topic Paying off collections / Charge offs in Rebuilding Your Credit

Paying off collections / Charge offs

Anonymous — Sun, 21 May 2017 02:13:50 GMT

I filed BK in 2013 and after filing i had a few accounts go to collection / charge off . These are within the last couple years so waiting for them to fall off isnt reasonable .. The 3 accounts are less than $500 so paying them off now wont be problematic .

Before PIF I need to know how much impact it will have on my credit score. If this will help , should I contact them and request it to be deleted completely from the CRA .

Im new here and serious about getting my credit straightened out . Any and all advice would be appreciated.

Re: Paying off collections / Charge offs

sjt — Sun, 21 May 2017 03:28:10 GMT

@Anonymous wrote:
I filed BK in 2013 and after filing i had a few accounts go to collection / charge off . These are within the last couple years so waiting for them to fall off isnt reasonable .. The 3 accounts are less than $500 so paying them off now wont be problematic .

Before PIF I need to know how much impact it will have on my credit score. If this will help , should I contact them and request it to be deleted completely from the CRA .

Im new here and serious about getting my credit straightened out . Any and all advice would be appreciated.

It depends. If the charge off accounts are still owned by the original creditor and reported monthly, then yes you would see a score bump.

Re: Paying off collections / Charge offs

MyLoFICO — Sun, 21 May 2017 07:19:18 GMT

I would definitley call and ask for a Pay for delete. I got a decent bump from paying off some olf collections. And they fell off on their own the very next month. So yeah, pay for delete is a good thing to try and get. Especially if they are $500 and under.

Re: Paying off collections / Charge offs

Anonymous — Mon, 22 May 2017 02:06:29 GMT

When are the collections and COs scheduled to come off?

Re: Paying off collections / Charge offs

Anonymous — Tue, 23 May 2017 13:40:13 GMT

2020-2021 are when they "fall off" ... How succesful are PFD settlement letters ?

@MyLoFICO wrote:
I would definitley call and ask for a Pay for delete. I got a decent bump from paying off some olf collections. And they fell off on their own the very next month. So yeah, pay for delete is a good thing to try and get. Especially if they are $500 and under.