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Charge Off placed on credit this week, Should I pay off or settle

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ascott6182
New Member

Charge Off placed on credit this week, Should I pay off or settle

I have 3 credit cards that went into charge-off status this week. I started a new job and finally am able to pay. These are for small balances between $300 and $650. I called the original creditors pay them off but they wont take payment. They said wait until the collections agent calls me and talk to them. Should I pay in full or settle? The debts are mine, and idk if I want to waste time with going back and forth with validity letters since these are brand new or should I? Im at 505 Experian score, would like to purchase a home in the next year or two.

Message 1 of 5
4 REPLIES 4
FireMedic1
Community Leader
Mega Contributor

Re: Charge Off placed on credit this week, Should I pay off or settle

Welcome @ascott6182 

Yes get them settled so they no longer affect your util %'s. Paid always looks better then owed. Heck I'd even try if you can login still and push a payment to the accounts before CA's hit your reports. Might work. Might not. Who are the creditors your posting about? Congrats on the new job!


Message 2 of 5
ascott6182
New Member

Re: Charge Off placed on credit this week, Should I pay off or settle

Thanks! They were for 1st Access, Blaze Mastercard, and Credit One @FireMedic1 

Message 3 of 5
SouthJamaica
Mega Contributor

Re: Charge Off placed on credit this week, Should I pay off or settle


@ascott6182 wrote:

I have 3 credit cards that went into charge-off status this week. I started a new job and finally am able to pay. These are for small balances between $300 and $650. I called the original creditors pay them off but they wont take payment. They said wait until the collections agent calls me and talk to them. Should I pay in full or settle? The debts are mine, and idk if I want to waste time with going back and forth with validity letters since these are brand new or should I? Im at 505 Experian score, would like to purchase a home in the next year or two.


Just send in the payments.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 4 of 5
OmarGB9
Community Leader
Super Contributor

Re: Charge Off placed on credit this week, Should I pay off or settle


@FireMedic1 wrote:

Welcome @ascott6182 

Yes get them settled so they no longer affect your util %'s. Paid always looks better then owed. Heck I'd even try if you can login still and push a payment to the accounts before CA's hit your reports. Might work. Might not. Who are the creditors your posting about? Congrats on the new job!


I second this. 


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 5 of 5
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