cheyenne52883 Posted January 17, 2008 Report Share Posted January 17, 2008 First Premier just changed the status of my account from "Charge off as bad debt" to "PAYMENT AFTER CHARGE OFF/COLLECTION" - - - Is that good?I don't know why they did that. I didn't pay them anything... Link to comment Share on other sites More sharing options...
willingtocope Posted January 17, 2008 Report Share Posted January 17, 2008 Probably not much better...Did the balance change to $0? If so, maybe they sold it... Link to comment Share on other sites More sharing options...
cheyenne52883 Posted January 17, 2008 Author Report Share Posted January 17, 2008 Yeah. Everything changed to $0.Would it say "PAYMENT AFTER CHARGE OFF/COLLECTION" if it was sold though? Wouldn't it say "Transfered to collection" or something? Link to comment Share on other sites More sharing options...
willingtocope Posted January 17, 2008 Report Share Posted January 17, 2008 Usually, sold accounts say "sold to another lender", but, "payment after charge off / collection" is accurate. The former is not supposed to hurt your credit scores by itself (although any lates associated with it probably would). The latter probably does ding a little more...It really hard to know for sure what effect this would have on your actual FICO scores... Link to comment Share on other sites More sharing options...
cheyenne52883 Posted January 17, 2008 Author Report Share Posted January 17, 2008 Ok. Thanks. The fact that they changed the balance should have an effect though right? Link to comment Share on other sites More sharing options...
betam4x Posted January 17, 2008 Report Share Posted January 17, 2008 wait...so i have a credit card, it gets charged off and sold...balance is 0 and reports sold to another lender...that entry doesn't hurt your fico score? Link to comment Share on other sites More sharing options...
willingtocope Posted January 17, 2008 Report Share Posted January 17, 2008 Any tradeline with a balance of $0 is pretty much a good thing...if its something like a car loan you paid off on-time, its all good...if its a defaulted credit card that gets sold to a junk debt buyer...the lates hurt, but, once the balance goes to $0, it hurts less and less each month as the debt gets older. Link to comment Share on other sites More sharing options...
cheyenne52883 Posted January 17, 2008 Author Report Share Posted January 17, 2008 Good to know. Thanks for the info! Link to comment Share on other sites More sharing options...
flacorps Posted January 17, 2008 Report Share Posted January 17, 2008 Keep in mind you now have a JDB out there eyeing your reports by pulling hard or soft inquiries periodically, waiting to pounce. Link to comment Share on other sites More sharing options...
lovebug5 Posted January 17, 2008 Report Share Posted January 17, 2008 Keep in mind you now have a JDB out there eyeing your reports by pulling hard or soft inquiries periodically, waiting to pounce.Correct me if I'm wrong, but a JDB can't pull hards on your CR's if they're not already reporting? That wouldn't be a permissible purpose... Link to comment Share on other sites More sharing options...
cheyenne52883 Posted January 17, 2008 Author Report Share Posted January 17, 2008 Keep in mind you now have a JDB out there eyeing your reports by pulling hard or soft inquiries periodically, waiting to pounce.I know. I am gonna be watching the mail and my credit reports VERY closely! Link to comment Share on other sites More sharing options...
Rick9972 Posted January 17, 2008 Report Share Posted January 17, 2008 Correct me if I'm wrong, but a JDB can't pull hards on your CR's if they're not already reporting? That wouldn't be a permissible purpose...I do not believe you are correct Lovebug5. There was a credit transaction initiated by you at the accounts beginning. Thus it is always a credit transaction and can cause hard pulls. IMO Link to comment Share on other sites More sharing options...
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