@mystro9876 wrote:Hello,
Quick question. I have an outstanding charge off on my credit report. Its pass the SOL so there isn't a threat to get sued, but I'm still trying to make good on it (if it makes sense - ie initial score increase). Its due to drop off in Dec 2022 (1.4 years)
The charge off reflects a $0 balance (true balance is $900), so its not impacting my utlization, but it does report monthly as a charge off. Will there be an initial score increase simply by the derogatory indicator being removed?
FYI..I know there will be an increase over time once the creditor stops reporting the charge off monthly, but being the fact it will drop off in a little over a year, not sure if it would be substantial enough to warrant the $900 payment.
Thanks!
Yes you should pay it off. This will decrease the likelihood of it appearing in your reports in the future.
Paying it off will likely help some of your scores.
