Credit Score in 60477>Question Details

Mary, Home Buyer in 60477

How much is your credit score raised when a charge off is removed?

Asked by Mary, 60477 Fri Jun 24, 2011

My husbands credit score was around 580. He had three charge offs on his credit that were actually mine. I was able to get them completely removed from his reports. How much will this raise his credit score? The only negative remaining on his report is one late from 30 months ago. Also, when are scores recalculated to reflect the new report?

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Helena Smith’s answer
To Mary,

I believe hat the credit companies do an update (re-calculate the scores) on the reports about every 30 days or so. They don't all update on the same day. I had a charge off fall off my report recently because it was over the 7 year period. My credit score went up 27 points. I am trying now to get 3 other charge off accounts removed from my credit so that I can buy a home. Can you tell me how you got the 3 accounts removed from your husbands account? I have been sending pay-for-delete letters but so far, it hasn't worked. Any advice you or anyone else could offer would be appreciated.
0 votes Thank Flag Link Tue Mar 27, 2012
Hello. A collection is rated as an R-9. This rating lowers your credit score by a minimum of 50 points, therefore you can expect the opposite to occur when a collection is deleted. You can get a snap shot of your credit score(s) for free by visiting creditkarma.com (this will give you your Trans Union score) and Privacyscore.com (it is believed that this may be your Experian score). Best of luck. Christina of Everlasting Credit Repair.
0 votes Thank Flag Link Fri Mar 15, 2013
I meant privacyguard.com
Flag Fri Mar 15, 2013
Also, thank you to everyone that provided an answer/response. His credit score increased by 100 points!
0 votes Thank Flag Link Wed Nov 7, 2012
Helena,

I disputed the charge offs with the credit bureaus because they were credit cards in my name with my husband as an additional signer. They were not technically his, he never used them, and they did not have his signature on ANYTHING showing that he requested to be added to the accounts. The credit card companies had to take the negatives off of his report.
0 votes Thank Flag Link Wed Nov 7, 2012
12 years is a bit, so the length of history that any of the charge-offs provided may not be as important since the very long trade line would still be on there, so I think you should probably see a score increase of 80 to 100 points based on the information you've provided. The late payment 2.5 years ago wouldn't be a factor either. When the time comes and you'd like help going over what mortgage options there are I'd be happy to assist, I've helped a lot of people with mortgage financing in Cook County.
0 votes Thank Flag Link Fri Jun 24, 2011
The account that has the one late from 30 months ago has been active for 12 years. It is the only open account he has. Past accounts include three car loans (all in good standing, paid off, and closed), and has been with his current employer for 13 years. The reason I am asking is we are looking into buying our first home. I know my credit is aweful and could not go on the mortgage so I am doing everything I can to increase his score (factually, nothing thats truely his has been disputed on his reports).

Regarding the charge offs, two were paid off to the companies that held them. The other is in collection and has a balance of $3k that is currently being paid off, slowly, with the collection company.
0 votes Thank Flag Link Fri Jun 24, 2011
Mary,

You may find good information here. http://www.myfico.com/crediteducation/creditscores.aspx
0 votes Thank Flag Link Fri Jun 24, 2011
First, congrats on your efforts, it's tough working on your credit.

It depends on when the charge-offs were and if there was a balance reported as well as the limit. Charge-offs report as a revolving balance most of the time, so if yours did, and there was a balance over the card's limit (like 9 times out of 10 it is on a charge-off) then you will get some score improvement just from having the utilization decreased. If the charge-offs were within the past 24 months, then the removal of the negative information from the reports should also result in a score increase. However, one factor in your score is the AAoA (Average Age of Accounts) so if there is very minimal credit history and the 3 charge-offs had a lot of "months reported", then the AAoA will be reduced and that hurts scores. As soon as the charge-offs are removed from each of the credit bureaus then the corresponding score will change - as in that same day. You can subscribe to a credit monitoring service like TrueCredit.com to get alerts when it happens.

From what you have said, "only remaining late payment is from 30 months ago", I suspect you will get a score increase, but depending on the variables above will determine how much of a score increase will happen.
0 votes Thank Flag Link Fri Jun 24, 2011
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