Closed Charge-Off Account and Credit Utilization

[Anonymous]

I have several with Comenity Bank and one with Credit One. The Credit One card is the one I charged gas to today, just $22 and the limit on that card is $500.I just looked and it appears they reported last month on the 4th. If I'm going the rapid rescoring route, I do not want to wait until the 4th unless it will make a significant difference. By that I mean 20 or more points. I have until July 31st to close on my new home but we have to be out of our current home by July 5th - we'll be staying with my parents until we close on the new house. The sooner we can get my credit score up to or above 580 the faster we can move into our new home.

[Anonymous]

The difference between all cards reporting $0 and exactly one card reporting a small positive balance is about 20 points.   Did any of your cards have a statement date on between May 25 and May 31?  If so, they'd likely be producing another statement in the next 3-4 days.

[Anonymous]

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@Anonymous wrote:

The difference between all cards reporting $0 and exactly one card reporting a small positive balance is about 20 points.   Did any of your cards have a statement date on between May 25 and May 31?  If so, they'd likely be producing another statement in the next 3-4 days.

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For Credit One, my last statement ending date was 06/04. It appears my Comenity Bank statement closing dates are all on or around the 18th.

[Anonymous]

Darn.  Wish you had reached out to folks a couple weeks ago.  Then any of the Commity cards would have been an option -- you'd have that positive balance now or in the next day or two.

I suggest you talk to people further about the Rapid Rescore option.  I think RR works for any account balance you are trying to get updated.  Usually that's an account going from a big balance to a much smaller balance, but in theory it seems like an RR for a $0 balance account to $20 may be possible.  The lender may not be willing to do an RR for three different accounts at three different bureaus, of course. 

[Anonymous]

I didn't find out until a few days ago that my score dropped, from the dispute remarks being removed. If I had predicted this I would've asked for a help way sooner. It is what it is though. I settled the two First Premier charge-off accounts this morning and I already have the letters from First Premier showing this. My LO called me this morning and said they DO offere RR!! I'm so happy. Now I'm waiting for him to tell me what FICO version they pull. I'm curious about this because if it's FICO 9, isn't it supposed to ignore settled/paid collection accounts? I have one collection account and I will settle it if they use FICO 9 - then I'll have 3 letters to send him to use for the RR.

[Anonymous]

Your mortgage lender will use the mortgage models, not FICO 9 and not FICO 8.  The mortgage models are very old.  FICO 04 for EQ and TU and FICO 98 for EX.

[Anonymous]

To the OP First Premier has an email directly to the EO, You can Google it as I'm not sure I can post it. Most everyone gets results they want by emailing them. If u email, explain your situation, offer to pay for delete, they may just agree. Many including myself had success with removal without paying and paying, they respond very fast within a few days.

[Anonymous]

I'm happy to report that my rescoring is done and since I settled the two charge off acounts, my score shot up quite a bit. I am talking about the Mortgage FICO scores. They went from below 580 to TU - 609, EX - 589, and EQ 616. This was with my utilization being at zero. I gave my LO the okay to rerun my credit and I am now back in business! New closing day is 7/31 :-) As for the $29 I charged to Credit One, so that my utilization would be at 1%, it just now posted to my credit reports - but according ot my credit alerts, only one of my scores was affected. It shows my FICO 8 for EQ went from 612 to 647! Huge jump, but I'm not understanding why this didn't increase my other scores. Any idea why? Do you think the alerts for EX and TU just aren't reporting an updated score? I talked to my LO about repulling since the $29 has posted but he doesn't want to and said the points I may have received won't decrease my interest rate in my case. We would choose FHA even if I qualified for conventional - for various reason.