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Charge Offs And Rebuilding

Rebuild2019
Established Contributor

Charge Offs And Rebuilding


I have a few questions:

1. I had an old CAP1 account that is not showing on my CR now, but is showing in collections. Should that collections account also be gone as the original creditor is no longer showing.

2. Also have an auto loan that shows up as closed. The account shows last payment Aug. 2012. It then when 60-90 days. There were a few payments in 2013, but the vehicle was repo in Nov. 2013. The CR shows a payment in 2014. I am thinking that’s when it was sold. I made no payment in 2014.

3. Between now and Nov. 2019 I have 4 collections that should fall off my CR and 4 CO/closed accounts. The closed accounts are no longer reporting. Should I contact EX and TU to try for an EE? I’m thinking from everything I have read so far I should just wait on EQ.

(The CO accounts are CAP1, PP, HSBC and Walmart).

When the CO’s fall off should I see a good increase in my FICO? I just opened a DISCO Card And OpenSky this month.

All responses appreciated. I’m new to the rebuild. I don’t want to open a door that’s about to close.

CARDS: Discover It | QuickSilver One | Kohl’s | BB&T Spectrum Cash Rewards | BB&T Bright | NFCU CashRewards | NFCU More Rewards | AMEX BCE | Verizon Visa | Wells Fargo Platinum | Amazon Prime | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 1 of 12
11 REPLIES 11
Edgewood
Valued Member

Re: Charge Offs And Rebuilding

I had two collections recently removed from my reports. One PFD and one aged off. Transunion jumped up 31 points. That was the only negative data on my report with that CRA so YMMV. 

Message 2 of 12
Jago22
Community Leader
Super Contributor

Re: Charge Offs And Rebuilding


@Rebuild2019 wrote:

I have a few questions:

1. I had an old CAP1 account that is not showing on my CR now, but is showing in collections. Should that collections account also be gone as the original creditor is no longer showing.

2. Also have an auto loan that shows up as closed. The account shows last payment Aug. 2012. It then when 60-90 days. There were a few payments in 2013, but the vehicle was repo in Nov. 2013. The CR shows a payment in 2014. I am thinking that’s when it was sold. I made no payment in 2014.

3. Between now and Nov. 2019 I have 4 collections that should fall off my CR and 4 CO/closed accounts. The closed accounts are no longer reporting. Should I contact EX and TU to try for an EE? I’m thinking from everything I have read so far I should just wait on EQ.

(The CO accounts are CAP1, PP, HSBC and Walmart).

When the CO’s fall off should I see a good increase in my FICO? I just opened a DISCO Card And OpenSky this month.

All responses appreciated. I’m new to the rebuild. I don’t want to open a door that’s about to close.

Your acct will be able to be removed when the DoFD (date of first deliquency) is 7 years old (+180 days)   Most CRA's will removed at the 7 year mark, or will EE (early exclusion) within a certain time close to that if you ask.  (EX 6 months early, TU 4 months early, EQ 1 month early).

 

Even if the original credit removes an acct, but the DoFD is not past the 7 year mark, the CA is under no obligation to remove it as well. 

 

Having the CO's fall off should see a score bump up. Depending on the rest of your profile as to how much that will be.  If the CO's are the only negatives you have then it would be more than if you still have any lates or other collections left on there.   

 

Sounds like you are on the path to recovery, and doing good things.  One thing that has been invaluable to me was learning (the hard way) that credit is a marathon, not a sprint.   It takes time, but keep doing the right things like you are now, and before you know it, you'll be set. 





Message 3 of 12
Rebuild2019
Established Contributor

Re: Charge Offs And Rebuilding

Thanks for the info. I guess being new to this I am nervous about calling. My first time going through this and I plan on it being my last time. I had one fall off when I first checked my credit about 2 months ago and I did see it go up a few points. At some point I will join my FICO. CK is not accurate enough when you’re trying to rebuild. Looking at your scores gives me hope!
Thanks

CARDS: Discover It | QuickSilver One | Kohl’s | BB&T Spectrum Cash Rewards | BB&T Bright | NFCU CashRewards | NFCU More Rewards | AMEX BCE | Verizon Visa | Wells Fargo Platinum | Amazon Prime | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 4 of 12
Jago22
Community Leader
Super Contributor

Re: Charge Offs And Rebuilding

CK is okay for acct monitoring as far as collections and payment updated and such.   The VS3 Fako score they give doesn't really do you any good, but for free it is not an aweful resource to have for other things.  





Message 5 of 12
Edgewood
Valued Member

Re: Charge Offs And Rebuilding

myFico is the way to go, but in the meantime take a look at the CRAs sites. I know Experian and Transunion will let you monitor you score  either free or a couple of dollars for the first month. I recommend Experian though. 

 

With Disco you can accurately monitor Transunion since Transunion use Vantage on their own paid subscription. smh

Message 6 of 12
KJinNC
Valued Contributor

Re: Charge Offs And Rebuilding

My experience so far is that CK is 100% accurate with a good interface for seeing updated events; for example, seeing an item fall off, or a new account start reporting; reviewing your accounts, etc.

 

The scores it uses (VantageScore 3.0) are directionally helpful, but should not be taken that seriously and are not worth obsessing over. VS 3.0 is not intended to duplicate FICO, it gives different weight to stuff, counts some things FICO doesn't count and vice versa. They serve different markets and while somebody who pays their bills on time will have a high score on both, you cannot use VS 3.0 to split hairs about how your FICO score is doing.


FICO Resilience Index: 66. Cards: 13/24, 2/12, 2/6. Accounts including loans: 14/24, 3/12, 2/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)


Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $144,100, not counting the AU card. The AU card brings the total to $170,600. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 7 of 12
Rebuild2019
Established Contributor

Re: Charge Offs And Rebuilding

Thank you

CARDS: Discover It | QuickSilver One | Kohl’s | BB&T Spectrum Cash Rewards | BB&T Bright | NFCU CashRewards | NFCU More Rewards | AMEX BCE | Verizon Visa | Wells Fargo Platinum | Amazon Prime | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 8 of 12
Wellspa
New Member

Re: Charge Offs And Rebuilding

So when things have been charged off should you do a PFD or pay them?
Message 9 of 12
Cloudburst2000
Frequent Contributor

Re: Charge Offs And Rebuilding

If the collection company will do a PFD, then yes that is the way to go because it will disappear off your CRs.  Many companies will not do PFD the first time you request it and often, you must ask in writing numerous times over a period of time before they will do a PFD.  Some companies do not allow PFD at all though it can't hurt to ask (maybe you will get lucky).

Message 10 of 12
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