Wilkeral Posted December 5, 2007 Report Share Posted December 5, 2007 O.k I have an account set up with MYFICO . And it suggested that I pay my revolving debt down to at least 5%. I have an Cap One credit card that has a past due balance of 1,700( Has been charged off since 2003). And my overall revolving balance is 2,300. Myfico simulated that if I got my revolving debt down to at least 5% my score would jump almost a hundred points. So if I were to go ahead and pay off the Cap One Card would they update my CR and make the balance zero. Because the Cap One balance is reporting in my revolving debt. Thanks in advance Link to comment Share on other sites More sharing options...
Wilkeral Posted December 5, 2007 Author Report Share Posted December 5, 2007 Any advice ??? Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted December 5, 2007 Report Share Posted December 5, 2007 I doubt the jump will be the 100, or close to, that the simulator estimates. With a loan that delinquent you can negotiate a settlement with Cap1 (which they will likely due). Offer them 50% for a "settled for less than full amount). They will report it as paid, no balance due, and will stop updating monthly as CO. Link to comment Share on other sites More sharing options...
Ahntara Posted December 5, 2007 Report Share Posted December 5, 2007 "...stop updating monthly as CO."In my experience, Cap One updates monthly on ALL tradelines, defaulted or not, paid or not, for the full Reporting Period allowed by law. The update will continue to cause significant deductions to your score.Yes, the decrease in Utilization will help your score. The deductions from a recent-appearing defaulted Cap One tradeline will continue to hurt. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted December 5, 2007 Report Share Posted December 5, 2007 "...stop updating monthly as CO."In my experience, Cap One updates monthly on ALL tradelines, defaulted or not, paid or not, for the full Reporting Period allowed by law. The update will continue to cause significant deductions to your score.Yes, the decrease in Utilization will help your score. The deductions from a recent-appearing defaulted Cap One tradeline will continue to hurt.Once I paid my Cap1 CO off, they stopped reporting CO monthly. Link to comment Share on other sites More sharing options...
Ahntara Posted December 5, 2007 Report Share Posted December 5, 2007 Amazing...But did they stop updating the TL?Any derogatory data in the TL PLUS a recent 'Date Last Reported' equal big deductions in the History category, which factors as (up to) 35% of the total score. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted December 5, 2007 Report Share Posted December 5, 2007 Amazing...But did they stop updating the TL?Any derogatory data in the TL PLUS a recent 'Date Last Reported' equal big deductions in the History category, which factors as (up to) 35% of the total score.Yes, they stopped updating CO or anything completely. As a matter of fact, I paid both my wife and mine at the same time (may 04) and I haven't had an update since they noted "paid for less" in April. This is the last of two derogs on my CR. It is reporting different "late months" for the big 3 but I haven't disputed anything with it b/c I don't want the new "Last updated" dropping my score. Link to comment Share on other sites More sharing options...
kevin3344 Posted December 5, 2007 Report Share Posted December 5, 2007 I think the simulator has a disclaimer like "this takes into account the aging of your credit file as well". Even if you pay a CO, that won't remove the bad mark from your file. Your best bet is to do PFD and have it removed, regardless of the points involved. I would take a clean file and lower scores over a file with a baddie and higher scores. Over time the clean file will more than make up for the lower score. Link to comment Share on other sites More sharing options...
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