Paying 6-year old charge-off?

[Anonymous]

I have a First Premier Card that is 6+ years old. Set to come off in the next 30-60 days but I can't wait that long. In the process of applying for a mortgage product that will require 700+ and I am close!!! Need to make these decisions ASAP and have them work positvely in the next 30 days for me.

It shows as a charge-off with $281 balance. I only have 1 other CC with a $800 balance. I believe it shows a balance because it was closed and transferred to an outside collection firm and then transferred back.

Couple questions.

1. Will paying it off increase my score? It's still listed as a revolving account rather than a collection. My utilization rates show it as an active balance (28% used) 

2.. If I call and pay in full, it should still fall off in 30-60 days, correct?

3. I also have an Asset Acceptance for about $600 that is 6.5 years old. My only open collection, also on Equifax. Same set of questions... Is it going to hurt short term? If paid in full, will it still come off in 5 months?

Thanks!!!

[Anonymous]

Have you checked directly with the Credit Bureaus to see if they'll do an Early Exclusion? From what I've read on these forums, TU will do EE's up to 6 months and the others 2-3 months out, so if it's set to fall off that soon, you probably have a good shot and getting it removed immediately.

Search the forums on Early Exclusions and you can find some great info.

[RobertEG]

It is rare for a creditor to sell a debt to a debt collector, and then buy it back.

I would check to be sure that the OC owns it.

If you know they sold it, then they should already have updated the balance to $0, and you could pursue a dispute over failure to have updated the balance.

In that event, it would no longer effect your % util calclulation.

Additionally, many mortgage lendors will ask for disclosure of any unpaid delinquent debt, and not rely solely upon lack of showing in your credit report of derogs, such as an unpaid charge-off or collection, to alert them to the debt.

You may be required to disclose the debt regardless of credti report exclusion.......