Charge Offs/ Collection accounts

Anonymous · ‎04-14-2010

I can't find the answer to this. But is there a difference in score from a charge off to a regular collection account. What if a charge off gets removed is that more points than if a collection account is removed?

MarineVietVet · ‎04-14-2010

@Anonymous wrote:
I can't find the answer to this. But is there a difference in score from a charge off to a regular collection account. What if a charge off gets removed is that more points than if a collection account is removed?

I've learned here recently that what matters most is what the original creditor says on your credit report. The status and amounts owed shown on that entry will figure more heavily in your credit score than what a collection agency reports. That leads me to believe therefore that removal of a CO would be more helpful than a collection. But I could very well be wrong about that belief.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

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AndySoCal · ‎04-14-2010

I think there is no difference scoring wise between a charge off and collection. If one is more recent in time than the other you might see a bigger increase when the more recent one is removed. With Tthe FICO scoring system the more recent the derogatory item the greater the impact on the score.

FIC Scores XPN v8 808 V2 831 (SDFCU) TUC V 8 803 07/25 EFX Bankcard v8 822 EFX FIC0 v8 800 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4,700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 06/2023 25,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Commonwealth Credit Union 15000 07/25
Banking: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU Commonwealth FCU
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank Comerica Bank BMO

MarineVietVet · ‎04-14-2010

@AndySoCal wrote:
I think there is no difference scoring wise between a charge off and collection. If one is more recent in time than the other you might see a bigger increase when the more recent one is removed. With Tthe FICO scoring system the more recent the derogatory item the greater the impact on the score.

You might be 100% right about this. Like i said I'm not sure.

Anonymous · ‎04-14-2010

Thank you both for the responses. I wish I knew the answer to this. I have a few charge offs being deleted off my report. I have a few collections coming off my report. I just wander if I would see more points from a CO than a CA.

AndySoCal · ‎04-14-2010

Marinevelvet,

First thank you for your serivce to our country. I have never seen or read anything that there is a difference in the FICO scoring system. But I could be wrong it would not be first time either. LOL

FIC Scores XPN v8 808 V2 831 (SDFCU) TUC V 8 803 07/25 EFX Bankcard v8 822 EFX FIC0 v8 800 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4,700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 06/2023 25,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Commonwealth Credit Union 15000 07/25
Banking: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU Commonwealth FCU
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank Comerica Bank BMO

AndySoCal · ‎04-14-2010

How are recent are the charge of and collections that are being removed?

FIC Scores XPN v8 808 V2 831 (SDFCU) TUC V 8 803 07/25 EFX Bankcard v8 822 EFX FIC0 v8 800 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4,700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 06/2023 25,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Commonwealth Credit Union 15000 07/25
Banking: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU Commonwealth FCU
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank Comerica Bank BMO

Anonymous · ‎04-14-2010

I have them from 2007-2010, both collections and charge offs.

Anonymous · ‎04-15-2010

@AndySoCal wrote:
I think there is no difference scoring wise between a charge off and collection. If one is more recent in time than the other you might see a bigger increase when the more recent one is removed. With Tthe FICO scoring system the more recent the derogatory item the greater the impact on the score.

I have to disagree. If the CO has a balance, you are again dinged for the balance in your utilization.

fused · ‎04-15-2010

@Anonymous wrote:

@AndySoCal wrote:

I think there is no difference scoring wise between a charge off and collection. If one is more recent in time than the other you might see a bigger increase when the more recent one is removed. With Tthe FICO scoring system the more recent the derogatory item the greater the impact on the score.

I have to disagree. If the CO has a balance, you are again dinged for the balance in your utilization.

+1, Guiness!