Ok so I finally took the plung and pulled my credit on myfico of all the companies. (I knew it wasnt going to be pretty). Lowest 479 high 493. I just (on Friday) paid my student loan so it is now current and have been paying JCPenny ontime. other than that the only thing I have is a bunch of charge offs and collection accounts. Also a forclosure but thats a diff story all together. My question is should I start writing PFD letters and if they dont accpet just pay them off? Also lets say I do a PFD what happens to the original creditor on the report? does it stay there still showing the balance owed? ANd also lets say the CA does not agree to PFD and I just pay it does the original creditor still show a balance then or do both balances go to 0.00 Does it matter if the original creditor there still shows a balance? is that part of the score too once they charge it off?
paying off old CO's without the deletion wont help your credit score that much maybe 5 points.....Im living proof!! (old amex charge off paid in full raised my score 8 points) the best way is to contact all the CA's and do a PFD they may not want to at first just stick to your guns!!! "no PFD no money to the CA" they want thier money you want it off your credit report its a win win!! also some will say that thier policy wont alow them to,,,when they say that talk to the highest supervisor working that day!! remember some wont do PFD's but most will!!
Sorry guys, but here's another question ... say lilwilliesmom has 4 collections, and say she can't get a PFD but pays off all four -- does her score go up 5-8 on each collection, which would mean her score might go up 20-32 points -- which would at least bring her up to, or closer to, the 500 mark? Too, if she does nothing, how long before these collections and the charge off have less of an impact on her score?
And to you, Lillwiliesmom, I have to ask, is the repossession also on your credit reports, and how many collections do you have? How old are they? How old is the charge off? (DOLP on all) If some of these are soon to fall off, I would leave them alone, and let them fall. If they aren't any where near dropping off, try like heck to make a deal to delete by PFD, and if that fails, I would say pay them. It looks better to future creditors, if you do, and afterward you have the possibility of a GW to get them off your reports.
Also, I'd like to say, you're in awfully good hands here! There are so many who are so well able to help you wade through all this. And ... on behalf of us all, welcome!