Will paying down Revolving Utilization increase my score?

[ACN323]

@FireMedic1 I just pulled up my Experian acct and it says listed in description under Cap 1, closed, 38 charge offs. 

[TheKid2]

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@FireMedic1 wrote:

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@TheKid2 wrote:

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@ACN323 wrote:

@TheKid2 thanks for the info! Very helpful! Guess I just have to throw as much money as I can at it, stat. So annoyed with myself for letting it get this far. I had talked to a CSR at Cap1 that said they would not remove it from my credit report, once paid. I've read of some goodwill success letters with removal of lates, which would help since I have an obscene amount of charge offs from them with this acct. I'll try that once it's paid off. Thanks again for the info!  

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Hopefully this will make you feel better because I beat myself up often for letting myself get to a CO, too. The account is only scored by its WORST deliquency, so if you have multiple Lates and multiple COs in payment history on the same account, they look really bad, but the reality is that it is only scored as a CO - not multiple Lates AND multiple COs. Unfortunately, CO is basically the worst derog that isn't a Public Record, but your scores can recover somewhat. If you are unable to GW it off, you still can attain good scores if you follow the FICO advice on the forums here and maximum everything else about your credit profile. We live and learn. Best of luck!

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How do you get multiple CO's on one account? Its a one time thing. You can have multiple lates yes. But CO's. Nope. And if you are getting monthly CO's reported on the same account. Lawyer time! They are playing a monthly game thats not allowed.

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When they are reporting every month you get "CO" in payment history and it is really alarming to look at when it occurs over a long time. But, as I pointed out, it just counts as 1 CO at the account level for scoring. Just looks really bad!

[Anonymous]

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@ACN323 wrote:

@FireMedic1 I just pulled up my Experian acct and it says listed in description under Cap 1, closed, 38 charge offs. 

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It is an EX reporting thing. It is a single CO, but the will count all CO reported monthly on that account together and use the plural "COs". It is a single CO. I am unsure why they "COs". 

It is like saying 3 x 60 d lates is similar to 3 x Charge offs reported.

[ACN323]

@TheKid2 gotcha. Thanks for the clarification. So it's a bunch of lates then. I feel like with my other acct it went to collections pretty quickly, this one is in it for the long haul apparently. 

[TheKid2]

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@Anonymous wrote:

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It is an EX reporting thing. It is a single CO, but the will count all CO reported monthly on that account together and use the plural "COs". It is a single CO. I am unsure why they "COs". 

It is like saying 3 x 60 d lates is similar to 3 x Charge offs reported.

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Definitely not just an EX thing - I see it on TU, and here's what it looks like on EQ:

[ACN323]

@Anonymous almost got my hopes up lol. I was like has this been not right the entire time? Well now you all know the deets of my abysmal credit report. After I get this CO paid off, it will be the only negative on my credit report and hopefully my current 3 accts in good standing with 15 months of on time payment history,  will fingers crossed... help me out in the future. One can hope. Thanks for the clarification as well! 

[ACN323]

@TheKid2 noted! I've only pulled my actual credit report from Experian, so good to know I should expect the same with TU and EX. I just get those scores from my Citi and Disco bank cards each month and haven't looked at those reports in detail. Guess I should do that just to double check everything anyways. 

[Anonymous]

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@TheKid2 wrote:

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@Anonymous wrote:

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It is an EX reporting thing. It is a single CO, but the will count all CO reported monthly on that account together and use the plural "COs". It is a single CO. I am unsure why they "COs". 

It is like saying 3 x 60 d lates is similar to 3 x Charge offs reported.

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Definitely not just an EX thing - I see it on TU, and here's what it looks like on EQ:

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I dont see where it states "charge offs"?

This is exactly what we are speaking of. I do not see this posted on what you are showing.

[TheKid2]

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@Anonymous wrote:

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I dont see where it states "charge offs"?

This is exactly what we are speaking of. I do not see this posted on what you are showing.

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I see what you mean - where it "totals" it up. Got you now. Yes, I only see that on EX, too!

I think we all agree it looks ugly as baby diarhea in payment history on all CRs, but it's still only 1 actual CO! and thank goodness for that!

[Anonymous]

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@ACN323 wrote:

@TheKid2 noted! I've only pulled my actual credit report from Experian, so good to know I should expect the same with TU and EX. I just get those scores from my Citi and Disco bank cards each month and haven't looked at those reports in detail. Guess I should do that just to double check everything anyways. 

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 I find the absolutely best source of credit reports (and is totally free, but no scores) is on annual credit report. It is the only source of my credit reports that shows "estimated date of removal" for TU, "on reports until" for EX, and "DoFD" for EQ. These dates are really important for baddies (especially to me haha) and have been way different than I expected several times. The payment history is exceptionally easy to read and is complete. Not just part of it and not wonky appearing lol this is free to do weekly through 4/2021, otherwise it is normally only 1-2 times a year. It is truly a great resource!