@Anonymous wrote:@OmarGB9 did you say that as you are bringing the balance down on a chargeoff, you saw utilization decreases and points as you crossed thresholds? Did I understand you correctly?
Yes. Not every time, as there are always other factors at play, but generally speaking as my balances have gone down I'll see small gains of 1-6 pts whenever I cross one of the known utilization threholds on any of the COd accounts. And whenever I pay off a CO and it reports zero balance, I see some bigger gains of anywhere between 10-25 pts. I still have an open collection showing too, but it's with PRA, so I know once I pay/settle, it'll come off, and then I'll be collection free and have only paid charge offs showing. Looking forward to that!
@Anonymous wrote:@OmarGB9 that is some really awesome information as I am trying to determine how chargeoff utilization factors into utilization exactly for the Primer.
can I ask how you are determining your utilization? Are you doing this yourself? Or relying on a frontend? And are you speaking of the COs crossing individual utilization thresholds?
thank you for sharing.
Yes, well, I'm not entirely sure on aggregate utilization, but I'm keeping track on individual utilization with my COd accounts, and I've noticed those small bumps when crossing for example the 88.9% threshold. I need to still verify it was indeed due to that, but I'm 90% sure it was, as nothing else had changed on my file that I could see. And I'm doing it manually, yes. Not sure what you mean by a "frontend."
@Red1Blue wrote:
@OmarGB9 wrote:
@Anonymous wrote:@OmarGB9 that is some really awesome information as I am trying to determine how chargeoff utilization factors into utilization exactly for the Primer.
can I ask how you are determining your utilization? Are you doing this yourself? Or relying on a frontend? And are you speaking of the COs crossing individual utilization thresholds?
thank you for sharing.
Yes, well, I'm not entirely sure on aggregate utilization, but I'm keeping track on individual utilization with my COd accounts, and I've noticed those small bumps when crossing for example the 88.9% threshold. I need to still verify it was indeed due to that, but I'm 90% sure it was, as nothing else had changed on my file that I could see. And I'm doing it manually, yes. Not sure what you mean by a "frontend."
Hi @OmarGB9 Question for you. How does this work. If we make settlement and arragement installments how it works? Let us say CO is $10k and settlement is $2k and 10 monthly payments of $200. Now as each month passes how it gets reported ? Will it be $10k - $200 each month and once the entire $2k is paid it will get updated to $0 balance? If we make settlement and start making the payments will it stop reporting delinquency or do we have to wait for the entire CO paid off ? I am not sure how this works. I know you have setup some payment plans for some of the COs. How did that work and how its get reported ?
Depends on the CA. I've had it happen both ways. Some will deduct the monthly settlement payment amount from the full balance and then update to zero once payment plan is complete, while others will leave the full balance as is until the payment plan is complete and then just do one final update to closed/paid/settled for less.
As for your second question, at least with all of my creditors/CAs, they keep reporting delinquency/late until it is paid off or settled.