Collection PFD Question

[gloverkevin]

If a charge off collection isn't whiling to do a PFD should I still pay the account or let it ride out the remainder of the 7 years on my report? I understand paying off any collections looks better in the eyes of any lender, but to some does it matter? Need some advice and insight.

Thanks!

[gloverkevin]

I have a charge off also, should I pay the debt, it's $204, or let it ride out the remainder of the 7 years? Need some advice on this. 

[donkort]

You could have tried for "pay for delete."  Maybe try this with the other collection.

Some companies do this; others do not.  Never hurts to try, though.

I would be infuriated.  I believe in some reward for paid collections.....but that's not the way FICO works.  I was in a bad credit condition all through the 90s.

[FireMedic1]

If the charge off is $0 balance from being sold to a CA. No more you can do until it falls off in 7 yrs. Paying collections does nothing for a score. Who is the CA?

[gloverkevin]

OpenSky: $204 / Charge-Off / 19 months late / Account opened in 2020, last update 2021.

When would the 7 year clock start/end?

Here is a screenshot of the account

https://drive.google.com/file/d/15LjTcbMAev-sJlYoD4-RQRdBB3RNgGUo/view?usp=sharing

Thank you!

[gloverkevin]

I wish more companies would honor the effort, or the fact that people can change their life around and pay their debt off. The fact of even trying to pay the debt should reward some sort of pay for delete. 

[FireMedic1]

@gloverkevinIve asked a Mod to move you line of questioning over to your thread here on the same subject. Lets not hijack @911gt34life 's thread. Tx.

[sjt]

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@gloverkevin wrote:

OpenSky: $204 / Charge-Off / 19 months late / Account opened in 2020, last update 2021.

When would the 7 year clock start/end?

Here is a screenshot of the account

https://drive.google.com/file/d/15LjTcbMAev-sJlYoD4-RQRdBB3RNgGUo/view?usp=sharing

Thank you!

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It looks like the collection agency is just collecting on behalf of the original creditor, Open Sky. If you pay the original creditor it will stop the continued reporting and reduce your utilization ratio. 

[FireMedic1]

Settle or PIF and the monthly CO update will cease. Fall off will be 08/28.