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Will my scores go up?

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Regular Contributor

Will my scores go up?

I have several balances were charged off, which I'll type all the info below, and I'd like to know would my scores go up if I pay them off? I'm going to pay them off regardless but I'd like to know if paying them off would help my credit scores at all

 

EQ 572, TU 597, EX 585

 

Capital One: $2566, CO 06/18

Capital One: $656, CO 06/18

Barclay's: $1327, CO 07/18

Old Navy: $93, CO 06/18

Chase: $3533, CO 06/18

Discover: $1724, CO 09/18

Citi: $546, CO 07/18

Wells Fargo: $363, CO 06/18

 

And a couple accounts in collections

 

ATT: $186

DirecTV: $196

 

I'll be paying the smaller balances off like the ATT, DirecTV, Old Navy, Wells Fargo, and Citi first and then work my way up to the bigger balances. Should I send letters out (or call and request something in writing) before paying them asking if they'll remove the tradelines once they're paid? Or would that not work with charged off accounts, only collections?

EQ - 542 || TU - 576 || EX - 571 || Total available credit: $6,000
Message 1 of 9
8 REPLIES 8
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Regular Contributor

Re: Will my scores go up?

OP I don't think you will see an improvement right away. 
Do you have positive tradelines? 
charged off accounts still report monthly therefore scores will be hurting. Paying them off will help in the long run. 
Try to negotiate pay for delete. 
Couple secured cards should help. 
That's my opinion. Other might help you more

Message 2 of 9
Super Contributor

Re: Will my scores go up?

Once all the CO's are PIF. You will see slight increase. A CO is like a maxed out card reporting 100% util monthly. Paying the CA's wont do much at first. But in time just like the paid CO's. The ding will hurt less with time.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 3 of 9
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Regular Contributor

Re: Will my scores go up?

yep, I've got an American Express Gold Card that's actually right over the limit of $1500 which I'll be paying down half of it by the end of the month. An American Express Blue Cash Preferred Card that's at $924 out of $1000, will also be paying half down at the end of the month, a 1st Financial Bank USA card at $1432 out of $2000 which should be paid off in full by mid to late March, and my Bank of America 3-2-1 card that used to be at a $1500 limit and I had a balance of around $1400 but once I paid a little more than half of that (down to around $500) they lowered my limit to $700 which I'm pretty bummed out about. but that card will be paid in full by the end of the month. 

 

So would it make a difference in my score going up if I pay my positive tradelines off in full after I pay off some of those COs? Or should I just pay them off as planned and worry about the charged off accounts after I pay these accounts off?

EQ - 542 || TU - 576 || EX - 571 || Total available credit: $6,000
Message 4 of 9
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Regular Contributor

Re: Will my scores go up?


@FireMedic1 wrote:

Once all the CO's are PIF. You will see slight increase. A CO is like a maxed out card reporting 100% util monthly. Paying the CA's wont do much at first. But in time just like the paid CO's. The ding will hurt less with time.


The expert has been summoned haha how've ya been? Does settling for less make a difference in either how much my score goes up or my chances of getting back in with those creditors? The smaller balances I'll pay off without a problem but the bigger ones are.. pretty hefty lol so if settling for less wouldn't make any difference then I'd rather go that route. But if does make a difference in any way then I'll just pay them in full. 

EQ - 542 || TU - 576 || EX - 571 || Total available credit: $6,000
Message 5 of 9
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Regular Contributor

Re: Will my scores go up?

Your utilization is hurting more at this point. What I would do is bring utilization under 30% then take care of collections and charge offs one by one. 
Good thing is you don't have to start from secured cards. You already have good cards. 

Message 6 of 9
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Established Member

Re: Will my scores go up?

I've been there with a couple charge offs 5 years ago.

 

Even if you pay...they'll be there it'll just be closed (paid after charge off/collection)

 

It'll hurt for awhile. Immediately I don't think you'll see any big increase. I didn't. It took over a year to see anything seemingly JUMP. And having no lates or negatives in a 12 month period seemed to be the reason

 

Pay stuff regardless and try to negotiate pay for delete or decent settlements

Message 7 of 9
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Established Contributor

Re: Will my scores go up?

Like stated upthread OP, In time your scores will go up. Good luck!





INQ's: EQ: 0 TU: 0 EX: 0 (last 12 mo.)
Recent Accounts: 1 (last 24 mo.)
Total CL: 14.95k Util. 0% AAoA: 2 yrs, 1 mo.
AoOA: 2 yrs, 6 mo. AoYA: 1 yr, 5 mo. 100% PIF.





Goal Cards:


myFICO Member since: July 21, 2018 | Joined Community: Aug. 17, 2018 | Starting Scores: EQ: 716 TU: 738 EX: 698
Message 8 of 9
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Regular Contributor

Re: Will my scores go up?

I agree.  The easiest approach is to get utilization down.  You will see the bigger picture once utilization is down.  And if you can as stated, pay a collection/charge off along with active card.  This way killing two birds with one stone kind of thing.  I have been taking the same approach with progress.  Try it and keep us posted.

Starting Score: 544
Current Score: 565
Goal Score: 700


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