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Hi all,
If I know a charge off from an old credit card is going to fall off in the next 12 months, will paying it off have any impact on my score? Will the 6 years of FP (failure to pay) still be on my credit report even after the 7years and the charge off falls off?
Is there anyway I can try to dispute it with the bank to try to get it deleted? The amount is for a service charge which should not have been there in the first place. I didn't know they had put that service fee on my account after I had paid the balance so I thought the balance had been zero. Also the service fee was charged in error.
With these two facts (1. charge off falling off in 12 months and 2. service fee should have never been charged in first place) what is the best course of action if I want to raise my credit score quickly?
Thank you so much.
@Anonymous wrote:Hi all,
If I know a charge off from an old credit card is going to fall off in the next 12 months, will paying it off have any impact on my score? Will the 6 years of FP (failure to pay) still be on my credit report even after the 7years and the charge off falls off?
Is there anyway I can try to dispute it with the bank to try to get it deleted? The amount is for a service charge which should not have been there in the first place. I didn't know they had put that service fee on my account after I had paid the balance so I thought the balance had been zero. Also the service fee was charged in error.
With these two facts (1. charge off falling off in 12 months and 2. service fee should have never been charged in first place) what is the best course of action if I want to raise my credit score quickly?
Thank you so much.
Hi and welcome to the forums
Paying it would have impact on your score if it's still updating. Payment would stop updates.
Once it reaches the seven years, all negative info will be removed, leaving only positive history. So no, Failure To Pay wont be there any longer.
As far as dispute goes, sadly you have really nothing to dispute there. " I did not know" is not a grounds for negative info removal.
If you chose to dispute, most likely it will come back verified and further drop your scores.
If you have a proof you could submit to CRAs that service fee was never supposed to be charged (would be in the terms and conditions at the time you applied), dispute away.
I see no way to quickly raise your score because you wont be able to get PFD from the OC in most cases.
@Anonymous wrote:Hi all,
If I know a charge off from an old credit card is going to fall off in the next 12 months, will paying it off have any impact on my score? Will the 6 years of FP (failure to pay) still be on my credit report even after the 7years and the charge off falls off?
Is there anyway I can try to dispute it with the bank to try to get it deleted? The amount is for a service charge which should not have been there in the first place. I didn't know they had put that service fee on my account after I had paid the balance so I thought the balance had been zero. Also the service fee was charged in error.
With these two facts (1. charge off falling off in 12 months and 2. service fee should have never been charged in first place) what is the best course of action if I want to raise my credit score quickly?
Thank you so much.
I would challenge it if you believe it was wrong.
@Remedios wrote:
Once it reaches the seven years, all negative info will be removed, leaving only positive history. So no, Failure To Pay wont be there any longer.
This is something I've never been clear on. If you pay a CO and the status goes from CO to current doesn't that reset the DOFD?
It does not go to "current". It updates to reflect paid. Nothing resets DOFD.