I've heard that paying off charge offs won't make
Date: Sun, 03/13/2011 - 12:18
Paying a five year old charge off wont raise a credit score. Ke
Paying a five year old charge off wont raise a credit score. Keep paying on your current debts.
As soaplady says, pay your current debts. The charge offs shoul
As soaplady says, pay your current debts. The charge offs should disappear in another 2 years or so.
I would still pursue payment and a CR deletion. A CO is a major
I would still pursue payment and a CR deletion. A CO is a major delinquency. If unpaid, it can mature into a collection or legal action. Are you still within SOL?
There is one aspect of paying a charge-off that can affect credi
There is one aspect of paying a charge-off that can affect credit scoring.
Accounts, both open and cloed, still reporting a balance, contunue to be included in your percent utiliazation calculation until the balance reaches $0, then it drops from calculation of % util. If the CL on the card was high, and the balance low enough to result in a low % util, then it might, in fact, be helping your % util
Then, once the balance is paid, you would loose the CL in your overall % util calculation, which again, if a high CL, might have a negative affect on overall utilization.