Opinions on what to do

[Anonymous]

Just a quick snapshot of my situation:

I have 5 charged off credit cards from about 2 years ago:

Cap1 - 1800

Cap1- 1000

Amex - 2800

Chase - 1300

Chase - 1200

I have 1 collection account on my report from a Bestbuy card:

Portfolio Recovery - 1800

Lastly I have a Ford Credit Account with 11 late payments but the account has now been current for 6 months.

I currently have a secured card through a credit union with a $0 balance and a 1K limit and 2 unsecured loans of $300 and $500.

I was unemployed a couple years ago and let the cards charge off. I know there is whata could shoulda but it is what it is and would like advice on what to do.

Should I pay off the charge offs? Would it be worth disputing the debts? Would it be advisable to send a goodwill letter asking for a pay for deletion?

Any opinions or suggestions would be greatly appreciated.

[RobertEG]

The primary issue with a charge-off is that it has the potential to become worse.

After taking a charge-off, the creditor will often either refer to a debt collector for assistance in collector or sell the debt to a debt collector.

In either event, the debt collector can then add a collection to your credit report.

Additionally, if still within SOL, the owner of the debt can choose to file a civil action seeking a judgment, which may also be added to your credit report.

Paying the charged-off debts may avoid further score damage, and also prevent continued update of those delinquent accounts.

You can always offer a pay for deletion, which will, if accepted, also remove the charge-off from scoring.  However, if still within SOL, any offer to pay may result in a creditor review and decision to file a civil action, so if they balk at a PFD.