topic Re: Correct me if I'm wrong in Rebuilding Your Credit

Correct me if I'm wrong

Sandman771 — Fri, 07 May 2021 11:10:15 GMT

So I have two things that are hurting me. I've been paying on a CO for a while with PRA. It is at the point that I can PIF and they will delete. The problem is that I will have a one month spike in UTI which will drag down my score. I think that it is worth it as it is reporting monthly on the CO and removing it will cover the short term drop for high UTI. I just want some validation that is the way to go. Thanks in advance.

Re: Correct me if I'm wrong

203bravo — Fri, 07 May 2021 13:11:30 GMT

I not exactly sure where you are coming to the assumption that paying it will cauing a spike in your UTI.. but if you have been paying it for awhile and it is currently being reported monthly then having having it removed will be nothing but a good thing. Do it and have it out of your life and move on to the next thing you need to concenterate on Congrats

Re: Correct me if I'm wrong

Sandman771 — Fri, 07 May 2021 13:14:46 GMT

Well I have a finite amount of cash on that payday and I can either pay down a CC or pay off the collection. But thank you for that sound advce. I will handle that on Friday

Re: Correct me if I'm wrong

203bravo — Fri, 07 May 2021 16:06:13 GMT

ah ... ok I got you... just wasn't clear in your orginal post... but yeah I agree that you will quickly recover from any temporary point loss when the CO is removed and you are also able to tackle any other balances that you may have to leave in order to get it paid off earlier.. I'd still do it if I were in your position.

Re: Correct me if I'm wrong

Anonymous — Fri, 07 May 2021 19:59:45 GMT

My opinion would be to pay and get the charge off taken care of as long as you won't be paying interest on your CC. Any points lost from high utilization is only temporary and you will regain them once you pay off the CC.