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I am not sure what I should do. I have a closed loan on my report that reports as charged off each month. Last payment December 2018. I am in a position where I can pay it off in 4 months but they offered me a 30% settlement if I pay now which I can do. Since this is ready showing closed with a balance, would a settlement hurt anymore than what has already been reporting for 14 months? I have moved my score from 530 to 635 in 4 months and I don't want to do anything to hurt it.
Thanks
PIF or settled will stop the negative monthly updating of being owed. Then it can age and fall off your reports as paid.
So would the score drop then in this case if they update it from reporting as closed - charged off to settled? If so I don't want to settle the debt.
Finance over FICO as we say here. It will ding only due to the update. But to future creditors you paid your debts. No brainer really.
It is good you got a settlement offer and you can pay it off. It will show a $0 balance which is good. If possible, you can also ask them if they can remove it from the report.