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Paying Charged- Off Accounts?!?

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Anonymous
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Paying Charged- Off Accounts?!?

Does paying charged-off accounts help my credit score at all?!? What do I do after I pay off the accounts to make them look better on my report? Any help would be great! Thanks Smiley Happy

 

Message 1 of 7
6 REPLIES 6
fused
Moderator Emeritus

Re: Paying Charged- Off Accounts?!?

When did the charge-off occur?
Message 2 of 7
Anonymous
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Re: Paying Charged- Off Accounts?!?

Just last month! Its a recent charge off Smiley Sad
Message 3 of 7
Anonymous
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Re: Paying Charged- Off Accounts?!?

I think since they are recent charge-offs and are maxed out I will try to pay on them to get the balance down! Hopefully, that will help my score. What do you think?!? Any suggestions would be great! Thanks Smiley Happy
Message 4 of 7
fused
Moderator Emeritus

Re: Paying Charged- Off Accounts?!?

What is the credit limit and the balance on this CO?
Message 5 of 7
Anonymous
Not applicable

Re: Paying Charged- Off Accounts?!?

The credit limits are both under $1,000, but the balances are totaled over $1,500! High balances! Smiley Sad
Message 6 of 7
fused
Moderator Emeritus

Re: Paying Charged- Off Accounts?!?

If you can PIF, do it. A CO with a big balance this recent is hurting your revolving utilzation. If this is not your oldest account, you might be better off offering a PFD with the OC. Your mileage may vary.
Message 7 of 7
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