https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Best-strategy-for-paying-off-chargeoff/m-p/15984#M4475 <DIV>Get a PFD!</DIV> Sat, 09 Jun 2007 02:30:28 GMT Tuscani 2007-06-09T02:30:28Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Best-strategy-for-paying-off-chargeoff/m-p/15972#M4467 Hi all.<BR /><BR />Back in October I became delinquent on one of my credit cards (Chase) to the tune of over $5k. I was contacted by a collection agency and agreed to pay $450 a month, which I have religeously done every month since then.<BR /><BR />This is not being reported as a collection account fortunately, but my Chase line is showing a status of Charge-Off, $3k currently past due, and every month I get another 180+ days late entry on my report. It's the multitude of building up '180' entries that I of course want to stop *now*.<BR /><BR />I now have the money to pay this off in full. The CA has said that they are offering a settlement which would save me maybe $600.<BR /><BR />Should I just send them a check for the settlement amount now? Or is there something else I can do which will lessen the impact of all this on my long-term score? I'm probably just grabbing at straws here, but what would be ideal is if I could ditch the CA, negotiate something directly with Chase, make 6 months of payments and close out the account with a Pays as Agreed. Which is precisely what I did with another card, but that one wasn't actually charged off yet. In this case the CA said Chase would refuse to even talk to me.<BR /><BR />Guess I'm looking for any options here. If just paying it off and stopping any additional 180's is the best I can do then that's all I need to know.<BR /><BR />Thanks! Sat, 09 Jun 2007 01:42:10 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Best-strategy-for-paying-off-chargeoff/m-p/15972#M4467 core 2007-06-09T01:42:10Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Best-strategy-for-paying-off-chargeoff/m-p/15984#M4475 <DIV>Get a PFD!</DIV> Sat, 09 Jun 2007 02:30:28 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Best-strategy-for-paying-off-chargeoff/m-p/15984#M4475 Tuscani 2007-06-09T02:30:28Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Best-strategy-for-paying-off-chargeoff/m-p/15999#M4483 Thanks for the reply. I was just looking into the PFD option. The CA (ERC) has told me on this account they don't report to the CRAs, Chase reports. Which entity gets the PFD letter? Sat, 09 Jun 2007 02:46:10 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Best-strategy-for-paying-off-chargeoff/m-p/15999#M4483 core 2007-06-09T02:46:10Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Best-strategy-for-paying-off-chargeoff/m-p/16022#M4486 <DIV></DIV><DIV><BR /><BLOCKQUOTE><DIV><HR />core wrote:<BR />Thanks for the reply. I was just looking into the PFD option. The CA (ERC) has told me on this account they don't report to the CRAs, Chase reports. Which entity gets the PFD letter?<BR /><HR /></DIV></BLOCKQUOTE><BR /><DIV>whomever is reporting</DIV></DIV> Sat, 09 Jun 2007 04:36:10 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Best-strategy-for-paying-off-chargeoff/m-p/16022#M4486 Tuscani 2007-06-09T04:36:10Z