Waste of time

[Anonymous]

---

@jdxprs1 wrote:
I have 2 capital one charge offs that have been reporting every month. They have been bad for about 4 years now. Should I pay them off to get them to stop reporting?

---

How much are these charge offs?  Also, just because you pay, will not mean that they will not continue to be reported.  You could ask to PFD, and see what they say.  If they say yes, I would probably pay them off immediately to get them removed.  You still have at least 3 more years to go of reporting.

[jdxprs1]

Both between 600 and 800. They report as late every month and they show as high balances on 500 limits, so I think they are effecting my utilization percentage.

[Anonymous]

my scores only went up about 10 points this past year, and i had some pretty positive things happen.  i gained about $20k in available credit, paid off a car loan and re opened an installment loan so i didnt lose the points, kept debt low, got in with discover and amex, and only gained about 10 points.  its definitely a sloooow sloooooooooooow journey

[Anonymous]

---

@jdxprs1 wrote:
Both between 600 and 800. They report as late every month and they show as high balances on 500 limits, so I think they are effecting my utilization percentage.

---

I would certainly pay them.  Like I say though, reach out to them as ask for PFD.  If they do not agree to do that, then counter if they can simply mark the account as closed/paid in full.

[Anonymous]

---

@Anonymous wrote:

my scores only went up about 10 points this past year, and i had some pretty positive things happen.  i gained about $20k in available credit, paid off a car loan and re opened an installment loan so i didnt lose the points, kept debt low, got in with discover and amex, and only gained about 10 points.  its definitely a sloooow sloooooooooooow journey

---

You are absolutely right.  It often is a very slow process.  Getting good credit is easy, it is keeping it that is hard.  And once we get it, we have to continue as much as possible to exercise sound judgment for sure.  This 2nd chance that I have, I am certainly not trying to take it for granted.

[jdxprs1]

If I pay in full they have to mark it as paid in full don't they?

[Anonymous]

When a charged off account is paid, the balance will be updated to show that it is no longer past due. However, the account entry will still show the amount that was initially charged off as a loss and the payment history of the account, including previous late payments.

If you pay what you owe, it should be listed as "paid in full" not "settled in full." The collector will report to the original creditor that the account was paid, and the original creditor will add to your credit report that the account is a "paid charge-off."

[Anonymous]

---

@Anonymous wrote:

FICOdeMIno - Baddies don't age - they stay there and rot. My baddies are all 6+ years old and are sitting on my credit file like a pile of cow manure lies on the ground. In the mean time I opened a new Credit Card a couple of months ago, less than 10% utilization and my scores have increased just a couple of points. All my baddies age off by June 2017, so please don't tell people it takes 2 years - it takes the full 7 years PLUS some. Paying off debt actually LOWERS scores - I lost 40 points when I paid off my mortgage.

---

You got that right!

[jdxprs1]

I don't have a collections agency reporting these accounts. So even though they are charged off, I think capital one still has them.

By paying them off, it will stop the reporting of late every month and make my utilization look better right?

[Anonymous]

---

@jdxprs1 wrote:
I have 2 capital one charge offs that have been reporting every month. They have been bad for about 4 years now. Should I pay them off to get them to stop reporting?

---

That right there is what is and what will continue to hold your scores down. Paying them will report zero. But they will haunt your scores until they are GONE.