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$20 Balance on Charged Off Account....Suggestions?

Valued Member

$20 Balance on Charged Off Account....Suggestions?

I have a $20 balance showing on a loan I took out several years ago.  About a year ago, I attempted to dispute this, but was unsuccessful (it was paid...unfortunately, I just don't have proof anymore).
 
I wrote them a PFD letter offering payment in full to have this deleted and received a response noting that they would mark it as paid.....but would not alter its status as a charge off.
 
This creditor has pissed me off once again and I hate to even give them $20 if its not going to make an impact on my credit scores or report.
 
Can anyone verify if this would make a difference?  Is it worth it to send them the $20 or should I just tell them to F'off?
 
Thanks in advance for any tips.
Message 1 of 4
3 REPLIES
Valued Contributor

Re: $20 Balance on Charged Off Account....Suggestions?

Try to escalate...get to a supervisor, send them a PFD letter. If they won't PFD, then I'd just leave it. I have scant sympathy for companies that would rather see your nose rubbed in something for seven years and walk away with nothing instead of getting paid and helping solve the problem so everyone comes out ahead.
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in a credit-scoring postnuclear Stone Age...
Message 2 of 4
Valued Member

Re: $20 Balance on Charged Off Account....Suggestions?

Any other thoughts on this?
 
I hate to give these bastards even a dime of my money....but if it would buy me just 3-5 points on my FICO score, I'd still do it.  I'm just not sure if zeroing out the balance would make any difference whatsoever if they still report as a charge off on my credit report.
Message 3 of 4
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Valued Contributor

Re: $20 Balance on Charged Off Account....Suggestions?

Probably not much...sometimes if a CO has a large balance--say high hundreds or higher--and you pay it off soon after it appears, the reduction in balance can help your score a little. But $20? Not even worth anything except a PFD.
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in a credit-scoring postnuclear Stone Age...
Message 4 of 4