I'm New

[Anonymous]

I'm new to this board and would like to thank everyone here for all the helpful info!

My scores are slowly going up, but looking for some help on what i should do about a paid charge off with cap one. Eq shows settlement accepted paid account, last activity 01/04, no date closed. Tu shows payment after c.o. collection, date closed 11/04. Ex shows acct. legally paid in full for less than full bal., date closed not reported, last activity 12/04. Why wouldn't Ex and Eq not show date closed? Do I want them to or will this hurt my score?

[llecs]

Welcome to the forums!

Either open or closed, the damage is the same for this CO account. Even the mention of "settlement" is equal to a CO as far as FICO scoring goes.

I wouldn't mess with it. However, if this is younger than your avg. age, I probably would draft a PFD offering to pay the settled difference in exchange for deletion.

[Anonymous]

What is a PFD? The age of the account, if that is what your looking for was 7/02-12/04.

Deb

[llecs]

---

westcafe wrote:

What is a PFD? The age of the account, if that is what your looking for was 7/02-12/04.

---

Common Abbreviations

Pay for Delete letters are described better in the Rebuilding Your Credit Board.

A decent chunk of your FICO score is the age of your accounts. It tends to look at your avg. age (AAoA) and the length of your other accounts, specifically your oldest reporting acct. That CapOne has an age of 6 yrs and 4 months or so. If your AAoA is younger than 6 yrs and 4 months, then removing that CapOne could hurt your score, because it is helping your age. If your AAoA is older than 6 yrs and 4 months, then removing CapOne via a PFD for the difference would be beneficial to your history.

You can calculate AAoA yourself by calculating the age of every account from the date they were opened up through today. Take those figures and average them to come up with AAoA. Collections (CAs) and PRs are not tallied into that figure. You can also usually find your AAoA within your TU and/or EQ FICO reports from this site. On page 2 or 3, it'll list things that are helping or hurting. Sometimes it will list your AAoA.