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Questions about paying off 2 old credit card charge off accounts and affects on credit?

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Questions about paying off 2 old credit card charge off accounts and affects on credit?

I have 2 negative accounts on my credit and trying to decide if I should pay them off to improve my score. I am not trying to settle at a lower amount and able to pay the balance in full in hopes the companies will delete from my credit report.

 

The 1st account is with Applied bank with a $238 balance, the account is closed and shows it went 30 days late on Nov 2013 and has been reporting negative since with no data reported in 2016 and only reporting negative 2 times in 2017. The year for 2018 isn't showing on the payment history on my report. It doesn't appear the account was sold to a collection company. 

 

The 2nd account is 1st progress/1st Equity with a $124 balance, the account is closed and shows it went 30 days late Sep 2013 and has been reporting negative every month since it first went negative.

 

I was thinking about paying the full balance on both of these accounts and attempt to have them deleted from my report if the credit card companies will allow it. But if they do not, and I pay the amount in full will that restart the debt and even though I paid the balance will it still show on my credit report for another 7 years? If I pay the balances on these cards will it have much effect on my credit score? 

 

Currently, my score is between 690-705, I have multiple other credit cards with $0 balances since I pay them off each month. My credit limit on my current cards is $3500, 3300, 8000, 4000, 1000, 500 and another 500. These cards range from gas cards to hotel and flight rewards point cards to store cards and Amazon store credit cards. Not sure if this information helps with my above questions though, but thought I should include in case it does.

 

I included links to screenshots that I took of the 2 accounts on my credit and how they are reporting. Any information will help. Thank you for reading.

Applied Bank Info

1st Progress Info

 

4 REPLIES 4
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Super Contributor

Re: Questions about paying off 2 old credit card charge off accounts and affects on credit?

I'd pay them off. Paid is better than owed. Call them and ask of they would PFD since they are 6 yrs old it seems. Side note. If you pay your cards off each month. Let 1 report 10-20 bucks. Or do you follow AZEO.





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Message 2 of 5
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New Member

Re: Questions about paying off 2 old credit card charge off accounts and affects on credit?

Thanks for the reply. I do not follow AZEO, I had to look it up to see what it was. I generally pay off all my cards every month but there is at least a couple that reports small balances depending when I pay and when the statement cut off is. But at the moment, my report shows all but 1 gas card paid off and my credit utilization is like 2%

Message 3 of 5
New Member

Re: Questions about paying off 2 old credit card charge off accounts and affects on credit?

I forgot to ask you in my last reply. If I call and ask to do a PFD is that restarting the debt?

Message 4 of 5
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Established Contributor

Re: Questions about paying off 2 old credit card charge off accounts and affects on credit?

No you can never restart the debt. It will always be 7.5 years from date of first delinquency. So it will still fall off the date it was originally set to after you pay it.






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