settle charge off accts?

[Anonymous]

I am trying to boast my credit score. i have 4 cc that are c/o and 3 judgements that are medical. if i settle these accounts does that help my score increase or should i just pay them in full? also i am seeing on here you can pay to have judgements and collections removed from your credit report? someone educate me on that!

[Anonymous]

If you have the money, I highly suggest negotiating a PFD.  Sometimes you can do this with a settlement amount for less than owed if they are old and/or beyond SOL on the CO's.  The judgements cannot be removed without a court order (the judgement vacated) which means you negotiate a deal with the creditor who has the judgement to include they file a motion to vacate with the court.

The collection only requires the consent and agreement of the CA and a written PFD agreement.

The judgement requires the same as above plus the motion to vacate with judge sign off (which s/he will if the plaintiff files the motion).

[Anonymous]

i am sorry i am too new at this. What is a PFD and SOL,CA. i was one of the lucky ones and sold a rental property so i have the money to do whatever i need to do but is paying them off versus settling for smaller payoffs only going to get me a few extra points? the difference would be over 1k saved by settling for smaller payoffs (between credit cards and medical judgements) but whatever i have to do to get the most points.

Thank you so much for your help!

[Anonymous]

CA is Collection Agency

PFD is Pay For Delete (a written agreement that in exchange for payment and settlement, they remove from credit report completely)

SOL is Statute Of Limitations (the legal time limit that a creditor has to sue you)

Here is a link to Common Abbreviations that you need to be somewhat familiar to be able to comprehend most posts in the forum:

http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&message.id=23&query.id=367649#M23