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1 Charge off account left to fall off this year

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Mdowning30
Established Contributor

1 Charge off account left to fall off this year

I have 1 Charge Off account reporting $0 balance from WEBANK/FINGERHUT that should fall off by the 4th quarter of this year, i have read that its possible to get it removed 6 months early ? How much points can i expect to gain from this ?

Chase Freedom Unlimited : $6000 | Discover It Chrome : $3500 | AmEx CS Investor : $6000 | Chase Sapphire Preferred : $5000 | Chase Amazon Prime : $2000 | AmEx Hilton Surpass : $1000 | AmEx Business Plus : $2000 | AmEx Platinum CS : POT $2800 | Tower Federal CU : $15,000 | Lowes Commercial Account : $1,000 | WF Bilt Mastercard : $4,000 | Shell Fleet Plus : $1,000
Total Credit Limit : $42500
Experian FICO 8 : 694
| Experian Vantage : 701 | TransUnion FICO 8 : 683 | TransUnion Vantage : 695
Starting Score: 512
Current Score: 693
Goal Score: 700+

Take the myFICO Fitness Challenge
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3 REPLIES 3
pizzadude
Credit Mentor

Re: 1 Charge off account left to fall off this year


@Mdowning30 wrote:

I have 1 Charge Off account reporting $0 balance from WEBANK/FINGERHUT that should fall off by the 4th quarter of this year, i have read that its possible to get it removed 6 months early ? How much points can i expect to gain from this ?


What other derogatory information is showing on your reports besides this CO ?  Are there late payments, and if so, how many / severity ?   IF the CO account is your only negative account then I'd expect a nice bump to your FICO scores, probably 50+ points.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 4
Mdowning30
Established Contributor

Re: 1 Charge off account left to fall off this year

Thats the only derogatory account, i do have a late car payment thats about 2 years old.

Chase Freedom Unlimited : $6000 | Discover It Chrome : $3500 | AmEx CS Investor : $6000 | Chase Sapphire Preferred : $5000 | Chase Amazon Prime : $2000 | AmEx Hilton Surpass : $1000 | AmEx Business Plus : $2000 | AmEx Platinum CS : POT $2800 | Tower Federal CU : $15,000 | Lowes Commercial Account : $1,000 | WF Bilt Mastercard : $4,000 | Shell Fleet Plus : $1,000
Total Credit Limit : $42500
Experian FICO 8 : 694
| Experian Vantage : 701 | TransUnion FICO 8 : 683 | TransUnion Vantage : 695
Starting Score: 512
Current Score: 693
Goal Score: 700+

Take the myFICO Fitness Challenge
Message 3 of 4
SouthJamaica
Mega Contributor

Re: 1 Charge off account left to fall off this year


@Mdowning30 wrote:

Thats the only derogatory account, i do have a late car payment thats about 2 years old.


Unfortunately a late payment counts as a derogatory item. So that will reduce your point gain.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 4 of 4
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