Other than just doing the right thing, Does it help you in anyway? Whats the benefit just keeps CA'S in business and if you pay through them they throw a trade line on your credit report Saying that the will remove it if paid. when you say you want to do the right thing, see the error's of your ways and you pay, it hurts you more if you pay than if not and would it be better off not paying and lying and stealing further and saying it's not mine ? oh the wicked web we weave... Of course you can go to the OC and request to pay them but they got their monies and don't want to deal with you most of the time I find. just doing some soul searching therefore doing your own credit repair is the only way thanks to everyone on the board for their contributes I am on my way to validate ,dispute, and deny... digging out of the hole I have put my self in.
There are limited situations where having the charge off paid is beneficial such as apply for a mortgage or attempting to get bonding. Otherwise as you noted paying a charge off is not much help credit wise.
Old thread but intresting, I have a charge off with BofA for around $1,350 or so they charged it off and it's been 5 years I think so far.. so really if I spent all that money to pay it off I would still have the same 531 CS then?
Do you know the Date of First Delinquency? Also, whats the Statute of Limitations in your state? Check here: Chart: Statutes of Limitations in All 50 States | Nolo.com If this debt is past the SOL, you have a better chance of getting a PFD (pay for delete) out of the creditor/CA. Others have successfully used PFD letters on the board, I personally have not gone that route. Negative information can stay on your report for up to 7.5 years from the delinquency which immediately preceded the collection activity (DoFD is what it usually reports as on your CR)....if a PFD doesn't work for you, you're 2/3's the way there of just riding the debt out. And like I said, check the SOL, if it's up, there's always validation LTR's to be sent to the CA. But to answer your question, just paying it, without asking for any good deed out of them, might raise your score a bit, but definitely not significantly.
Connecticut Conn. Gen. Stat. Ann. § 52-575 et seq. 6 3 2 2 for the DoFD I can't remember I want to say maybe about 07-08? I'm not sure I can find a way without having to pay to check?
Use this for the SOL: Connecticut State of Limitations on Debt ...sorry about that other site I just looked at it and its harder to understand plus doesn't address open ended accounts. Go here to get copies of your credit report, it's free once a year: https://www.annualcreditreport.com/cra/index.jsp If you're going to work on your credit, you need copies of your report, and may even want to subscribe to a monitoring service where you can pull unlimited copies
A little update I did the annual credit report back in Sept of last year however it seems trans Union is letting me see it again.. So I have the info about what's bad on the account.. Ok the two biggest are capital 1 and BofA Bank of america was closed Date Closed: 04/28/2007 High Balance: $1,226 Original ChargeOff: $1,010 and it's estimating that it will be removed off my CR on 09/2013 Capital One: Is showing under CIVIL JUDGMENT for $1,196 Date Filed: 11/02/2009 Date Updated: 03/04/2010 Estimated month and year that this item will be removed: 10/2016 Sprint will be my most recent for $193 I think I can still pay Sprint directly which I would prefer to do So all in all with everything total (left some stuff off) it's only $3,044 However one thing that concerns me is Bank of America is listed twice on my CR
Sounds like DoFD was 3/06; even using the 6 YR SOL for your state, you're in the clear as far as the OC being able to successfully sue on this. You could try the PFD method on this, offer 50% or less, worst they can do is ignore or say no....then it's just a 9 month waiting game. Sorry I can't be of more help with the C1 judgement, my knowledge of that is thin. B of A is reporting same exact trade line twice? Is one a CA? Also...it would be a good idea to get copies of all 3 reports (one from each bureau) to be sure these accounts aren't reporting differently. I'm currently dealing with an account was reporting two very different DofFD's on me depending on which of two reports you pulled.
Turns out one for for a BofA checking account and the other the credit card so that's why they show twice but different account numbers.
Didn't know checking accounts reported? It has a monthly history and CL and all? I still suggest pulling CRs from each bureau though, could be your key to a FCRA violation or two.
Yeah not sure why it's showing like that, but yeah I will have to check each of the 3 bureau's to see whats going on.
Curious to know if this is a BofA norm, or if something else is up here....that is, their reporting a checking account as a credit TL.
It could be, or it could be that they report the 'debt' if the checking account goes into over-draft. While the checking account is positive, it would be an asset, not a debt; but if at any time it goes over the balance, the asset becomes a liability, so technically they could consider the account a debt.
