@Anonymous wrote:Hi everyone. So just wanted to be part of the club and say my credit one charge off was deleted after emailing a GW letter. I googled the presidents email address and emailed on 6/2 The next day (6/3) I got an email from the presidents office saying they have received my request and will contact me in 7-10 business days. Well Friday 6/5 I got a myfico alert saying an account was deleted from Transunion. It was Credit One!
I settled the collections with LVNV and waiting for it to be deleted as well. But after the Charge off being deleted, my myfico scores have not changed. But when I look at credit karma, they decreased by like 15 points but I know credit karma uses different scoring model, would that be why? I do have a couple other old charge offs and 4 collections left (after lvnv is deleted). I actually got my utl down to 50% from 98%, so my experian went up to 570 this morning (from 550), but that is on the experian site, not on myfico.
First off, congrats on the GW success! Very nice.
We are frankly unsure of the exact behaviour of COs on scores because of how penal a CO is. I say "we" because I was tryng to use my credit profile to determine how penal they are over in the FICO scoring forum. A CO is the worst derog that isn't a public record, so I'm frankly not surprised that you wouldn't see an immediate score boost deleting 1 when you have others - especially if it wasn't actively reporting. Having open CAs further complicates it. To really understand the delete of a CO score wise, we would need to isolate it as a discrete event on your credit profile - not an easy task!
Be careful with your Util percentages as sites like CK will fool you into thinking that only your open revolvers count. They don't factor in past due debt like old COs that are reporting a balance, but the scoring algos definitely do.
@Anonymous wrote:Thanks @TheKid2 ! And that is something I did not know. Thanks for the information. I did not know those past due CO's are factored into that as well. So once those are paid in collections, will those CO's update or are they supposed to? Because I am currenty on a payment plan with LVNV for Fingerhut. The charge off is like 4 years old. The collections balance updates, but the charge off is still being reported.
It depends on the arrnagement with the CA. Is the OC account that is CO reporting a balance? Does it have any remarks? If that OC is $0 balance, then you should just work towards getting the CA settled/deleted. Then you could potentially GW it off like the Cred One.
@Anonymous wrote:@TheKid2 It is showing a $0 bal, Webbank/Fingerhut. The remarks say "Transferred to another lender or claim purchased. Purchased by another lender." Now that I am looking at it (on experian) it shows updated on May 1, 2015. The collection is Portfolio Recovery, which I settled and am making payments right now. That will be deleted once I am done.
OK - good. That CO is not counting against your Util then and you can focus on the CA with PRA (they are really good about deleting from my experience).