Should i PIF this Charge off ?

[Chestnut1]

All -- Hope you had a great Christmas. 

I'm sure most of the senior members here know about my profile first hand as they have been helping me constantly to put it back on track. While i'm on track, but my speed is very low at the moment. I want to accelarate this a bit. Hence, i'm planning on Paying in Full a Balance shown on a Charge Off (only CO left on the report) JPMCB Auto loan. $3,587. 

Now, the question is. Will it give any increase in my credit scores if i PIF. Pls Note, this account is Not "Actively Reported". Last reported was in 2018. So, will paying off this balance give a Score boost ?

Note : Regardless, i will PIF this account since i want my file to look good when i go to a Mortgage Lender sometime end of 2020.

Below are the Details of this account.

[Chestnut1]

DONE. Just called Chase and pleaded for PFD on this account. They outright declined. I did take the bullet and went ahead and PAID the balance of $3,587 IN FULL. Got the confirmation # for the payment. Was told that i will receive a letter soon stating i paid everything in FULL and that i DO NOT OWE ANYTHING TO CHASE anymore. 

Jesus, This was a tough decision. But i took it for better or for worse, lets see. My File right now is clean with respect to "Balances" i owe. 

I do not expect this account to turn Positive but i'm happy that PIF. I can now sleep peacefully with no thoughts of collections/Judgements/Lawsuits. 

Thank you all.

[Chestnut1]

calling all my mentors @Firemedic1 @omarGB9 @ImTheDevil @gdale6 to advise if this will have any negative impact on my score now that i Paid this Charge off in FULL.

[OmarGB9]

It may possibly have one final negative impact when it updates because it hasn't been reported in a while and it will be "freshly" reported with the updated zero balance, if that makes sense.

However, that may be negated by the fact that you paid it to zero and so the CO will stop factoring into your overall utilization as a "maxed" account and you may even see a small score increase. Either way you did the right thing in my opinion. I will let the others chime in and page them for you. @gdale6 @Anonymous @FireMedic1

[Chestnut1]

---

@OmarGB9 wrote:

It may possibly have one final negative impact when it updates because it hasn't been reported in a while and it will be "freshly" reported with the updated zero balance, if that makes sense.

However, that may be negated by the fact that you paid it to zero and so the CO will stop factoring into your overall utilization as a "maxed" account and you may even see a small score increase. Either way you did the right thing in my opinion. I will let the others chime in and page them for you. @gdale6 @Anonymous @FireMedic1

---

Thank youvery much. I'm not sure if this Charge off balance(now paid in Full) was ever part of the UTL%. all my reports always showed my UTL% equaling the balances on My CCs Vs Total Credit. How would i know if this CO Balance was even part of UTL% ?

[OmarGB9]

Honestly I'm not sure if CO'd installment loans are factored into utilization, but I know they still hurt your scores regardless since ultimately it's still a charge off. Either way that's why I paged the others for you, as they have may more knowledge than me, particularly on the charge off and installment loans aspect.

[Chestnut1]

Thanks Omar. Appreciate your response. Will wait on others to Weigh in on this.

[Red1Blue]

Good move. Probably it will help in the future relationship with them since you did a payment in full. Keep doing GW and see if they take it off the report.

[Chestnut1]

---

@Red1Blue wrote:

Good move. Probably it will help in the future relationship with them since you did a payment in full. Keep doing GW and see if they take it off the report.

---

Thank you. My Only Worry is the initial Score drop. Since this account has not been reported/updates for last 15 + months, i most likely see a sudden update/report with recent DOLA saying "Paid Charge off". I know for sure FICO will think that this is a recent dergo added to my account and will ding my scores. I just hope it won't drop 50+ Points for doing the right thing.

[Chestnut1]

---

@Chestnut1 wrote:

---

@Red1Blue wrote:

Good move. Probably it will help in the future relationship with them since you did a payment in full. Keep doing GW and see if they take it off the report.

---

Thank you. My Only Worry is the initial Score drop. Since this account has not been reported/updates for last 15 + months, i most likely see a sudden update/report with recent DOLA saying "Paid Charge off". I know for sure FICO will think that this is a recent dergo added to my account and will ding my scores. I just hope it won't drop 50+ Points for doing the right thing.

---

Here is what i'm talking about with respect to my concern described above. This account has not been updated month after month since Mar 2018. Only thing it shows up on every Credit report pull as balance due of $3,587. So, does this mean i'm gonna take a signifcant hit on Credit Score ?, since there WILL BE a latest update to $0 Balance with a remark "Paid Chargeoff". I'm happy that i did the right thing but i'm equally worried that all the work that i've put in this year might just go in Vain and i have to start from the stratch.