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So I finally bit the bullet and purchased my fico scores and I have to say that I was in shock. My fico scores are all in the 590's while my credit karma scores are about 15-20 points away from 700. I look at the info and it seems they are still factoring my charged off accounts and the lates that were on the accounts. On credit karma I have 100% on time payments which I do have now across 3 credit cards vs fico which have me at 67% on time payments because they are factoring the charged off accounts. I have my last collection coming off in 30 days but what can I do about the chrgeoffs? It's not even a factor on credit Karma but Fico seems to be bringing my score down with late payments that I no longer have. Is their anything I can do about this? Thanks.
Credit Karma is essentially marketing with about 50-60% "truth" hidden in the report and score they give you. They do not report things correctly. Like, ever. FAKO scores are not used by any creditor that I can think of, or at least any creditor that I would call "savory".
FICO scores are the real deal, and used by nearly everyone. They are true to form. What you see is the truth.
Chargeoffs are a delicate beast. If they are not sold, and have some age, you could negotiate a settlement. While it will still have negative reporting weight, you can wait 6-12 months and request a goodwill deletion, or simply dispute if not showing properly. Note that if you have chargeoffs that you wish to pay with Capital One, Discover or any big bank, they generally will not delete if you pay regardless if in full.
Lowering overall utilization is about the only benefit to paying chargeoffs.
If they are sold, but not reporting, settle for as little as possible with the CA/JDB. Note that an "estimated" per-record amount that collectors pay for your old debt is around $.078/dollar, plus or minus a few cents. You should come in firm around $.18 to $.22/dollar.
Don't use CK to calculate scores, or to calculate the affects of derogatory.
CO and late payments are indeed calculated. The negative affects will report for up to 7.5 years. Most times removed from CRA at 7 years.
As others have mentioned CK is not accurate regarding your overall credit and neither are their scores when it comes to your actual FICO and credit profile.
CK is good for monitoring but not much more.
@blindambition wrote:Don't use CK to calculate scores, or to calculate the affects of derogatory.
CO and late payments are indeed calculated. The negative affects will report for up to 7.5 years. Most times removed from CRA at 7 years.
So pretty much I'm screwed for the next 7 years no matter what I do because it will be considered in my coco score?
@AllZero wrote:I'll drop a link here.
AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.
How would this help me though? I know what's on the reports. I'm asking if there's anything I can do to get them off.
@Jnbmom wrote:As others have mentioned CK is not accurate regarding your overall credit and neither are their scores when it comes to your actual FICO and credit profile.
CK is good for monitoring but not much more.
How can I get the charge offs removed?
@Anonymous wrote:
@Jnbmom wrote:As others have mentioned CK is not accurate regarding your overall credit and neither are their scores when it comes to your actual FICO and credit profile.
CK is good for monitoring but not much more.
How can I get the charge offs removed?
Unfortunately you really can't. Best you can do is pay them so they will stop updating monthly and affecting utilization. You could try asking for GW Removal once they're paid, but OC's rarely do that. Still, you'd have nothing to lose (other than some time and postage) by asking.
@Anonymous wrote:
@blindambition wrote:Don't use CK to calculate scores, or to calculate the affects of derogatory.
CO and late payments are indeed calculated. The negative affects will report for up to 7.5 years. Most times removed from CRA at 7 years.
So pretty much I'm screwed for the next 7 years no matter what I do because it will be considered in my coco score?
Are they reporting from OC, CA, or both?
Settling, or paying in full stops the updating, and allows scores to recover.
Who owns debt determines your options after payment.