topic Re: Charge Off Opinions- Merrick in Rebuilding Your Credit

Charge Off Opinions- Merrick

Anonymous — Sun, 30 Aug 2020 00:26:01 GMT

I have a charge off with a 772 balance showing on my report from Merrick from 7/2016. I want to resolve this and pay it off as it is showing up monthly as utilized credit but because it's a charge off I'm not sure if paying it will hurt me worse. The OC is reporting the balance every month even though it's a CO and I've not had any collections try to collect on it.

what is the best option to pay off this debt that will lead to the least amount of damage?

Re: Charge Off Opinions- Merrick

blindambition — Sun, 30 Aug 2020 00:41:27 GMT

Paying it will help, since they're updating monthly. When it reports 0 balance, your score will start to recover. Is that the only derogatory?

Re: Charge Off Opinions- Merrick

Brian_Earl_Spilner — Sun, 30 Aug 2020 00:52:20 GMT

Merrick holds on to the debt and updates every month. They're my last charge off

Re: Charge Off Opinions- Merrick

Anonymous — Sun, 30 Aug 2020 01:12:18 GMT

No, I also have a bankruptcy which was discharged in 2014 and a charge off that is paid in full from 2018 (Wells Fargo)

Re: Charge Off Opinions- Merrick

Credit4Growth — Sun, 30 Aug 2020 01:14:45 GMT

🖐 Pay it and do it as soon as possible. Like another member has said because it is updating monthly it is suppressing your scores. Pay it and your scores can recover/increase soon rather than much later.

I wish I had paid the charge off on my reports yeats ago. I always had the ability to. I did not want to emotionally. That was a mistake which cost my many denials as well as high deposits on utilities, among other thing!

When you have the fund, pay it! 🙄✌

Re: Charge Off Opinions- Merrick

Anonymous — Sun, 30 Aug 2020 01:20:53 GMT

Thanks for the advice. I'll call them tomorrow!

Re: Charge Off Opinions- Merrick

Credit4Growth — Sun, 30 Aug 2020 01:40:29 GMT

Good luck! Thaybshkuld give your scores just a few month to improve be for your planned refinance.

Please, do not forget about addressing the collection also.

Re: Charge Off Opinions- Merrick

OmarGB9 — Sun, 30 Aug 2020 03:56:02 GMT

Paying it off *should* also give you a small boost immediately since it will no longer be factored into your utilization.

Note: I say *should* because every profile is different, and with a DC BK still showing, that small score increase may be negated.

Re: Charge Off Opinions- Merrick

Anonymous — Mon, 31 Aug 2020 23:10:55 GMT

Update!
I called Merrick and learned I need to wait until Friday when my account will be assigned with TCI at which time I'll be able to call and pay it off.
Thanks everyone for the advice.
I've got several years ahead of me to start making better choices and gains but it feels good to get started.

Re: Charge Off Opinions- Merrick

Anonymous — Mon, 31 Aug 2020 23:25:53 GMT

@Anonymous wrote:
Update!
I called Merrick and learned I need to wait until Friday when my account will be assigned with TCI at which time I'll be able to call and pay it off.
Thanks everyone for the advice.
I've got several years ahead of me to start making better choices and gains but it feels good to get started.

Does TCI do PFD? If they dont and they report then you will have the double whammy of both a CO and CA on your CRs, it will still double hurt even with a $0 balance