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Charge Off Question...

Charge Off Question...

I have an account an account that has been charged off, put still placed in collections with American General Finance for sometime.

I haven't heard anything out of them in years.  The last activity on the account was 11-1-2006.  I have been patiently waiting for November 1st of this year to finally get this off my credit report.

I recieved an alert from my.fico that my score went up 10 points from 778 to 788 because the "Account Transferred or Sold".  The old balance was $3,500ish.  The new balance is blank.


So for my questiona...

What does this mean?  Are they going to start hunting me down?  I was really hoping this would all be off my report by November 1st.  Does the 7 years restart because it was transferred?

Did my score go up merely because the balance went from $3,500 to blank?  




Message 1 of 2
Moderator Emeritus

Re: Charge Off Question...

They can resell the account 100 times and it wouldn't reset the CRTP clock, it will still fall off.


If this was a revolving account and the amount was factored into your util, then I could see a jump in score with it now reporting no balance.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
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