Charge Off with Barclays Bank

[Anonymous]

Based on what you said, things look good for you.

Do not pay over the phone, even if they get feisty. Collection agencies do not always like to play by the rules, so it's vital that you do everything in writing! 

Personally, it is good that you are paying your debts in full because you won't have to pay taxes on them. Besides, it looks good in manual review that you paid your delinquents in full. It shows that you pay back what you borrow and that the lenders you had the charge-offs with did not take a financial loss.

[Anonymous]

Thanks. I only had 2 accounts with collection agencies, and because I have been lurking on this forum for months, I learned not to make any payments without a written agreement in hand.

As for the Paying in full, to be honest, I had one account that I made a settlement agreement on for two reasons. Thanks to the 5 year rule in NY, this account should age off in September of this year now that it is settled. The other reason is that it was sent to a collection agency (Portfolio Recovery) and I really despise junk debt buyers. I wouldn't have paid a dime to them if it didn't mean having to wait an extra 2 years for this to come off my report.

Now it's just a waiting game for the rest of these things to fall off. 

[Civil]

I got one response back from the 3 letters I sent out from CBRs. It dropped my Equifax score 25 points because Barclay updated the account. I will wait for the other 2 CBRs but looks like I am going to have to pay them off.

[Civil]

Did your score go up after paying them off? I just paid my account which was $1,955. It was eating up my utilization and won’t let me be great. It has not updated yet but just curious since it’s my last negative on my report