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PACMOM

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Everything posted by PACMOM

  1. I've been rebuilding my credit for over a year, and made great increases in my score (from 562 in February to 695 today per Experian). I applied for a Credit One Card in November 2020 ($600 limit), and an Ollo Card in May 2021 (500 limit). Since the Credit One card has an annual fee ($75 first year and $99 each year after, billed at $8.25 per month), I was hoping that Ollo would increase my limit so I could close the credit one card. They have not done so, even though their original offer said your limit could double after 6 months. Credit One recently sent me an offer for a card with a $1500 limit, that has a $39 annual fee. I did accept the offer, and the card is in the mail. I really don't need both, and don't want to pay the monthly fees. I didn't want to get another card with fees, but I thought it was lower than many of the other offers I've gotten. I know I don't have to activate it when it arrives, but clearly it is better to have the larger credit limit and lower fee, than the original card from Credit One. My question is whether it is wise to close the original Credit One account after I activate the new card/account? Will it impact my scores or have some other negative effect? Will they close the new account as well?
  2. Thank you hdporter for your encouragement and advice.
  3. The account became delinquent in 2015. I paid on it sometime in 2016 I believe - just a small amount but hadn't paid on it since.
  4. Hello, I'm new to credit boards. I have been working to improve my credit since late 2020. When I started this process I had several delinquent student loans and unpaid two charge off credit cards. I also had another CC charge off and a loan charge off that were both paid. I consolidated my delinquent student loans in July 2021 - Balance is $23,000. I have a charge off for $8,082 with Barclays Financial. I had a charge off for $2,790 with Capital One. I opened two credit cards (Ollo $500 and Credit One $600) to rebuild credit and keep a low balance (most of the time it is $0 balance when it is reported). When I started monitoring my credit in January, my score was 562. Today it is 695 (Experian). I had been saving money to pay off the two charge offs, and finally saved enough money by September to pay them off in full. Then, I became aware that I could potentially lose my job due to COVID, and so I held off on making the payments (I hope to know by end of December about my job status). However, to my surprise, the Capital One Charge Off fell off my credit report sometime in October. When it dropped, the number of 30+ days late accounts decreased and the time since my last delinquency increased by 3 years 4 months. My score jumped 115 points since September. Is it possible that this will now go to collections or have some other future adverse impact on my credit? I'm ecstatic that it is no longer on my report, but would like to know what could happen with this going forward. Also, I had every intention of paying, and would like to once I know what my job situation will be. If I don't lose my job, should I contact them to pay in full, request a settlement, or something else? If I lose my job, I will need to use the savings I have from the charge offs to pay my rent until I find another job.
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