Charge Off Question

[silverbimmer04]

Hello Everyone,

 I'm in the process of cleaning up my reports and hopefully raise my scores... I have 4 charge-offs that are on my CRs, Should I offer a settlement offer or pay in full ?

If I"m able to settle with each of them, Will that hurt my score vs. paying in full ?  Each CO is about $900 each.. What would be a good settlement percentage for each CO ?  Thank you for any advice that can help

[Anonymous]

Whether they are settled or PIFed your score is getting hammered.  If they are within the SOL I would try to negotiate a PIF for delete  ASAP.  You don't want to get a judgement on your report.  That's a whole new 7 year derog.  If they are out of the SOL go for a settle for delete.

[Anonymous]

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@silverbimmer04 wrote:

Hello Everyone,

 I'm in the process of cleaning up my reports and hopefully raise my scores... I have 4 charge-offs that are on my CRs, Should I offer a settlement offer or pay in full ?

If I"m able to settle with each of them, Will that hurt my score vs. paying in full ?  Each CO is about $900 each.. What would be a good settlement percentage for each CO ?  Thank you for any advice that can help

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That depends on a couple of different things. Are these credit card charge offs? Are they reporting a Balance? Are they being updated each month? Inquiring minds want to know, NEED to know....

[silverbimmer04]

 Thanks for the advice, I will call each CCC today to see what can agree upon.. I'm hoping for PFD, I will definitely ask them. Two accounts were charged off in 2011 and the other two in 2013...

[silverbimmer04]

 Hey NormanF

  Yes, they are credit card charge offs and a balance does show, but no updating...

[Anonymous]

The balances will be held against your current credit UTI% portion of your scores, so paying/settling them WILL help your scores. Because they are not updating, they will get "refreshed" when the balances update, which may lower your scores. It will likely be a wash depending on what your current credit lines look like, but you'll be ahead in the long run as the score hit from updating will be temporary.

Settling vs Paid in full is the same scorewise, I might add.