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How to going forward?


How to going forward?

I had good credit and got over extended after purchasing a  house and COVID. I have a mortgage current( 1 late since 2020)and car payment(8 lates since 2020) along with an installment loan(1 late since 2021).

These are my charge offs: 

CC BANK CNG Charged Off Installment 08/22

Discover Bank Charged off Revolving 06/23

Elan Financial Charged off Revolving 01/23

Credit Fresh Charged off Line of Credit 11/22

First Premier Charged Off Revolving 09/21

Synch/lowes Charged off Revolving 02/22

TD Bank/Target Charged off Revolving 11/21


I am now trying to repair my credit and know that I need to work on paying all of my current bills on time. I am also aware that the LATES are bringing me down as well as these charged offs. I was recentaly approved for a Capital One($300) and Credit One ($300). 


Can anyone give me advice on the charge offs? Is it worth doing anything with them or just to pay the currents bills/revolving credit on time?  


Message 1 of 4
Valued Contributor

Re: How to going forward?

It would serve you well if you can pay these CO's.  Showing paid will decrease the negative impact somewhat and keep you from possible risk of  suits from these creditors. Otherwise, all you can do is wait it out and be on time with everything going forward.

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Message 2 of 4
Credit Mentor

Re: How to going forward?

@jdetermann1974 wrote:


Can anyone give me advice on the charge offs? Is it worth doing anything with them or just to pay the currents bills/revolving credit on time?  


If it's a choice between paying your open accounts or the COs then you should keep your open accounts current. 


Assuming that you will eventually pay the COs ( you haven't disputed that you owe them, right? ) you should see what you can offer either in terms of a one-time settlement or montly payments.  Ideally you'd be able to negotiate a PFD for some of these accounts but it may not be likely.    Also you should probably look up the SOL for your state of residence if you think there's a chance that you'll be sued for any of these debts.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 4

Re: How to going forward?

In 2021, I discovered that a $280 CO from Progressive was reporting on my credit report which I wasn't aware of. I never received a bill, e-mail, nor did this amount owed appear in the app which I regularly used to pay my bill. So I immediately contacted Progressive and paid the CO. To my surprise, my score jumped an average 56 points! The CO is no longer reported by EX but is still reported by EQ and TU which I am trying to have removed.


Current FICO Score 8:

EQ: 743 | TU: 749 | EX: 749

Message 4 of 4
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