Help! Charge off question.

[Ajones22]

I have a charge off on my credit report that is updated on a monthly basis. It was for a car loan and I settled with the attorneys in order to pay the loan back.10k is owed now. I have tried to get an apartment and they denied me because they stated I had serious delinquent debt. I also tried to apply for the Discover IT card and they denied me as well for the same reason. When will the charged off account finally be removed from my credit report? Its been on my report since 2012 but the chargeoffs didnt begin until 2016.

[FireMedic1]

CO's will update until $0 balance. Since it isnt paid yet doesnt help much. Once settled it will help some. Since you mentioned lawyers. Did they go legal on you? It will fall off 7yrs from the DoFD. Or the first late date (month/year) and it never became current. It will show on your real credit reports at annualcreditreport.com. Hold back on apping for cards for now unti its done.  A CO ranks right under a BK. But only last 7yrs. Welcome to the forums.

[Tryinghardtoimprove]

Hi. I'm piggy backing off of your comments on this post. I see how paying his CO greatly improved his credit score. My question is I have a charge of with Capital One for $1600. Should I pay in full or settle for half? It's from 2017 but reporting monthly.

Also where is everyone finding their FICO 9 scores. I've been looking all night on my paid subscription thru experian paid account. 

Thanks so much

[FireMedic1]

Here on MyFICO you get all 28 or Credit.com. Its up to Cap1 on what % they will settle for. Older the lower the settle amount it will be. Dont expect lower than 30%. Settled or PIF it has to reflect a $0 balance. On your reports it will say Paid CO settled for less.

[Tryinghardtoimprove]

Thanks. What I should have asked is does it benefit my score to settle in full CO vs settle for 50% CO? They are willing to let me pay 800, but if it will help my score more to pay the whole 1600 I will. Thanks 

[FireMedic1]

Yep. Its has to say $0. The comment section on the account will say CO PIF or settled for less. Grab it.

[Tryinghardtoimprove]

Will do. Thanks. I'll keep you updated. I just paid all my credit cards and loans off. About $18,000 worth of debt. I left a small bal 6% on one. Only one cc for $6K hit my report so far but my score went up 11 points. I'm looking forward to finally getting out of this credit trap and staying in good standing. Also I purchased the Experian Creditworks but not the Fico membership. Thats why I couldn't get my Fico 9. I'm purchasing this membership now.. Thanks for all the advice. 

[Ajones22]

Yep they took me to court but I was able to settle with them.

Thanks so much for your advice. I appreciate it. 😊

[OmarGB9]

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@Ajones22 wrote:

Yep they took me to court but I was able to settle with them.

Thanks so much for your advice. I appreciate it. 😊

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So you say $10k is owed now, do you mean AFTER the settlement you STILL owe $10k, or do you mean that after negotiating via lawyers you settled for $10k and that's all you paid and your report now shows zero balance? It's unclear from your OP.

[Ajones22]

Yeah after the settlement I still owe a balance of 10k. It was actually more than that. So far I've paid off 6k of it. My report shows the remaining balance of 10k.