141% utilization Blank Stare

dujaidecor · ‎06-17-2012

I have a charge off CC $1753. Should I pay this? or wait for it to fall off which its due to at the end of this year.

Starting Score: TU488 EQ483 6/4/12
Current Score: TU 662 EQ 670 EXP ??
Goal Score: 680

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jordanmedical · ‎06-17-2012

If it's hurting your util, paying it can only help you.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)

Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
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RobertEG · ‎06-17-2012

Being excluded from your CR does not mean the debt goes away, or cannot be discovered by means other than your normal credit report.

It still might be discoverable by others. The exclusion provisions of section 605(a) are not absolute, creditors could obtain the information from other sources, or they could simply ask you if you have any unpaid, delinquent debt. The OC certainly will remain aware of it.

You take your chances.

pizzadude · ‎06-17-2012

@dujaidecor wrote:
I have a charge off CC $1753. Should I pay this? or wait for it to fall off which its due to at the end of this year.

What is the statute of limitations for this debt in your state of residence ? As others have posted, the debt can still be collected on even after it drops from your reports, and you could still possibly be sued. If it is out of SOL then you could raise that as your defense in court.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

dujaidecor · ‎06-18-2012

The SOL is 7years in my state. Do you suggest that I wait for it to fall off my credit report then pay it? I have the money to pay it off but didnt want the actiivity on the account to give it another 7 years. Its a Capital one card. Should I just send them a PFD letter?

Starting Score: TU488 EQ483 6/4/12
Current Score: TU 662 EQ 670 EXP ??
Goal Score: 680

Take the FICO Fitness Challenge

Faith is the substance of things hoped for and the evidence of things not seen.

pizzadude · ‎06-18-2012

@dujaidecor wrote:
The SOL is 7years in my state. Do you suggest that I wait for it to fall off my credit report then pay it? I have the money to pay it off but didnt want the actiivity on the account to give it another 7 years. Its a Capital one card. Should I just send them a PFD letter?

The credit reporting time period ( CRTP ) shouldn't be altered by making a payment. It is 7.5 years from the date of first deliquency on the account, which is the same regardless of whether the account is paid or unpaid.

If you want to wait for it to age off your reports or send a PFD that's fine too, but it shouldn't stay on your reports longer because you paid it.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX