will paying the charged off acct bring my score up?
Well paying off a charge-off will definitely have a positive impact on your credit score. It might not give desired results immediately but it will definitely help you get a good credit score gradually.
jmassey ,
There are also a lot of other benefits of getting yourself rid of these charge offs. The main one being you will not have to deal with collection agencies hounding you and other family members for years and years. The debt continues to be sold and sometimes the collection efforts can be really distrubing.
Also when going for a loan it is better to have them show as paid than charged off. Think of it in the lines of a bank. Who would you rather lend money to? Someone who paid their debt or left it charged off? Looking at the amount of your highest charge off it really isn't that much. They would more than likely settle this account for less than owed if you called them.
My advice is to start with one, get it paid off and then move to another until you have them all paid. Good Luck!
what will help my credit score paying a charge off with a settle or paying the chargeoff in full dont know which will help me out the most i have a charge off for 490.00 they are welling to settle for 300.00 but i need my score to increase to take out a loan in a few years so that my son will have enough money for college which will help my score increase .
It always helps if you can 'Charge Off's' off. Also..the older the (paid) negative account stays on your credit, the les it will be looked upon by lenders. (Does this make sense?) Also..you may check to see when the 'fall off' date will be for this. If the 'fall off' date is soon, and you don't think you would have the money to pay it off by the 'fall off' date, I would just leave the account alone. Hope this advice helps a bit.
Yes, definitely. When you will payoff your charged off account, your credit score will gradually improve. Negative items always remain on your credit report for at least 7-10 years. So, when you will payoff your charged off account, your creditors will update your account status as “Settled charge offâ€. Hence, it may help you to increase your credit score, as you know negative items in your credit report always drop your credit score.
It may take a little while to see the 'improved' credit score..but, yes, eventually it will go up. It's always better for a lender to see that a debt is 'PIF' on your credit.
i have several items on my credit report, that have been charged off. Since they are chargeoffs if i pay them will the company remove the negative status on my report? If not, why pay them..
Hi jmassey
will paying the charged off acct bring my score up?
Well paying off a charge-off will definitely have a positive impact on your credit score. It might not give desired results immediately but it will definitely help you get a good credit score gradually.
jmassey ,
There are also a lot of other benefits of getting yourself rid of these charge offs. The main one being you will not have to deal with collection agencies hounding you and other family members for years and years. The debt continues to be sold and sometimes the collection efforts can be really distrubing.
Also when going for a loan it is better to have them show as paid than charged off. Think of it in the lines of a bank. Who would you rather lend money to? Someone who paid their debt or left it charged off? Looking at the amount of your highest charge off it really isn't that much. They would more than likely settle this account for less than owed if you called them.
My advice is to start with one, get it paid off and then move to another until you have them all paid. Good Luck!
paying a charge off in full or settle for less
what will help my credit score paying a charge off with a settle or paying the chargeoff in full dont know which will help me out the most i have a charge off for 490.00 they are welling to settle for 300.00 but i need my score to increase to take out a loan in a few years so that my son will have enough money for college which will help my score increase .
credit
It always helps if you can 'Charge Off's' off. Also..the older the (paid) negative account stays on your credit, the les it will be looked upon by lenders. (Does this make sense?) Also..you may check to see when the 'fall off' date will be for this. If the 'fall off' date is soon, and you don't think you would have the money to pay it off by the 'fall off' date, I would just leave the account alone. Hope this advice helps a bit.
WILL PAYING OFF A CHARGE OFF BRING YOUR CREDIT SCORE UP?
Yes, definitely. When you will payoff your charged off account, your credit score will gradually improve. Negative items always remain on your credit report for at least 7-10 years. So, when you will payoff your charged off account, your creditors will update your account status as “Settled charge offâ€. Hence, it may help you to increase your credit score, as you know negative items in your credit report always drop your credit score.
credit
It may take a little while to see the 'improved' credit score..but, yes, eventually it will go up. It's always better for a lender to see that a debt is 'PIF' on your credit.
credit
i have several items on my credit report, that have been charged off. Since they are chargeoffs if i pay them will the company remove the negative status on my report? If not, why pay them..
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YuuFMg Very good article.Much thanks again.