How should i go about paying off charge offs
Date: Tue, 06/24/2008 - 11:04
I have several charge offs on my credit report and I want to pay them off; however I also want the charge off status to be removed from my credit report once they are paid off. what should i do?
It will be hard to have a charge off removed from your credit re
It will be hard to have a charge off removed from your credit report but it will at least show paid or settled once you pay these account off. You could hire a credit restoration place like Lexington Law but they are expensive.
Easiest thing to do is save up about $1k and take a copy of your
Easiest thing to do is save up about $1k and take a copy of your credit report and list the charge offs by date and amount. If they are over 7 years old then you can dispute it on your report and get them removed. If they are under 7 then go down the list for smallest amount to largest amount and start making offers as settled in full and full delete until you used up your $1k or cleared all the debts and then save and repeat.
I would offer 50% of the amount you actually spent on the card. Make sure you deduct all the crap fees they throw on there. It is pretty common for a CC to tag you with enough fees to double the balance so an offer of 50% of that figure would basically be the amount you really borrowed. I try to subtract all those fees out and then cut the remaining in half as the offer. Some will work with you and some will refuse. If they refuse just move on to the next. If they start to hassle you tell them you have about 20 other companies down the list and the one with the best settlement offer is getting the money.
Don't let them hassle you. Give them about 5 minutes of time on the phone and then hang up. Sometimes when you wake up a sleeping credit card monster it will start to hound you.
