I currently have an R9 on my credit report, an old charge-off from Capital One. They have offered me a settlement amount but say they cannot honor my request of deleting the charge-off, but will only change my account to paid in full, an R5. I know this is still bad, but is it truly a negative mark? Thanks.
I found this chart roaming on some credit sites. You probably already know all of this but at least 120 days late is still pretty steep in my book. A while ago, a 30 day late dropped my credit score 6 points. So while R9 to R5 is still a positive change....an R5 just isnt positive. R0 Too new to rate; approved but not used R1 Pays within 30 days of billing, or pays as agreed R2 Pays in more than 30 days but less than 60 or one payment past due R3 Pays in more than 60 days but less than 90 or two payments past due R4 Pays in more than 90 days but less than 120 or three or more payments past due R5 Account is at least 120 days past due but is not yet rated R9 R6 No rating exists R7 Paid through a consolidation order, consumer proposal or credit counselling debt management program R8 Repossession R9 Bad debt or placed for collection or bankruptcy
