Hello Guys,
I have been on a journey to try to clear up my reports. To make a very long story short, I inherited a home from a family member, and need to clean up my credit enough to refinance the mortgage into my name. I feel as though I am on borrowed time, and need to take care of this.
So far... I've managed to clean up my reports with everything but one account, through settlements. The last account is a Bank of America credit card, which was partially secured by a security deposit. Speaking briefly to the account recovery team, they told me all they would do is update the balance to zero.
The account balance is $348, charged off in October of 2021. Originally $447 was owed. $500 Limit. It reports every single month, consistently on the 15th.
One of the things, I just do not understand is... if paying this off makes any sense whatsoever. I was already told by a mortgage broker, that the mortgage underwriting would ignore accounts this small. But... far, more importantly, I am concerned about long-term things. Does it make sense to pay off this charge off, when it will continue to report? Will I see any score boost, or will things get worse?
Is there any magical department inside of Bank of America, that may decide their $348 is worth more than punishing me?
Thanks to all of you, in advance.
