Credit % used ratio is wrong???

[Walt_K]

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@injustifiiable wrote:

Yeah, it sure does suck. I have a charged-off FPB card that is doing the same.

The balance will go to $0 once they sell the debt to a CA, so it's definitely best if you can just get them paid now. The CA will put another baddie on your file dropping the score even more. Cap1 may have you go through a debt "servicer", though.

Good luck!

Edit: EX doesn't sell FICOs to consumers anymore, in case you were wondering. You can get their PLUS score for 8 bucks. Not a true FICO but it's better than nothing.

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Save the $8.  Getting your EX report is worthwhile, but the PLUS score's pretty meaningless.  If you want a meaningless EX score, got to Quizzle and get one for free.

[injustifiiable]

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@Walt_K wrote:

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@injustifiiable wrote:

Yeah, it sure does suck. I have a charged-off FPB card that is doing the same.

The balance will go to $0 once they sell the debt to a CA, so it's definitely best if you can just get them paid now. The CA will put another baddie on your file dropping the score even more. Cap1 may have you go through a debt "servicer", though.

Good luck!

Edit: EX doesn't sell FICOs to consumers anymore, in case you were wondering. You can get their PLUS score for 8 bucks. Not a true FICO but it's better than nothing.

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Save the $8.  Getting your EX report is worthwhile, but the PLUS score's pretty meaningless.  If you want a meaningless EX score, got to Quizzle and get one for free.

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That's true. I forgot about Quizzle, there.

[kjm79]

Or creditsesame.  Just remember, you get what you pay for. 

[Bullcrappy]

It seems a company called NCO is servicing the account for them.

Do i have to deal with them?  Will they be willing to do a Pay for Delete?  if so what % is a good starting point?

my max balance was 1258.00 and now they want 2700.00...

[Walt_K]

NCO is a collection agency.  I don't know how they are with Pay for Delete.  You should try searching/posting over in the Rebuilding forums.  I'm sure lots of people have posted about NCO over there.

Is the collection reporting?  I thought when it went to collections, it didn't count in utilization.  But maybe if it is just referred to a CA for collection, and not sold to a CA, then it can still report balance with the OC and count in utilization.  I'm just speculating here.  Maybe someone can clarify on that point.

[injustifiiable]

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@Walt_K wrote:

NCO is a collection agency.  I don't know how they are with Pay for Delete.  You should try searching/posting over in the Rebuilding forums.  I'm sure lots of people have posted about NCO over there.

Is the collection reporting?  I thought when it went to collections, it didn't count in utilization.  But maybe if it is just referred to a CA for collection, and not sold to a CA, then it can still report balance with the OC and count in utilization.  I'm just speculating here.  Maybe someone can clarify on that point.

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Yep. If Cap 1 sold it to NCO, NCO would have it's own entry for the balance and the original CO would be at $0 balance. NCO just seems to be "servicing" it right now.

[MarineVietVet]

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@john398 wrote:

That should fall off 7 years from the last activity so in July 2013, its odd though the closed account is affecting your score, is it showing just on true credit or also on myfico as hight util?

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Date of last activity has nothing to do with the CRTP (Credit Reporting Time Period). Even updating the account can and will change the DoLA.

Collections (and charge offs) can report for up to 7.5 years from the DoFD (Date of First Delinquency) on the OC (Original Creditor) account that led to the collection or CO.

[MarineVietVet]

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@omskillet wrote:

Charged off accounts that are still reporting a balance are factored into your utilization. The charged off balance is counted against your open available credit. So the $1000 limit you have for this card is not factored into your utilization. I believe there is info in one of the stickies about this.

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As kjm said only if both the credit limit and balance are being reported is a charged off revolving account factored into utilization. You can read more about how this works here: Closing Credit Cards.

[MarineVietVet]

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@Bullcrappy wrote:

Well got a rude awaking.  i have had TrueCredit (transunion) service and it has me with scores between 670-698 for all three reporting agency's

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Those scores sold at TrueCredit are called VantageScores and although Chase uses the VS in some of their decisions the VS's are not FICO scores and can't be compared in any way to FICO's.

[omskillet]

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@kjm79 wrote:

Closed, including charged off accounts, that report BOTH a balance and a credit limit will be included in your utilization.  You can either wait it out and let it fall off, or try and pay it.  Visit the rebuilding forum for tips and suggestions on working with Cap 1. 

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Thank you for that correction! I was under the impression the credit limit was not included. Apologies for that error on my part.