Pay or not pay

[scubaqueen]

I have two charge off accounts that are still with commenity bank 1) 716.00 2) 912.00.  I want to pay these so they can stop affecting my utilization percentage.  Spoke with a supervisor regarding these accounts and they refuse to do a pay for delete, and state they will update these paid in full.  I only have until 9/2016 and they would both be completely off my record.  Do I pay and if so will these cause a decrease in my score or reage the debt. Do I let them remained unpaid and potentially end up being in the hands of dead evil PRA. 

[RobertEG]

The COs wont be completely off your record.  They will remain of record in your credit file, but will become excluded from normal credit reports no later than 7 years plus 180 days from the DOFD. 

Credit report exclusion is not absolute.  FCRA 605(b) provides for inclusion of any normally exlcuded derogatory information under certain conditions, such as an inquiry relatd to a request for credit of $150K or more.

Additionally, credit report exclusion does not relieve the consumer of the duty to diisclose any unpaid delinquent debt if asked to do so.

If you pay the debt, it wont re-age anything.

Credit report exclusion of the CO is based only on the DOFD on the account, and SOL will become meaningless once the debt has been satisfied.

[js0319]

If your pay them off and your scores increase, it will be due to a drop in your utilization - not because they will be marked as "paid". 

[RA26]

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Credit report exclusion is not absolute.  FCRA 605(b) provides for inclusion of any normally exlcuded derogatory information under certain conditions, such as an inquiry relatd to a request for credit of $150K or more.

Additionally, credit report exclusion does not relieve the consumer of the duty to diisclose any unpaid delinquent debt if asked to do so.

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Just have a question to ask. Does this just go refer to only charge offs or does this refer to collections also, or just everything that has been put on the CRs? Is there a way we could get that report?

[abbafan]

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@scubaqueen wrote:

I have two charge off accounts that are still with commenity bank 1) 716.00 2) 912.00.  I want to pay these so they can stop affecting my utilization percentage.  Spoke with a supervisor regarding these accounts and they refuse to do a pay for delete, and state they will update these paid in full.  I only have until 9/2016 and they would both be completely off my record.  Do I pay and if so will these cause a decrease in my score or reage the debt. Do I let them remained unpaid and potentially end up being in the hands of dead evil PRA. 

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Charge-off debt does not affect your utilization. Your utilization only depends on open revolving credit cards.

[scubaqueen]

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@abbafan wrote:

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@scubaqueen wrote:

I have two charge off accounts that are still with commenity bank 1) 716.00 2) 912.00.  I want to pay these so they can stop affecting my utilization percentage.  Spoke with a supervisor regarding these accounts and they refuse to do a pay for delete, and state they will update these paid in full.  I only have until 9/2016 and they would both be completely off my record.  Do I pay and if so will these cause a decrease in my score or reage the debt. Do I let them remained unpaid and potentially end up being in the hands of dead evil PRA. 

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Charge-off debt does not affect your utilization. Your utilization only depends on open revolving credit cards.

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My charge off accounts are revolving and still reporting a balance due of 912 and 716.  The original creditor still owns these accounts and reports on a monthly basis of lates and balance due.  It's not in collections on my reports they are listing as revolving closed charge off profit loss.   They are impacting my utilization percentage.

[Anonymous]

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@abbafan wrote:

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@scubaqueen wrote:

I have two charge off accounts that are still with commenity bank 1) 716.00 2) 912.00.  I want to pay these so they can stop affecting my utilization percentage.  Spoke with a supervisor regarding these accounts and they refuse to do a pay for delete, and state they will update these paid in full.  I only have until 9/2016 and they would both be completely off my record.  Do I pay and if so will these cause a decrease in my score or reage the debt. Do I let them remained unpaid and potentially end up being in the hands of dead evil PRA. 

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Charge-off debt does not affect your utilization. Your utilization only depends on open revolving credit cards.

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If the charge-offs are CC accounts they certainly do.

[scubaqueen]

I just paid them off.  I'm done with those two accounts.  Now working on the collection accounts. 

[scubaqueen]

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@Anonymous wrote:

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@abbafan wrote:

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@scubaqueen wrote:

I have two charge off accounts that are still with commenity bank 1) 716.00 2) 912.00.  I want to pay these so they can stop affecting my utilization percentage.  Spoke with a supervisor regarding these accounts and they refuse to do a pay for delete, and state they will update these paid in full.  I only have until 9/2016 and they would both be completely off my record.  Do I pay and if so will these cause a decrease in my score or reage the debt. Do I let them remained unpaid and potentially end up being in the hands of dead evil PRA. 

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Charge-off debt does not affect your utilization. Your utilization only depends on open revolving credit cards.

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If the charge-offs are CC accounts they certainly do.

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Yes they were credit cards accounts and still "infecting" my credit score because they were still being reported by the OC with a balance. I'm just ready for this negative stuff to by gone. I did feel much better paying them off.