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Meeting2, Home Buyer in Washington, DC

I have a FICO score of 589, there were some charge-off and a collection on my credit report that were a few years old, I recently paid them off, will

Asked by Meeting2, Washington, DC Thu Apr 1, 2010

I have a FICO score of 589, there were some charge-off and a collection on my credit report that were a few years old, I recently paid them off, will my FICO score increase, once those are noted paid?

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You can try calling the credit bureaus and ask for the charge offs be removed now that they are paid in full, and you may need to call more than once--sometimes they are removed. In the meantime, work diligently on repairing your credit--pay all bills on time, pay off old debt, pay down debt, keep credit cards below 50%, dispute old negatives, etc.
0 votes Thank Flag Link Thu Apr 1, 2010
Unfortanately it will not increase at a rate that will dramaticaly matter. The charegofs although paid will still appear for 7 years. Where it will help is when account managers look at your whole credit picture, a apid chargeoff is better than one not paid, so it will assist in the big picture but not in increasing your score greatly. When you negotiated paying, you need to negotiate how they will report to teh credit agency. Different companies will negotiate different things while others wont touch existing items that have already been posted. To increase your score keep paying everything on time an dkeep any balances below half of what your credit limits are. good lcuk
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Apr 1, 2010
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