BTO429 Posted December 2, 2011 Report Share Posted December 2, 2011 In 2008 I got a first premier card. I used it twice and stopped using it. I thought I paid the balance.No one has ever contacted me about owing 385 dollars. Today the account was placed on my report from First Premier.It says its a charge off. How bad does a charge off hurt your score.Also wondering how in can get this removed. Link to comment Share on other sites More sharing options...
willingtocope Posted December 2, 2011 Report Share Posted December 2, 2011 Charge off's hurt...not too bad with the "sucker" score, deadly with the mortgage score.Call them. Ask for Account Resolution. Make sure they didn't report somebody else's data on your report. If it is yours, offer to pay it immediately in return for at least a "paid as agreed" if not a delete. Link to comment Share on other sites More sharing options...
BTO429 Posted December 2, 2011 Author Report Share Posted December 2, 2011 If I was to pay for delete and they do delete about how many points would it help?I know charge offs are the worst thing to have on a credit report but I am just curious how many points it does hurt. Link to comment Share on other sites More sharing options...
willingtocope Posted December 2, 2011 Report Share Posted December 2, 2011 In terms of actual FICO scores, it is difficult to be precise. As I said, a CO may ding the FICO Consumer Score (the one you're allowed to see, and close to the FICO Bank Card score) by 20-80 points. This may not stop you from getting other CCs, but they will be high interest, lower quality cards.An unpaid CO is a killer to the FICO Mortgage Score...maybe 100 points or more. Mortgage lenders will insist the account be closed before even considering a mortgage...they want to be sure nobody interferres with their lien. Link to comment Share on other sites More sharing options...
BTO429 Posted December 4, 2011 Author Report Share Posted December 4, 2011 Right now i am sitting at 600 eq 580 with the other 2. Just cant seem to get over the 600 mark.I need 19 points for a VA mortgage. Even with my truck loan reporting on time for the last 3 years and my other auto loan reporting on time for over a year, and a Cap 1 card reporting pays as agreed. My score wont go up over 600. Link to comment Share on other sites More sharing options...
jensendj Posted December 31, 2011 Report Share Posted December 31, 2011 If you paid off the balance and then quit using the card without closing the account they most likely kept the account open and charged their annual fees to your card. Then, you had a balance on your account which you did not pay.Try opening a new account with them. Wait a couple months, then ask for the debt to be verified through Experian. When I did this they dropped the old tradelines because I was using and paying off my new card every stinking month without fail. Link to comment Share on other sites More sharing options...
BTO429 Posted January 7, 2012 Author Report Share Posted January 7, 2012 I really dont need a another cc I have two that i use in small amounts and pay off every month now for the last four months, but no score increase yet. Link to comment Share on other sites More sharing options...
Denita Posted January 7, 2012 Report Share Posted January 7, 2012 BTO, are you waiting for the statement to drop before you pay it?If so, I have found that it is better to pay one account to zero before the statement drops so that on the reporting date your balance is reported as zero and on the other card, you might want to let a small balance report of less than 10% of your credit line. What else do you have on your report? IF you clear the FP item, you probably will get your points. Do you have any other charge off's or public records? Link to comment Share on other sites More sharing options...
BTO429 Posted January 7, 2012 Author Report Share Posted January 7, 2012 NO, my payment date is on the 15th of every month, I get paid on the first of every month that is when I pay the bill. Cap one reports to my cr pays as agreed, 0 balance. Link to comment Share on other sites More sharing options...
Denita Posted January 7, 2012 Report Share Posted January 7, 2012 If you go to the myfico forum there is a contact on one of the FP threads for a pay for delete or a GW - which would probably solve your points problem. Link to comment Share on other sites More sharing options...
BTO429 Posted January 7, 2012 Author Report Share Posted January 7, 2012 here is how it is being reported:Account Number: Status: CHARGE-OFF Account Owner: Individual Account. High Credit: Type of Account: Revolving Credit Limit: $200 Term Duration: Terms Frequency: Date Opened: 03/2008 Balance: $385 Date Reported: 12/2010 Amount Past Due: $385 Date of Last Payment: Actual Payment Amount: Scheduled Payment Amount: Date of Last Activity: N/ADate Major Delinquency First Reported: 12/2010 Months Reviewed: 33Creditor Classification: Activity Designator: N/ACharge Off Amount: $385 Deferred Payment Start Date: Balloon Payment Amount: Balloon Payment Date: Date Closed: Type of Loan: Credit Card Date of First Delinquency: 04/2008 Comments: Charged off account they have not updated this account since 2010,I called them today to see about paying this and was told it has been sold to a ca back in January 2011, they also gave me the ca's number but I am not going to call them and have them start calling my phone all the time. Funny thing is, I have never been contacted by a ca about this. Link to comment Share on other sites More sharing options...
1stStep Posted January 9, 2012 Report Share Posted January 9, 2012 Expect to be contacted soon...now that you've reached out. Link to comment Share on other sites More sharing options...
BTO429 Posted January 10, 2012 Author Report Share Posted January 10, 2012 well this is my bill and I will pay it, but I just ant to make sure that I am paying the right person. Link to comment Share on other sites More sharing options...
1stStep Posted January 10, 2012 Report Share Posted January 10, 2012 I'd send an offer to their corporate HQ and see what happens. Link to comment Share on other sites More sharing options...
Recommended Posts