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? re: paying off over the limit closed cc

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creditgirl
Regular Contributor

? re: paying off over the limit closed cc

My bil has only 2 credit cards on his cr and they are both closed and over the limit.  One of the cards is current but closed due to inactivity. The other is closed and charged off.  The charged off one was in 2005 while the other closed a couple months ago.
 
My question are these cards considered in his util even though both are closed?  If yes, will it help his fico to pay them down/off? I think my enthusiasm has prompted many friends/family members to look at their reports/scores and try to fix them.  He says he planned to pay them off anyway, but wants to know if sooner is better for them or if the damage is already done.  I don't think he will have any pfd luck or anything being that they are both within sol.
 
thanks!
FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454
Message 1 of 4
3 REPLIES 3
fused
Moderator Emeritus

Re: ? re: paying off over the limit closed cc

The CC that has not charged-off will factor in util% calculations. As for the CC charge-off has it been sent to a collection agency?


Message Edited by fused111 on 09-11-2007 01:40 PM
Message 2 of 4
creditgirl
Regular Contributor

Re: ? re: paying off over the limit closed cc

no, the charge off has not been sent to a collection agency. it is with first premier, do they send to ca or just leave it on cr like cap 1 so it kills your util and score?
FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454
Message 3 of 4
fused
Moderator Emeritus

Re: ? re: paying off over the limit closed cc



creditgirl wrote:
no, the charge off has not been sent to a collection agency. it is with first premier, do they send to ca or just leave it on cr like cap 1 so it kills your util and score?


Oridinarily a CO will be assigned or sold to a CA but I can't be exactly sure what FP does. I can say this though, if it does get sent off to a CA and it reports it should no longer be calculated in util percentages.


Message Edited by fused111 on 09-11-2007 05:12 PM
Message 4 of 4
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