Kohls closed account charge off Pay or Let Drop Off?

[Anonymous]

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Any advice on paying this (Kohls won't PFD usually) or waiting & letting it drop off?

My Util is 5% & all three of my scores are hovering around 700.

Kohls 

Owe $268, closed acct, last payment May 2011- noted as in collections/charge off..notes: charged off as a a bad debt, profit and loss write off.

It helps my average age of accts if still on, so wondering if paying it off would be better so it'll stay on a few extra years.

Also, now that my credit is in better shape (100% on time all open accounts, and two closed accounts with no balance & 5% util), do you think they would reopen an account for me?

Thanks in advance for your help!

[gdale6]

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@Anonymous wrote:

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Any advice on paying this (Kohls won't PFD usually) or waiting & letting it drop off?

My Util is 5% & all three of my scores are hovering around 700.

Kohls 

Owe $268, closed acct, last payment May 2011- noted as in collections/charge off..notes: charged off as a a bad debt, profit and loss write off.

It helps my average age of accts if still on, so wondering if paying it off would be better so it'll stay on a few extra years.

Also, now that my credit is in better shape (100% on time all open accounts, and two closed accounts with no balance & 5% util), do you think they would reopen an account for me?

Thanks in advance for your help!

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Its hurting more than helping even if you pay it off, payment history is 35% of Fico, Age of Accounts 15%. If its updating monthly you want to pay it off to stop that updating then it can age in Ficos eyes. They are not going to reopen that account however if its PIF they may open a new account for you.

[fishbjc]

Kohl's doesn't service their accounts, Capital One does.  They are 'very' responsive to opening another Kohl's once they are paid in full.

[Anonymous]

Sounds good~ thanks!

If I call CapOne to pay off closed account, will this restart the 7 years on my CR? Since they don't normally do a PFD, does anyone know if they will at leastt show "paid as agreed" or something similiar. It drops off sometime between next June and Dec., so trying to see if this is worth the risk to contact them. I don't mind paying my debt, I just don't want to make my CR worse by reopening the issue.

Also, any idea if they will reopen a Kohls acct at the time of payoff, or if that is a separate app? I don't need the card, but I'm not opposed to it either since they offer good coupons for their card holders.

Thanks in advance to anyone who's willing to offer some advice or suggestions~

[Anonymous]

I don't really have advice or suggestions, but I paid a charged off Kohls account on July 21st. The had stopped contacting me a while ago, but never sent or sold the account to a collection agency.

At any rate, I found a number on the Kohls website and gave them a call and told them I wanted to pay off the account. They processed the payment over the phone.

A few days later I recieved a letter from them thanking me for reaching out and confirming that my account was paid in full with a zero balance. The letter also states they will be notifying all credit reporting agencies to update my trade line to indicate a zero balance.

They included the following number for additional questions on the account - 800.564.5740. 

I checked reports this morning and the balance hasn't been updated yet, but its only been about 10 days. I'll come back and let you know if they update anything other than the balance.

I'm hoping that my reaching out to them will pave the way for a GW removal in a few months.

[Anonymous]

Thanks~ great tips!

Any update on Kohls updating your CR after upi PIF?

[gdale6]

Typically they will update at the regular time each month on or near your statement cycle date.