 2019 I was hit with 4 late payments on my car note even though I submitted payment in time ( and received confirmation) the loan company said they did not receive the actual funds until day 30. Grrr! I have 2 current cards that are below 30% UTI. My personal loan and student loans are "never late"
I plan to reduce my current cards to a "0" valence However, should I just "settle" with Navy and First Premier so my score can recover? Or will this hurt me. I feel horrible. And I don't want to renew my lease. So I only have about 3 months
If the charge offs are showing a balance then paying them off (or settling) will increase your scores as those balances are being counted in your utilization and mortgage scores are very sensitive to revolving utilization.
Do you think they will increase right away?
@Kmht2258 wrote:I have a 599 middle score. I have 4 charged off/collections. The credit cards were charged off in 2017. They are all still reporting. 2 are with Navy Fed and 2 are with First Premier. In 2019 I was hit with 4 late payments on my car note even though I submitted payment in time ( and received confirmation) the loan company said they did not receive the actual funds until day 30. Grrr! I have 2 current cards that are below 30% UTI. My personal loan and student loans are "never late"
I plan to reduce my current cards to a "0" valence However, should I just "settle" with Navy and First Premier so my score can recover? Or will this hurt me. I feel horrible. And I don't want to renew my lease. So I only have about 3 months
The good news is you can settle the charge offs for less than what's owed and your scores will still go up.
There other benefit of settling them is it will stop the accounts from turning into collections.