Hey guys!
New here and any advise will be helpful. I’ve always had a low credit score (580-610) for the last 10 years and just recently realized how important it is and started to fix it. I checked my scores and saw that it was hurting due to high balances and high utilization. I quickly paid everything off. Waiting on the closing dates so the statements can be reported to TU/EX/EQ and see how high my score goes.
just 2 days ago I get an alert that I have a derogatory mark for a Macy’s cars that was CO in May 2015 with a $600 balance but just recently was reported on my reports. I called Macy’s and they transferred me over to Citi centralized recovery. I am not sure if they are part of Macy’s or a collection agency but they stated they are not obligating me to make a payment and I can only pay the $600 if I want to. Also the weird thing is that on my reports it says the creditor is DSNB/MACY’S.
what should I do guys. From what I read this can hurt me for 7 years and I just started to fix my credit 
You may want to post this question in the rebuilding credit category. If they were going to remove the charge off maybe its worth paying but if they will not agree to that then I probably wouldn't bother paying it. This is assuming its a legit charge off. If that wasn't your card and you didn't make those charges etc then you should dispute it. Its going to hurt your credit score for the next couple of years but its old enough where you probably can start rebuilding.
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@Anonymous wrote:Hey guys!
New here and any advise will be helpful. I’ve always had a low credit score (580-610) for the last 10 years and just recently realized how important it is and started to fix it. I checked my scores and saw that it was hurting due to high balances and high utilization. I quickly paid everything off. Waiting on the closing dates so the statements can be reported to TU/EX/EQ and see how high my score goes.
just 2 days ago I get an alert that I have a derogatory mark for a Macy’s cars that was CO in May 2015 with a $600 balance but just recently was reported on my reports. I called Macy’s and they transferred me over to Citi centralized recovery. I am not sure if they are part of Macy’s or a collection agency but they stated they are not obligating me to make a payment and I can only pay the $600 if I want to. Also the weird thing is that on my reports it says the creditor is DSNB/MACY’S.
what should I do guys. From what I read this can hurt me for 7 years and I just started to fix my credit
Similar situation for me. Did they mention if it was 1099-C or that they are planning to?
@Anonymous wrote:Hey guys!
New here and any advise will be helpful. I’ve always had a low credit score (580-610) for the last 10 years and just recently realized how important it is and started to fix it. I checked my scores and saw that it was hurting due to high balances and high utilization. I quickly paid everything off. Waiting on the closing dates so the statements can be reported to TU/EX/EQ and see how high my score goes.
just 2 days ago I get an alert that I have a derogatory mark for a Macy’s cars that was CO in May 2015 with a $600 balance but just recently was reported on my reports. I called Macy’s and they transferred me over to Citi centralized recovery. I am not sure if they are part of Macy’s or a collection agency but they stated they are not obligating me to make a payment and I can only pay the $600 if I want to. Also the weird thing is that on my reports it says the creditor is DSNB/MACY’S.
what should I do guys. From what I read this can hurt me for 7 years and I just started to fix my credit
Just pay it so it quits updating. Dont know how Macys operates with PFD. You can ask. Cant hurt. It will look better to future creditors you paid your debts. If the DoFD was in 2015. 4 of the 7 years has past already depending on your states SOL. You may not see a score boost right away. But it will lessen over time.
I'll point out one thing real quick before it hits you. Dont have all your cards report 0 balance. That will cost you 15-20 points. Have one report around 25 bucks and then PIF after statement date. Its always better to pay your debts. Plus it will quit reporting as a charge off with a balance. If you want to apply for future credit it will look a whole lot better settled than owed. Its up to you.