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I have two old First Premier charges off's that I want to take care of but didn't know if I should wait until after CRTP which they are scheduled to drop off my reports this year in October. i don't want to mess anything up and re-start anything, if that's even possible.
So should I just wait until they fall off and then deal with FP or should I go ahead and make contact and work out to pay them off?
Any advice is appreciated.
When was the last time the accounts were updated on your CR?
Nothing restarts the reporting time but paying something old that hasn't reported in a while will drop your score.
If they are going to be excluded in Oct, I would wait to pay them to be on the safe side.
Also, sometimes the CRAs remove items earlier than stated.
Based on my reports, it shows March 2013 was the last time they reported.
Based on that, though only almost 6 months, I would wait until they are excluded to pay them. Any points lost due to the update you may not get back when they come off,.
+1, with one possible proviso.
As unpaid debt, the OC could still refer for collection, or sell the debt, resulting in the additional reporting of a collection.
That could damage your score between now and October. Paying now would prevent that possibility.
However, that is probably not likely, as a debt that old would not be very attractive to a debt collector. Additionally, any collection would have the exact same credit report exclusion date as the reported charge-off, which is 7 years plus 180 days from the DOFD on the OC account.
If you dont plan to app for credit between now and October, its not a credit reporting concern.
Appreciate the responses.
I think I'm gonig to wait for them to fall off and then deal with FP.