How many points did you gain after charge off paid?

[House2021]

Joobie that's so awesome and really encouraging! Maybe Equifax dropped because it updated and hadn't been updated with them in awhile? I agree Equifax is weird, it's 59 points lower than my Transunion (581 and 640) I just did a pay by phone on a charge off today and mailed a check for another charge off, on Monday I have three more to tackle, I'm hoping once those report zero and I get all my collections deleted I'll get a good boost. It's hard putting so much money out, it's a gamble, so your posts are very encouraging. 

[Joobie]

At the end, I feel like it will be worth it!!!

[Anonymous]

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@House2021 wrote:

I was wondering if anyone here has had a credit score over 700 (Fico 8 or mortgage) with having multiple paid charge offs? 

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Totally possible!

Heck, I am in a public record scorecard with 3 x CAs and have a 716 TU F8 and 721 TU4 lol crazy how that works!?

SO has 1 x unpaid and 1 x paid CO and my best guess is he would definitely break 700 for sure, but currently have undesirable util on one revolver (82%) for a few months (0% interest promo), so we won't know until that is brought down some.

[Joobie]

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@House2021 wrote:

Joobie that's so awesome and really encouraging! Maybe Equifax dropped because it updated and hadn't been updated with them in awhile? I agree Equifax is weird, it's 59 points lower than my Transunion (581 and 640) I just did a pay by phone on a charge off today and mailed a check for another charge off, on Monday I have three more to tackle, I'm hoping once those report zero and I get all my collections deleted I'll get a good boost. It's hard putting so much money out, it's a gamble, so your posts are very encouraging. 

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So Equifax updated this morning, score increased 19 points. Credit is so difficult to understand. Maybe the 4 point drop was a glitch on their side.

[House2021]

Wow that's great! Thanks for the updates, it's appreciated!

[Anonymous]

And there are a lot of moving variables to understand with a CO.

The first question is how long since it has been updated? The longer it has been since it's updated, the larger TPOD catchup penalty you will  contend with. One that's updating monthly, you don't have a catch-up penalty to really to worry about, (unless you had the bad luck to be on a threshold).

Second is the amount paid. The greater that amount, the greater penalty imposed, and therefore greater penalty reduced when paid.

In other words, all other things the same, a $1000 chargeoff being paid will give you a much greater increase than a $100 chargeoff being paid, imho. But rarely are all other things the same, like I said you get the catch-up Penalty to contend with at times. 

more detail explained in the Primer. 

[jcooks]

I had a charge off (about 1100) and it was about to fall off my credit report so it was about 6y 11mo I believe.  Since paying it a few months ago and lowering my util from (49% to <1%), my fico went from low 600 to now 747 EX, 755 TU, 755 EQ.  I'm pretty sure it's a combination of lowering utilization and paying off the charge off.  Not really sure the exact numbers for just the charge off because I worked on it as a whole.

[Anonymous]

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@jcooks wrote:

I had a charge off (about 1100) and it was about to fall off my credit report so it was about 6y 11mo I believe.  Since paying it a few months ago and lowering my util from (49% to <1%), my fico went from low 600 to now 747 EX, 755 TU, 755 EQ.  I'm pretty sure it's a combination of lowering utilization and paying off the charge off.  Not really sure the exact numbers for just the charge off because I worked on it as a whole.

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@jcooks we get into a lot of theory here, but it's my theory that if it was updating regularly or had within the last two years, then it was also contributing to utilization, yes in addition to other penalties. 

[Anonymous]

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@jcooks wrote:

I had a charge off (about 1100) and it was about to fall off my credit report so it was about 6y 11mo I believe.  Since paying it a few months ago and lowering my util from (49% to <1%), my fico went from low 600 to now 747 EX, 755 TU, 755 EQ.  I'm pretty sure it's a combination of lowering utilization and paying off the charge off.  Not really sure the exact numbers for just the charge off because I worked on it as a whole.

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With these scores, did the charge off age off? If it did was it your only CO? Or were these scores with the CO paid only?

[jcooks]

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@Anonymous wrote:

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@jcooks wrote:

I had a charge off (about 1100) and it was about to fall off my credit report so it was about 6y 11mo I believe.  Since paying it a few months ago and lowering my util from (49% to <1%), my fico went from low 600 to now 747 EX, 755 TU, 755 EQ.  I'm pretty sure it's a combination of lowering utilization and paying off the charge off.  Not really sure the exact numbers for just the charge off because I worked on it as a whole.

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With these scores, did the charge off age off? If it did was it your only CO? Or were these scores with the CO paid only?

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It was the only charge off on the account that was showing.  I believe since it was nearly falling off the report, it didn't contribute to much.   I raised my score from low 600's (don't recall exactly) in January to 755 today.  Along with the charge off, I lowered my utilization from about 50% to <1%.  I still have a few late payments but most of them are over 4 years ago.  Now just to wait until those fall off then I should be good.  As for inquiries i have 2/2/4 on EX, 0/0/1 on EF, and none on TU.  These inquiries include getting approved for an Amex gold and a Chase freedom flex with a paid chase charge off roughly 10 years ago.