I had a lingering charge off on my account. I was going to wait it out, but I decided to just pay it off and clean up my account. I paid over the phone and when I was done, the rep said I could request a goodwill removal and gave me their goodwill fax number. He said to give it about 10 days.
I faxed in the good will letter on the 3rd and today I woke up to several alerts from Credit Karma and Credit Seasme.
The alerts for both said a delinquent account has been updated to current, however, my EQ and TU scores have gone from 760 to 712 (EQ) and 755 to 688 (TU) on Credit Karma while no change (so far) on Credit Seasme.
My actual FICOs as of last night were 720-EX, 715-TU and 697-EQ (I did a dispute the previous month on the charge off which caused it to re-report and only EQ took a hit 711 to 685, but has recovered 12 points back). I paused my subscription so I don't know how my actual FICOs look now, although the Experian app still shows 720 and I haven't paused that one.
On CK, it shows current and paid with no charge off or collection verbiage. Although, it shows lates in the 30/60/90 for EQ. On the TU report, it shows 0 on the 30/60 but on the 90 is says 120-149 late. Status says current (and everything now shows a green check mark) with the last payment of June 22, 2023 but shows a late payment in June.
Is this a temporary hit, or am I actually worse off doing the GW letter? I had a decent bump paying the charge off, but now my score tanked and I'm worried I'll look worse to potential creditors than I did before.
TLDR: was I better off having the charge off sit on my account, or will my score recover and be better than before soon?0
Yes, I'm sure that is the reason. So basically moving it from a charge off to a "current" account screwed me.
It shows all green check marks except June and says paid on June 22, 2023. 120-149 days late
My previous account on here was deleted to lack of use. I used to be able to attach screen shots but now I can't. It would have been helpful to explain.
Cant really go by CK's Vantage scores. Too much action with little moves. So your saying they removed the CO status and left the lates?
They changed all the red Xs to green check marks except for June, but it states 120-149 days lates under the worst delinquency section.
On EQ it shows them current under the worst delinquency section and then in the 30/60/90 day late section, it says 3/2/39. This score took a drop but not as bad as TU.
I know that with these vantage scores, they take different info into account than an actual FICO score, so I'm not too concerned unless my actual FICOs take a hit.
It just seems weird that the alert says "congratulations a previously delinquent account is now current, this should help your scores" then I take a 48 and 67 point drop.
Well it you hiy it lucky if thats the case. They're going to fall off when the first late of the string hits anyway. But getting that CO staus removed is a major victory. Dont kick a gift horse in the mouth. In time they'll go away. First CO deletion I've seen in yrs. Count your blessings and move on. Congrats!
I have checked my actual FICO scores that have finally updated after the goodwill letter. (They never updated with Experian, so it still shows a charge off there)
Experian- 721
Equifax- 699
TransUnion- 685
So Equifax went up two points (because I also paid down my utilization from 30% to 6%) and TU dropped 30 points. Both EQ and TU show all on time payments except for June which states 120 days late.
1- Any way to fix this?
2- should I try to have EX show the charge off removed also (assuming a major hit there too) or leave it on there and have the higher score?
@No_Ugos wrote:I have checked my actual FICO scores that have finally updated after the goodwill letter. (They never updated with Experian, so it still shows a charge off there)
Experian- 721
Equifax- 699
TransUnion- 685
So Equifax went up two points (because I also paid down my utilization from 30% to 6%) and TU dropped 30 points. Both EQ and TU show all on time payments except for June which states 120 days late.
1- Any way to fix this?
2- should I try to have EX show the charge off removed also (assuming a major hit there too) or leave it on there and have the higher score?
I would go for getting rid of the chargeoff if I could.
