topic Re: Pay off Small Debts? in Rebuilding Your Credit

Pay off Small Debts?

Anonymous — Wed, 29 May 2019 17:07:24 GMT

Hello all, I am trying to rebuild my credit in order to buy a house. My credit score is currently about 530. I noticed I have these small charged off accounts on my credit report. They are for Ginnys, Swiss Colony, and Seventh Avenue, each under 60 dollars. I am wondering, do I just pay these off? Will they help my credit score if I do? They are about 1-3 years old.

Re: Pay off Small Debts?

Anonymous — Wed, 29 May 2019 17:15:05 GMT

Paying them off is good but see if they will give you a Pay for Delete (PFD). This will remove them from your record once paid.

Re: Pay off Small Debts?

Anonymous — Wed, 29 May 2019 17:48:40 GMT

+1 Pay For Delete

Re: Pay off Small Debts?

Anonymous — Thu, 30 May 2019 00:07:37 GMT

Just dont use those words...say something along the lines of wanting to somehow get rid of this neg or something other than pay for delete..some companies will do it, but don't "agree for a PFD per ""company Policy"".

Re: Pay off Small Debts?

gdale6 — Thu, 30 May 2019 15:33:30 GMT

You want to get the PFD if at all possible but any that are updating monthly and refuse the PFD you want to just settle to stop that updating.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519

Re: Pay off Small Debts?

Anonymous — Mon, 10 Jun 2019 15:59:30 GMT

Thank you for the response! I have read they don't generally do PFD with these companies. When I call them they say they sold them to debt collectors. Those collectors dont report to the credit agencies. So on my report it shows swiss colony, ginnys, andseventh avenue, but they are really under universal fidelity, Premier credit, and convergent solutions. Those CA offered to have me pay my debt and have the OC list as paid. Is that the option I want to take? WIll that help my credit and do I pay over the phone? I would like something in writing asap after I pay them.

Re: Pay off Small Debts?

Remedios — Mon, 10 Jun 2019 16:03:31 GMT

Yes, you should pay them so they stop updating

You can pay over the phone, but do ask if they will email you receipt for it.