Advice please

[Ruqayah]

Hello

I'm trying to rebuild my credit I have a closed Macys account from 2008 balance of $210 it hasn't been sent to collection yet. My question is if I pay Macys does it set the clock back on my credit report? Does it add another seven years starting the day I make a payment.

Another thing I also want them to take it off my credit report what steps should I take? Send a gw letter after making the payment? I don't think I can PFD with them.

Any advice will be helpful

[guiness56]

No.  Has it been charged off?  The 7 years is only for charged off or collection accounts.  If it was closed with just late payments the lates will be removed 7 years from their occurence and when the last one is gone it will become a positive account again.  Then it would stay for up to 10 years from date closed.

Paying it will take it out of factoring into your utilization.

[Radio-man]

Paying off the account should not "re-age" the account.  Delinquencies are supposed to be calculated from the date it first became delinquent.  After it's paid, wait a few months and dispute it through the credit reporting agencies.  Also, paying off the account will have a benefit on your report because in two years the late payment info will be gone and the account will show "paid as agreed" and will help your scores average age of account, which is important in building credit.

A lot of original creditors particularly retailers (collection companies are different) are more lax about maintaining aged closed accounts.  If the account info can't be verified it will then fall off your report if info cannot be verified.  My advise is to pay it off.  If you call and make payment arrangements and write a letter of explanation you might get consideration on the reporting.  Or, you might try after 6 mos, to dispute the accuracy of the information contained.  Do this about every 6 mos,  In a couple years it will just age off anyways, but what ever you do, do not dispute it through the credit reporting company if it hasn't been paid.  You might just end up with a collection which would be a double whammy...

Just my humble opinion...

Good luck.

[guiness56]

---

@Radio-man wrote:

Paying off the account should not "re-age" the account.  Delinquencies are supposed to be calculated from the date it first became delinquent.  After it's paid, wait a few months and dispute it through the credit reporting agencies.  Also, paying off the account will have a benefit on your report because in two years the late payment info will be gone and the account will show "paid as agreed" and will help your scores average age of account, which is important in building credit.

A lot of original creditors particularly retailers (collection companies are different) are more lax about maintaining aged closed accounts.  If the account info can't be verified it will then fall off your report if info cannot be verified.  My advise is to pay it off.  If you call and make payment arrangements and write a letter of explanation you might get consideration on the reporting.  Or, you might try after 6 mos, to dispute the accuracy of the information contained.  Do this about every 6 mos,  In a couple years it will just age off anyways, but what ever you do, do not dispute it through the credit reporting company if it hasn't been paid.  You might just end up with a collection which would be a double whammy...

Just my humble opinion...

Good luck.

---

You shouldn't dispute accurate information.  It is a violation of the TOS of the forums.

[Ruqayah]

On my credit report it says closed then the date closed. Macys card services said its charged off today and wont set the clock back if i make a payment, it will say paid as agreed. i want to make sure its true with myfico members first.

I'm sorry I'm still not getting it still both of you gave me different answers if its charged off and a payment is made that sets the clock back? Or they just leave it as it is and it falls off my credit report as scheduled 2016? I plan on making a full payment with them tomorrow.

Thanks both of you for replying I appreciate it.

[Radio-man]

I am unfamiliar with charge-offs.  But they really aren't supposed to re-age accounts.  Good luck...

[Ruqayah]

Thanks Radio-Man

[guiness56]

---

@Ruqayah wrote:
On my credit report it says closed then the date closed. Macys card services said its charged off today and wont set the clock back if i make a payment, it will say paid as agreed. i want to make sure its true with myfico members first.

I'm sorry I'm still not getting it still both of you gave me different answers if its charged off and a payment is made that sets the clock back? Or they just leave it as it is and it falls off my credit report as scheduled 2016? I plan on making a full payment with them tomorrow.

Thanks both of you for replying I appreciate it.

---

No, making a payment will not restart the clock for reporting.  Nothing can do that as it is illegal.

No, it will not say paid as agreed, it will say something like paid after charge off, paid, was charged off.

The account will be excluded in 2016.

[Ruqayah]

Thanks guiness56 I will pay it off first thing in the morning. I searched online all day and got different answers one site saying it will set the clock back and another it won't.

I trust myfico. Thank you once again

[RSCo]

---

@Ruqayah wrote:
On my credit report it says closed then the date closed. Macys card services said its charged off today and wont set the clock back if i make a payment, it will say paid as agreed. i want to make sure its true with myfico members first.

I'm sorry I'm still not getting it still both of you gave me different answers if its charged off and a payment is made that sets the clock back? Or they just leave it as it is and it falls off my credit report as scheduled 2016? I plan on making a full payment with them tomorrow.

Thanks both of you for replying I appreciate it.

---

It will update to PAID - Charge Off... Macy is required to report that the account is paid AFTER the amount was charged off.. Charged off is another way of a creditor saying that they wrote off the loss and did not reqcup the money..  If you pay it, then they have to report that it is now PAID, but was still a charge off account prior.. This does look better on your report to those who review it manually.. Says to them while they creditor had to initially write off the money, you paid it afterwards..