Very confused about repairing my credit....
Date: Tue, 01/30/2007 - 13:44
I have a couple of accounts that are in good standing and have been making good on the payments.. The accounts that are in negative standing (5 accounts) have all been charged off. From my research, it seems that this is the worse thing that can show up on your credit report, some say even worse then bankruptcy and even if you pay them all off it wont improve your score.
I am trying to pay all these off because i feel its the right thing to do but how can I improve my credit score? what is going to happen once these are paid off? Wont it say PIF instead of charged off? Since they are with collections,can I can still be sued even though they are no longer with the creditors? any advice would greatly be appreciated. This is all giving me a headache, :cry:
Your credit is already tarnished because 1) it is charged off an
Your credit is already tarnished because 1) it is charged off and 2) its in collections.
Confirm the SOL on this account. You cannot be sued if the debt is already past the statutes. Once you pay the account, it will show up as "paid charged off" / collections. FICO system will give very less points on this account. This will not boost up your credit in a big way.
By chance, is this getting close to the reporting time period?
Once they are paid off, your scores WILL improve a bit. It won'
Once they are paid off, your scores WILL improve a bit. It won't be perfect, but they will improve. It will most likely show as "Paid Chargeoff" Are these accounts with collection agencies? Or are they just charged off? If they're not with a collection agency, you may be able to pay the creditor directly, and possibly make arrangements to change the status of the accounts. It's a long shot, but it can be done.
If they're with collections and not reported on your credit report, you may be able to make payment arrangements with the agency and ask them to not report it to your CR. Ive done that personally, and it keeps that collection off your report which is a positive.
Keep your positive accounts on your report. If they are still open, keep them open. Closing them can make your scores go down.
Many thanks for the responses. 3 of them have been charged of
Many thanks for the responses.
3 of them have been charged off but I am working with the original creditors. The 2 other accounts that are charged off are with collection agencies, are still within the statue of limitations and are being reported on my credit report.
Will my credit score go up as these charge offs become older or do i have to wait until the SOL expires and it gets removed for it to improve?
It will go up a bit once it's paid...Then will get even better o
It will go up a bit once it's paid...Then will get even better once they drop off.
Keep up the payments with the original creditors. And like I said, it won't hurt to ask them to report it as "Paid as agreed" once you pay it off. Ask them now. If they say no, ask them again later. Bug them about it. The worst they can say is no, and if they agree, get it in writing. :)
You can also dispute them with the credit bureaus later if they're reported negatively. Sometimes they won't respond to the bureaus and you can get it deleted. It doesn't always work, but it's worth a shot.