@Anonymous wrote:I have 2 student loans that are still showing as charged off on my credit report. They are both private loans, so nothing to do with the government or sallie mae. one is for 4180 and the other one is for 3410. I last made a payment on them in Jan of 2014. My experian report says they will fall off in Nov 2017. So the payments don't seem to have extended that date.Once a DoFD has been set by the account being COed nothing can change it and the CRTP clock runs from that date.
What I need to know is, what effect will making small payments (100 a month?) have on my credit score? will it "refresh" this account and hurt my score? If its updating monthly it keeps your Fico depressed, making payments isnt going to change that or boost your score, it needs to be paid off to stop the updating.
What about calling and trying to settle? How much does a settled account hurt? It can't hurt more than my current charge-off right? (except maybe because of time - "newness") I would PIF the account since there is a cosigner on the account, you could settle for one amount then they can go to the cosigner for the difference.
Also, I generally attack the smaller balances, but I am pretty sure Key was just crediting the money willy-nilly, usually 50/50 to the two accounts. Any way to make them credit the smaller balance? I would send 2 payments 1 for each account.
Out of small payments or a settlement, which one would be better for my credit score short and long term? I am currently right at 700 and climbing. Was hoping to get a couple nice rewards cards this summer/fall, and don't want to screw that up. If its updating monthly PIF, it they have not updated it I would get your cards ASAP before they do.
I'd be half inclined to let sleeping dogs lie, and let it just age till 11/17, but my mother cosigned on the loan and i'm paranoid that i'll mess up her credit as well.
