01-27-2013 09:09 AM
Is there any benefit after trying to PFD by paying a charge off in full or settling. Thanks,
01-27-2013 09:17 AM
01-27-2013 09:26 AM
I'm dealing with Macy's and they won't budge at all for the PFD. Settlement isn't extravagant so I will most likely pay in full.
01-27-2013 09:34 AM
01-27-2013 10:27 AM
Settled and paid in full does not affect your credit scores. Like his LO said, the PIF looks better to an underwriter that is doing a manual review. So in otherwords, it has to be looked at by someone in order for it to make a difference.
01-27-2013 10:32 AM
So if you can't get it off your report how are you ever to boost your score? I was denied a secured so I'm stuck in what to do. What's the point of paying it off? Will paying off a medical Make it come off or should I try and PFD them? I onoy have two charge offs and a medical collection. My Home Depot was closEd by them on good terms. My longest is a capital one charge off since I was 18.
01-27-2013 10:39 AM
Paying anything negative does not remove it from your CR. You can try a PFD.
If the COs are with the OC and are reporting a balance, those are figured in your overall utilization. If you paid them, the amount would no longer be factored and you could see a raise in score.
A CO is a major derogatory, so is a collection. Even though your score takes a hit for them paid or not, on a manual review they look better paid.
How old are these accounts you are talking about?
01-27-2013 10:48 AM
the dates charged off I'm unsure but have been opened since 2009,2011. I would say charged off since 2011,2012.
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