@House2021 wrote:Do you know what type of ceiling that would be? What a score would max out at? Is it better to payoffall my charge offs or all my collections? Right now I can only do one or the other,each category is about $4000 each (amount I think I could settle for)
No, I do not because the FICO algorithm is proprietary and no one knows the details of it. I can only tell you from my personal experience that the "ceiling" with an unpaid collection still showing, 1 unpaid CO and 6 paid COs is probably between 640-650 until I can get the 1 collection removed. My current scores are in my signature, with Experian being my highest.
As for what your should do, well as I mentioned, scoring wise paying collections does very little, but paying COs helps more. However, what you should pay first also depends on the age of the accounts. If the COs haven't been sold to a CA yet, then probably take care of those. But if you have COs that already sold the debt to a CA and it's been a few years, I'd take care of the CAs before they sue you for the full amount plus late fees.
@refereeguy1390 wrote:I have a question too on this topic. I'm assuming the credit limit of the charge off card does not get included in the utilization calc? That would make the most sense, but I couldn't find an answer.
I don't think I saw an answer to your question so I will chime in...
The amount owing is added in but the original credit limit of the charge off account is not.
Stated simply..:
If you have an open active CC account with 0 balance on 1000 CL and a CO CC account with 1000 owing and these are the only accounts then your utilization is 100 percent.
I hope they agree to your 40% of the balance offers, but just temper your expectations because they very well may not, even if it is outside of SOL. But yes, I mean just try to take care of everything as quickly as possible, because CAs may become sue happy and COs may sell off/hire CAs, so it's a tough place to be in. Also be careful of getting collections removed via simply disputing - sometimes this works and they stay off, but sometimes it *appears* to work because the collection gets removed, but then a month or a few months later it reappears because the CAs do their housekeeping and realize their TL got deleted so they add it right back on your report (which they are allowed to do as long as they are within the 7.5 year reporting window).
@OmarGB9 wrote:I hope they agree to your 40% of the balance offers, but just temper your expectations because they very well may not, even if it is outside of SOL. But yes, I mean just try to take care of everything as quickly as possible, because CAs may become sue happy and COs may sell off/hire CAs, so it's a tough place to be in. Also be careful of getting collections removed via simply disputing - sometimes this works and they stay off, but sometimes it *appears* to work because the collection gets removed, but then a month or a few months later it reappears because the CAs do their housekeeping and realize their TL got deleted so they add it right back on your report (which they are allowed to do as long as they are within the 7.5 year reporting window).
I agree with disputing collections that may work temporarily since a disputed a collection with waypoint and they deleted but then it came back a year or so later and stuck there after that.
Starting Score: 494 503 521
@House2021 wrote:Oh I'm not worried about those disputed accounts coming back to me, all four of the companies gave me a letter stating they have agreed to remove those collections directed the credit bureaus to remove them will not reinstate it and will cease any future collection efforts so should they ever show up again I have letters on their letter head agreeing to do that.
Yeah but that was from those companies so if the debts are valid they can resell to another company that you don't have that agreement with.
@simplegirl wrote:
@House2021 wrote:Oh I'm not worried about those disputed accounts coming back to me, all four of the companies gave me a letter stating they have agreed to remove those collections directed the credit bureaus to remove them will not reinstate it and will cease any future collection efforts so should they ever show up again I have letters on their letter head agreeing to do that.
Yeah but that was from those companies so if the debts are valid they can resell to another company that you don't have that agreement with.
Correct, unless the debt was paid prior to this agreement being made.