Charge-Offs | Which to pay...

[Anonymous]

So I've officially started with the rebuilding phase of my credit.

Back when I first started getting credit, I quickly fell off with being able to make payments because I had lost my job, and at my young age, it was had to find something with a decent pay that would even be able to make a dent in what I had done.

I now have a really good paying job at Amex, which I think it what prompted this whole rebuild phase. But I was wondering in what order should I start paying these back, I cant post images, so I'll just post a link to an image of my charge-offs...

Charge Offs: http://i64.tinypic.com/2ds45xk.jpg

THANK YOU!!!!

[Anonymous]

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@Anonymous wrote:

So I've officially started with the rebuilding phase of my credit.

Back when I first started getting credit, I quickly fell off with being able to make payments because I had lost my job, and at my young age, it was had to find something with a decent pay that would even be able to make a dent in what I had done.

I now have a really good paying job at Amex, which I think it what prompted this whole rebuild phase. But I was wondering in what order should I start paying these back, I cant post images, so I'll just post a link to an image of my charge-offs...

Charge Offs: http://i64.tinypic.com/2ds45xk.jpg

THANK YOU!!!!

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If they were all charged off within the last year or so, its not really going to make much difference. As a general rule you want to attack the newest items and work backwards. Charge offs take precedence over collections.

[Anonymous]

But even if, would it just be best to try to get them paid/deleted.

That should help some, right?

[Anonymous]

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@Anonymous wrote:

But even if, would it just be best to try to get them paid/deleted.

That should help some, right?

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Oh, don't misunderstand - by all means get them settled and paid off.  I'm just saying they all seem to be fairly recent so the order of paying them will not likely matter.

[Anonymous]

Oh oh oh, Okay, I get what you're saying.

Since they're ALL fairly new, it doesn't mattery what I hit first.

And since midland is a collection, It would be good to get the charge-offs, then the collection!

Next thing, should I just grab the collection since it's a small amount, and so they can't sue me?

[RobertEG]

If any of the debt is still within SOL, there always remains the possibility of legal action.

Howver, if you are willing to pay the debt, then even if they do file civil action, you can avoid a judgment provided you are willing to pay immediately.

SOL is not a major factor if you are willing to pay, it is more of a possible addtional inconvenience in having to reach an immediate settlement with their having the upper hand.

As Norman stated, paying the debts that are now charged-off but are not yet reporting a collection usuaully have precedence.

At any time, the creditor could either hire a debt collector or sell the debt, resulting in the additional reporting of a collection, and another major derog to then attempt to remove.

It is best, if you have time, to first offer to pay in exchange for their deletion of the reported charge-off, which will then result in both discharge of the debt AND removal of the major derog from scoring impact. 

[Anonymous]

Perfect, thank you so much for this.

I have my work cut out for me, but I think I can do it!!