My credit score is currently listed at about 560 ish with Experian and Equifax. There are a total of 5 olds accounts all not more that 400.00 dollars. I paid 3 off and I’m waiting for my paid in full letter. the other two I am disputing because a junk debt dealer bought the accounts, changed account numbers , added extra money on top of the past due amounts, and rest the clock on the age of the account There is one charge off listed with the original creditor totaling $403.00 but lists the balance due as $0. I’m assuming because it is a charge off.
I actually have two questions, the first one is a two part question.. Based on the background information…assuming the two entry’s form the junk dealer are removed through the dispute, and with the other accounts paid , how much can I expect my credit score to rise? Second question. , I could easily pay the $403.00 to the original creditor to get that charge off removed. What is the best way to get the original bank to delete the charge off in exchange for payment. It is scheduled to fall off in 2012, but I would like to get it removed sooner if possible
It sounds like you are well on your way to making things better.
The bank will not remove the charge off notation. Their agreement with the credit bureaus says they must report the account truthfully and accurately. At one time the account was charged off. It is what it is. Besides, removing that would not boost your score.
You also made the statement that the charge off would come off your credit report in 2012. That’s not quite accurate. After 7.5 years from the date an account first went delinquent charge off will no longer appear on your consumer credit report. I think that’s what you are referring to. But the charge off will always be associated with that account and in certain situations your credit report can be pulled to show all the activity, not just within the last 7.5 years.
It sounds like the problem now is you don’t have much in the way of current credit that is being reported that will bring your score back up.
The way to repair credit is to close the door on the old open stuff and start having new credit reported. I prefer the secured card approach for doing this.
As far as modeling what will happen with your credit score, there are many credit score products that can do that for you. I use the one associated with this consolidated credit report.