Worth it to pay this collections?

[Anonymous]

I have a Charge off by Wells Fargo who sent it to a collections agency which is now reporting on my CR.

With TU and EQ it shows 4 collections accounts

With EX it shows 6 collections accounts.

That's all the bad stuff on my CR could be better and could be worse.

[pmarti8]

That's not too bad. Depending on how old the charge off is, that's the thing causing the most damage. Do your other open accounts all show current and never late? Payment history followed closely by credit utilization, are the biggest determinate of if your score is very poor, poor, fair etc.

I would search the forums for the particular collection agencies showing on your report and research how others have addressed them. There's a wealth of info here and someone has likely already devised an effective strategy. Get excited! You can do this. Your situation is not insurmountable. Good luck. 😊

[Anonymous]

The charge off is from 09/2011 so it's due to come off in 2018 but it's so old it should hurt me that much.

My payment history shows 100% never missed a payment. Credit UT is good.

So is it worth it to pay the collections or wait for it to come off? Especially when some of the collections jump the price on me but they're out of the Statute of Limitations in my state.

[pmarti8]

I wouldn't pay them unless they will delete them full stop.

[Anonymous]

3 of them are updating every 6 months though doesn't that hurt me?

[Aduke1122]

Yes anytime the update regularly you take a hit to your scores .

[Anonymous]

So is it worth it or not to pay?

[Aduke1122]

If you search the threads in regards to your question, if it is worth paying a collection that updates often then your answer is going to be yes , because it is constantly knocking your score back down everytime it updates . I had a collection that was due to fall off next year 2017 but bc it updated after I disputed it I lost alot of points . And was denied a cc for having a delinquency that was too recent or unknown . So it looks new to whoever is pulling your credit I'm assuming .

[Anonymous]

I think it looks new to a computer but in a manual review they see something is 6 years old or however long.