Just out of curiosity, how do charge offs actually report? Still late payments?
I let all my stuff go back in 2015-2016, and I'm about a year out from my last "estimated drop off date" so this is a huge year for my rebuild, I'm sitting around 600, a few cards, and I have like 1 hard pull in the last 2 years. So I'm just waiting for everything to fall off before i go on a little app spree, but i am curious because i did go for the Apple Card and it mentioned i had a recent past due account, but I haven't missed a payment in about 5 years minus my charge off accounts still getting updated monthly.
Thanks for any info, new to the community and really excited to finally get my credit back on track .
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Welcome to MF!
A reporting CO will most definitly hit you very hard. Once paid... First it'll stop reporting as a balance "past due", and begin its aging process. Secondly, it will reduce your UTI by that amount, which is also giving you the dinger. I recently went through a very near situation as yourself. See the link to my progress and what taking care of that CO did for me and my score. What is your DOFD?
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Rebuild-Guidance-Please/td-p/6493705
There will more than likely be some folks to chime in with some more detailed step for you. But it's safe to say, if you follow that link to my original thread, you will clearly see what it will do for you very quickly. Good luck!
Starting Score: 547EX
Yes if it's unpaid and updating monthly, it'll continue to ding you every month until paid off or until it falls off.
A CO counts as a maxed out account with zero credit limit and it factors into utilization.
@moto4man wrote:Welcome to MF!
A reporting CO will most definitly hit you very hard. Once paid... First it'll stop reporting as a balance "past due", and begin its aging process. Secondly, it will reduce your UTI by that amount, which is also giving you the dinger. I recently went through a very near situation as yourself. See the link to my progress and what taking care of that CO did for me and my score. What is your DOFD?
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Rebuild-Guidance-Please/td-p/6493705
There will more than likely be some folks to chime in with some more detailed step for you. But it's safe to say, if you follow that link to my original thread, you will clearly see what it will do for you very quickly. Good luck!
This thread helped me a lot ! Thanks! I am one year away from every derogatory falling off my account , some are even coming off this December. Most next march, I'm probably going to wait. Couple charge offs have been paid, 2 are $1k each, don't see a point to pay 2k when it disappears in literally a year.
DoFD on all accounts were January - March 2016. I com0pletely let everything go looking forward to this time next year to finally have it all go away.
Who are the 2 creditors you speaking of? As it gets closer to fall off date they may as a last ditch effort go the CA or the lawyer route.
@FireMedic1 wrote:Who are the 2 creditors you speaking of? As it gets closer to fall off date they may as a last ditch effort go the CA or the lawyer route.
USAA and DISCOVER
I'd be a little concerned about Discover and them taking you to court still... Not sure about USAA
-J
One of the things on this board that I've learned (not experienced) is that the closer the time comes to them falling off, is when they're comin in hot.... Be wary!
Is this even legal? My understanding is that in most states the statute of limitations to sue someone is prior to the 7 year mark so how would a creditor come after someone at 6.5 years if the SOL date was at 5 years.
Im curious because I have a CO that is due to fall off in June and really don't want to deal with something unexpected. I'm in Florida and though the SOL to be sued is 5 years.
