topic Re: Charge Off placed on credit this week, Should I pay off or settle in General Credit Topics

Charge Off placed on credit this week, Should I pay off or settle

ascott6182 — Sun, 19 Jun 2022 06:23:04 GMT

I have 3 credit cards that went into charge-off status this week. I started a new job and finally am able to pay. These are for small balances between $300 and $650. I called the original creditors pay them off but they wont take payment. They said wait until the collections agent calls me and talk to them. Should I pay in full or settle? The debts are mine, and idk if I want to waste time with going back and forth with validity letters since these are brand new or should I? Im at 505 Experian score, would like to purchase a home in the next year or two.

Re: Charge Off placed on credit this week, Should I pay off or settle

FireMedic1 — Sun, 19 Jun 2022 09:15:30 GMT

Welcome @ascott6182

Yes get them settled so they no longer affect your util %'s. Paid always looks better then owed. Heck I'd even try if you can login still and push a payment to the accounts before CA's hit your reports. Might work. Might not. Who are the creditors your posting about? Congrats on the new job!

Re: Charge Off placed on credit this week, Should I pay off or settle

ascott6182 — Mon, 20 Jun 2022 00:32:36 GMT

Thanks! They were for 1st Access, Blaze Mastercard, and Credit One @FireMedic1

Re: Charge Off placed on credit this week, Should I pay off or settle

SouthJamaica — Mon, 20 Jun 2022 04:42:11 GMT

@ascott6182 wrote:
I have 3 credit cards that went into charge-off status this week. I started a new job and finally am able to pay. These are for small balances between $300 and $650. I called the original creditors pay them off but they wont take payment. They said wait until the collections agent calls me and talk to them. Should I pay in full or settle? The debts are mine, and idk if I want to waste time with going back and forth with validity letters since these are brand new or should I? Im at 505 Experian score, would like to purchase a home in the next year or two.

Just send in the payments.

Re: Charge Off placed on credit this week, Should I pay off or settle

OmarGB9 — Mon, 20 Jun 2022 20:53:35 GMT

@FireMedic1 wrote:
Welcome @ascott6182
Yes get them settled so they no longer affect your util %'s. Paid always looks better then owed. Heck I'd even try if you can login still and push a payment to the accounts before CA's hit your reports. Might work. Might not. Who are the creditors your posting about? Congrats on the new job!

I second this.