I'm getting ready to pay my collection and charge offs

[Anonymous]

and wondering if it will bring my score down. I know it won't go up - but does it bring it down? I managed to bring myself into the low 600's by paying cc's on time for the last two years. I have about six accounts in collections I am getting ready to pay and I was just curious if I will see my score plummet down to the 500's again.

Also, I have heard that yes, paying these will start the 7 years all over and then I hear no it won't. anyone have written proof of this answer? the CRA says it starts all over.

[Anonymous]

PFD-

If you don't your score WILL go down.

Read to 101 thread.

[Anonymous]

what are the odds of them suing me since SOL hasn't passed?

[Anonymous]

Who are the OCs and CAs? My score went way up when I paid my Crap1 COs because they were reporting large balances with low credit limits so it looked like my utilization was about 200%.

[Anonymous]

OC"S: First Premier, Orchard, Verizon, Med Bills, Victoria's Secret. I had Cap1 but paid a few years ago.

CA's: Pinnacle, Aargon, Arrow, Cal Service Bureau, Midland, NCO.

Some are showing as 0 balance b/c CO but the CA's are listing the amount.

I just don't want to get sued.... but I now have the $ to pay it all.

[Anonymous]

---

@Anonymous wrote:

OC"S: First Premier, Orchard, Verizon, Med Bills, Victoria's Secret. I had Cap1 but paid a few years ago.

CA's: Pinnacle, Aargon, Arrow, Cal Service Bureau, Midland, NCO.

Some are showing as 0 balance b/c CO but the CA's are listing the amount.

I just don't want to get sued.... but I now have the $ to pay it all.

---

NCO seems to be PFD friendly. Midland and Arrow have HORRIBLE reputations. I would start with NCO and try a PFD offering ~ 50% of what you owe unless the amount is fairly small then just pay it in full. After you get your 1st delete you can move on to the other CAs. Good luck.

[Anonymous]

Paying these will not start the 7 year reporting time all over again. Whoever told you that at the CRA is lying. The statute of limitations on when a company can sue will begin over again by making a payment. But, that has nothing to do with the reporting time on your CRA. If a company re-sets the date that is illegal and you can sue for a violation.

In regards to your debt. If you have the money to pay it off. PAY IT OFF. Offer PFD or send GW letters. It is better to pay when you can than be forced to pay later when the money may not be available. Besides, you take responsibility for your debt, avoid being sued, and avoid being given a judgement, which will really kill scores. If any of the debt is factored into your utilization for revolving debt, paying these will increase your scores as it will bring your utilization down. Focus on these first (C/O) and then send PFD offers on the rest.

Good luck. Keep us posted. AND YOU ARE DOING THE RIGHT THING by taking responsibility for your debt and you will not have to worry about it again haunting you or being sold to a junk debt buyer over and over again which is sure to ruin anybody's credit.

[Anonymous]

Agreed. PFD on those you still owe and GW on the ones that are paid. 

[Anonymous]

Thank you so much for your words of advice. If I send a PFD, can they turn around and sue me? I already sent a PFD to NCO but haven't heard anything.

When I pay everything off, if my scores go down b/c of last payment showing, how long do you think it will take for my score to recover? I managed to get around 630 and I would hate to go down to 500's.

[RAISEUP]

hard to say be careful...should let you know that I called Aargon yesterday and they actually offered me a PFD and faxed the letter within 30 minutes. If you can pay them to get them off your CR then do so.