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How much would this help ?? Will it hurt my aaoa

amckee
Established Member

How much would this help ?? Will it hurt my aaoa

I can get this deleted if paid in full it's for my old truck that was totaled and gap didn't cover this amount it's been holding me down for awhile 

 

they agreed to deleted it complety in writing if i pay in full 

 

will this help me 

 

will this bump my score up or down

C2E1EC5E-6EF7-47AB-9660-EDAD687FB20C.png

 

8A05D5A5-4CA5-41AA-A2B1-37A5C501423F.png

 

6 REPLIES 6
gdale6
Moderator

Re: How much would this help ?? Will it hurt my aaoa

Getting an OC to do a PFD is the Holy graile. AAoA concerns never outweigh the fact that it is a charge off. Payment history is 35% of Fico, Age of accounts is only 10%. Pay it and have it deleted, if's your only derog you should get  bump in Fico as long as you have other open credit cards and/or loans.

Message 2 of 7
Birdman7
Super Contributor

Re: How much would this help ?? Will it hurt my aaoa


@amckee wrote:

I can get this deleted if paid in full it's for my old truck that was totaled and gap didn't cover this amount it's been holding me down for awhile 

 

they agreed to deleted it complety in writing if i pay in full 

 

will this help me 

 

will this bump my score up or down

C2E1EC5E-6EF7-47AB-9660-EDAD687FB20C.png

 

8A05D5A5-4CA5-41AA-A2B1-37A5C501423F.png

 


@amckee if they're going to delete that you better take that and run and thank them profusely. You darn right your score will improve if you don't have other derogatories. 

-Scoring wisdom: General Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
CassieCard’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 3 of 7
Birdman7
Super Contributor

Re: How much would this help ?? Will it hurt my aaoa

Not only will you get points for the derogatory being removed but also for the amount delinquent being removed and also for the reduced utilization. But if it’s your only delinquency/derogatory, it will cause the scorecard change and all that will be done at once.
-Scoring wisdom: General Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
CassieCard’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 4 of 7
amckee
Established Member

Bit the bullet snd paid my last charge off on my account

Couldn't get a pfd.   But i did pay it off 

 

sitting around a 640 fico on equifax 

 

this charge off has been reporting every month so I'm hoping this will help me finally get to rebuilding properly 

 

will i get a few points ?

 

also how bad does it look in underwriting to have a change off paid in full obviously better then not paid.... but do some lenders realize that you have made the right choices to repair your credit

D7CF8481-50B0-47B2-A528-1BE4C896BD60.png

 

9D0BC20D-6266-433B-80FA-E6C1717A967F.png

 

Message 5 of 7
gdale6
Moderator

Re: Bit the bullet snd paid my last charge off on my account

Oh wow, thought you had the PFD on it.. Should see some points as your util will decrease and as it ages back some points will also be gained.

Message 6 of 7
Birdman7
Super Contributor

Re: Bit the bullet snd paid my last charge off on my account


@amckee wrote:

Couldn't get a pfd.   But i did pay it off 

 

sitting around a 640 fico on equifax 

 

this charge off has been reporting every month so I'm hoping this will help me finally get to rebuilding properly 

 

will i get a few points ?

 

also how bad does it look in underwriting to have a change off paid in full obviously better then not paid.... but do some lenders realize that you have made the right choices to repair your credit

D7CF8481-50B0-47B2-A528-1BE4C896BD60.png

 

9D0BC20D-6266-433B-80FA-E6C1717A967F.png

 


@amckee yeah you'll get points for reduced utilization, reduced amount of delinquent debt, and then you should get points at 6, 12, 18, and 24 months as it ages. 

-Scoring wisdom: General Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
CassieCard’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 7 of 7
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