How much is this hurting my score?

[Anonymous]

Right now my fico 8 scores for experian and Equifax are upper 670s low 680s a d my Trans Union is 630. I have a charge off American Express that sitting there for 4 years with a balance of 2600. I know when I applied for a loan at the bank they were making comments about that. If I make a settlement with them or pay it off what kind of pop in my score do you think it will make?

[Anonymous]

Is that your only negative item, or are there others?  If there are others, what is their type/severity and how old are they?

Why are two of your scores 40-60 points higher than the other? 

If you have only 1 (major) negative item present on your credit report and have it removed, typical score gains fall in the 60-80 point range from what I've seen, depending on your profile.

[Anonymous]

Also if you pay Amex off, they have a program that will allow you to have credit with them again. I think the program is call Optima Oasis or something like that.

[Anonymous]

I had a dispute with a business partner several years ago and he had me removed from the company and then sued me because hes a **bleep** and a sore loser. My credit went in the crapper. This was all 2012-2013. I had a truck repo in 2012, another auto loan that went and stayed 90 days late for 6 months until it was paid off. I had 3 credit cards all close but settled for less than full, my amex is still out there for 2600. One credit card a chase I owed 3700 but they mailed me a 1099 c and wrote off the debt.. Thats still showing as a 0 balance but reporting as a negative per experian. I tried to make a settlement but they told me no since they issued the 1099c

I cant answer why there is such a difference between what my Experian/Equifax scores and why my TU is 40 points lower.. Everything shows the same on all reports.

[Anonymous]

Based on the information you provided above, you've got multiple different accounts with major negative items present.  The answer then to your original question regarding what type of score boost you'd get from the removal of one of them is little to none.  If you gained anything, it would be a couple of points, but it's completely possible that your score wouldn't go up at all since you still would have several other major negative items present on your credit report.

[Anonymous]

Thanks.. Figured i would ask to see what the response would be.. I have to play the waiting game of 2-3 more years..

[Anonymous]

Maybe, maybe not.  Have you done any work in terms of trying to get your negative items removed? 

[Anonymous]

Im not 100% sure how to do that but i have a 0 balance collection account with PRA that they wont remove.. I have disputed some things I saw were wrong and had them removed.

[Anonymous]

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@AnonymousIm not 100% sure how to do that but i have a 0 balance collection account with PRA that they wont remove.. I have disputed some things I saw were wrong and had them removed.

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Definitely check out the rebuilding forum, as there's a lot of great information there.  What you are looking to do is remove legitimate negative items, which isn't done through disputes, as disputes are for incorrectly reported information.  If you have legitimate negatives that you want to get rid of, the best way is to start sending goodwill letters.  You can find information about them in the rebuilding forum.  Basically they are letters asking for forgiveness.  Many times you are shot down, but other times people find success.  Also, even if you are shot down, keep trying, as often someone else at the same company will grant you a goodwill adjustment.  It's all a numbers game, so you have to be persistent and not give up after hearing "no" a few times.

[Anonymous]

Thanks Man!