@Anonymous wrote:Okay so I have a few debts on my fico score and I'm trying to figure out the best way to clea them. I'm going to start one at a time. I have a Suntrust Credit card That was opened in Sept 2006 and has a last activity date of March 2009. It has 27 90+ days late on it. And is a charged off account. The limit for the card wwas 500$ and the balance is at 772. I have the money to pay it off, but I want to be smart about it. What should be my next steps? PFD? Let it fall off and then pay it? Don't pay it? I have the money to pay all my debts, but I want to do it in a way that is most beneficial for me. Thank you!
The DoFD is going to set the time clock for the max credit reporting time and states SOL not the DOLA. If its past states SOL and its updating monthly I would send them a PFD, and even if they dont accept it I would still pay them to stop the monthly reporting as doing this keeps your score depressed. If its not updating monthly I think I would just leave them alone at let it drop normally, if you do send the PFD and they dont accept it, it could trigger an update. Updating a CO or a CA account that hasnt reported in awhile drops your Fico as it looks new in the eyes of the Fico scoring system.
@Anonymous wrote:The date of status is April 2014. So I guess it stopped reporting then?
It may have but its a recent reporting so your Fico wont be affected much if they update it from a PFD attempt. Your choice.