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Does paying off old charged off accounts help a credit score?
In many instances it can. If the OC is reporting a CO and it was revolving credit account, then that unpaid balance gets used in the UTI% portion of scoring. Paying it off effectively reduces your UTI. The second way it can improve scores is if the OC is updating each month. Paying it stops the updating and allows the item to "age", which helps your scores, though not immediately like UTI.
UTI? OC? CO? Sorry I am new
@katie011 wrote:UTI? OC? CO? Sorry I am new
Urinary Tract Infection , Orange County, Colorado
UTI - Utilization
OC - Original Credit
CO - Charge Off
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Guide-To-Common-Abbreviations/td-p/224988
on another note this is very good information because I too have a charge off that is affecting my UTI