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How badly will a collections derogatory remark hurt me?
I defaulted on a credit card and settled with half of the balance on Feb 2013. My credit score dropped to 409. I have worked hard to bring it up. I am on 4 of my fiance's cards and we have made 100% on time payments. Since I defaulted, my credit age is only a year now. I have gotten my score up to 587 in Nov. Just today I looked and my score was 678 and the derogatory mark has been removed! I don't understand why after not even 12 months it was removed. I thought they stay on for 7 years? I got laid off 4 months ago and it hurt bad. In order to get food and gas I overdrafted my bank account. Now things are starting to get better with money. I logged into my bank account but it doesn't show my account anymore. I think it was sold to a collection agency. What can I do to keep it from affecting my credit and putting it back under 600? I would have loved to pay it to the bank right now to avoid collections now that I have some income but I am afraid that option is gone. I am afraid to call the bank and ruin anything on my report. It seems that there isn't a collection on my report either. Please any help is much appreciated! Thank you everyone! If it helps explain why the derogatory mark was removed so quickly, I live in Ohio.

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