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@chasmith wrote:It may not help your score the day after it reports as paid. But it will in time.
That one item probably isn't the sole thing holding your core down. What are the factors listed on your acore report?
Looking in myFico it says:
Deliquency + collections (colletions are no longer there, this was when I originally pulled my report)
short account history
No revolving accounts (just opened Fingerhut, Aarons will report in about 5-6 months, trying for a secured card)
Few accounts paid on time.
@guiness56 wrote:It depends on what and how it is reporting as to whether it will help your score. A CO CC has to report the balance and CL to be included in utilization. If it is, paying will help your utilization but the CO will still remain and affect your score for almost the entire 7 years.
It was a personal loan and it isn't showing any utilization at all.
2FixMyCredit wrote
Looking in myFico it says:
Deliquency + collections (colletions are no longer there, this was when I originally pulled my report)
short account history
No revolving accounts (just opened Fingerhut, Aarons will report in about 5-6 months, trying for a secured card)
Few accounts paid on time.
So the best things you can do are - my opinion only -
Pay the chargeoff.
Open two secured cards (mastercard or VISA). Stay away from the bottom fishers like CreditOne or First Premier. You might try a credit union, Capital One, or Citibank. Pay each card each month but allow one to report a small balance (alternate which one reports).
Remember, things didn't get this way overnight but you can improve them a lot faster than they developed.
@chasmith wrote:
2FixMyCredit wroteLooking in myFico it says:
Deliquency + collections (colletions are no longer there, this was when I originally pulled my report)
short account history
No revolving accounts (just opened Fingerhut, Aarons will report in about 5-6 months, trying for a secured card)
Few accounts paid on time.
So the best things you can do are - my opinion only -
Pay the chargeoff.
Open two secured cards (mastercard or VISA). Stay away from the bottom fishers like CreditOne or First Premier. You might try a credit union, Capital One, or Citibank. Pay each card each month but allow one to report a small balance (alternate which one reports).
Remember, things didn't get this way overnight but you can improve them a lot faster than they developed.
That is the problem, I keep getting told to get a secured card. Every secured card I have applied for I have been declined for. And I REALLY do not want the Opensky card after reading reviews.
Try sending something to the CEO or VP. Maybe you'll get something done that way. Some creditors just won't budge at all.
@guiness56 wrote:Try sending something to the CEO or VP. Maybe you'll get something done that way. Some creditors just won't budge at all.
I've done both so far and they have been ignored. I think I am going to try and GW again.
How does this look?
I am writing in regards to a loan that I received from Vystar Credit Union nearly three years ago. I was a member of Vystar for several months and never had any overdrafts, bounced checks or anything of the sort before taking out the loan. The loan was in the amount of $300. Unfortunately two months after receiving the loan I lost my job due to no fault of my own, I tried to make my payment's but had no luck finding work in a timely manner.
I have recently pulled my credit report from all three credit reporting bureaus and found that this is marked as a charge off and in collections with Vystar. I am writing in hopes of goodwill adjustment to the credit reporting bureaus for full payment of the remaining balance on the loan within six months. I know this is a rather unusual request but I am hoping you can consider it. This negative mark is not a good indicator of my actual credit worthiness as circumstances at the time were out of my control. I have since remedied the situation, have been employed and adamantly pay my bills on time every month and have done so for the past two years. I beg you for such consideration.