Yes. Pay it down and pay it off.
@Anonymous wrote:
The 2 CCs are not just "closed", but "charged off", so they are definitely hurting your scores. They imoact your utilization, also keeping your scores down. Any age benefit is negated by the derogatory status of these accounts. Once paid and the stop updating as "CO", your scores can begin to heal. They will remain until 7 years from DoFD (date of first delinquency) instead of the 10 years, but again, these are charge offs and will not become positive accounts once paid, so you want them gone ASAP. Original creditor do not do PFD, but at least being paid should help you greatly.
The 3 CAs are also really weighing your scores down. LVNV will PFD and from what I have seen recently, CCS will also. I am not sure about the medical CA. Someone will chime in about how to best handle that one. Once all 3 CAs are deleted, that is when you should see a good score boost.
@Anonymous wrote:Thank you so much! I am going to tackle all of these this month by paying off the 2 closed accounts today. How big of a jump do you think I will see if I pay those off and get all 3 CAs PFD? When do these CAs usually report to the Bureaus?
No one knows how much of a jump you will see.
But as everyone has advised you, it's best to get rid of them asap.
