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.
01-27-2013 11:09 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO