topic Re: Headed to The Garden but should I pay old stuff?? in Rebuilding Your Credit

Headed to The Garden but should I pay old stuff??

tiffjtiffj — Sun, 13 Apr 2014 23:45:03 GMT

But before I go one question (please)

My Fico score simulator states I that should I pay off the $7300 in revolving debt it would lessen my ultility and raise my score. That said, all of it sits in the closed/charge off collection bucket, while its past my SOL of 4 years (I'm in CA) they won't budge until 2017. I understand that a charge off is ... well still going to be a charge off but since in reading that they are pretty difficult to remove but should I pay to zero out? While I'm in no rush to purchase a home or car, I do have the ability now to start sorting some of this mess out.

Midland "ownes" 4

$1451, $1361, $542 & $825

First Premier "2" - offers settlements for lesser amounts

$515 & $626

Jefferson Capital $387

HSBC $494

Macys $780

Bloomngdales $282

Any suggestions will be greatly appreciated. I'm in the garden until further notice.

Thanks guys

Re: Headed to The Garden but should I pay old stuff??

gdale6 — Mon, 14 Apr 2014 02:26:53 GMT

A CO paid or unpaid is the same in the eyes of FICO. If they are not updating monthly now an update to Paid or settled for less will cause a drop in score. I would make only PFD offers and just wait them out if they dont want to make a deal. Score calculators owned and operated by an entity in the business will always tell you to pay off the debts...

Re: Headed to The Garden but should I pay old stuff??

tiffjtiffj — Mon, 14 Apr 2014 02:33:03 GMT

@gdale6 wrote:
A CO paid or unpaid is the same in the eyes of FICO. If they are not updating monthly now an update to Paid or settled for less will cause a drop in score. I would make only PFD offers and just wait them out if they dont want to make a deal. Score calculators owned and operated by an entity in the business will always tell you to pay off the debts...

Oh, now I understand. They are no longer updating, so I will seek the PFD or let them sleep.

Thank You Very Much gdale6