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To pay or not to pay 6+ old Charge offs


Kenny1016
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The last post in this topic was posted 3459 days ago. 

 

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I need some advice with 3 charge offs that are due to age off in approx 10 months.

 

Let me first explain that my goal is to get my scores up so I can apply for a conventional mortgage. Currently I am at 600 and need to be at a min of 620.

 

For the past year I have been working hard to repair my credit. I hired an attorney who helped me get 4 judgments vacated; 2 of the judgments were paid in full and the other 2 he arranged payment plans. I also paid off a few collections and hired a credit repair agency to delete any remaining neg marks. During this period I had an auto loan that I was behind on but caught up with and payed off. In addition to that I open two secured cc to help establish new credit history.

 

Here is my situation with the charge offs.

 

Capital one charge off for 5700, SOL has passed and I have no intentions of settling. Scheduled to age off 7/2015.

 

Capital One charge off for 5300, this was one of the judgments vacated and I have a payment plan for 3000. This is also scheduled to age off 7/2015.

 

Target/ TD Bank charge off for 3300, this was also one of the judgments that I had vacated and I'm currently paying off a 2200 payment plan. Age off 8/2015.

 

I had the credit repair company challenge all three of these accounts with no success.

 

My question is should I payoff the two with payments plans? Will this improve my score? Or just wait until all three age off?

 

All three of these accounts are over extending my credit limits and it's hurting my score.

 

Thanks.

Ken

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If it is charged off -0- they can't take your money. If they are showing a balance and are past SOL, your only problem is dealing with CA or JDB that may pop up on your reports, even though you can tell them that its past SOL, they can still hound you. Paying them if they are showing a balance wil NOT improve your score even though it makes no sense... and it may bring other creditors out of the woodwork.

 

use any cash to set up secured lines of credit with CU's and use them to improve your score. The only other way to get them removed is to find something technically wrong with the reporting which is hard when it gets old. If you keep only credit reports you might look for inconsistancies in reporting or errors in DoFD (look up 611/623 reinvestigations).

 

Good luck. Experian is the only one who won't remove early although they may by a month or two...

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If it is charged off -0- they can't take your money. If they are showing a balance and are past SOL, your only problem is dealing with CA or JDB that may pop up on your reports, even though you can tell them that its past SOL, they can still hound you. Paying them if they are showing a balance wil NOT improve your score even though it makes no sense... and it may bring other creditors out of the woodwork.

 

use any cash to set up secured lines of credit with CU's and use them to improve your score. The only other way to get them removed is to find something technically wrong with the reporting which is hard when it gets old. If you keep only credit reports you might look for inconsistancies in reporting or errors in DoFD (look up 611/623 reinvestigations).

 

Good luck. Experian is the only one who won't remove early although they may by a month or two...

 

+100.

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Thanks everyone!

Who are the issuers for your 2 secured cards? If possible, you should try to up the deposit/limits so you have decent limits reporting when your reports are clean.

 

You should also consider adding a third card once your scores are 10-20 points higher, maybe a Walmart card. You get a free TU FICO every month, and approval is fairly easy. The third card should bump your scores up a little bit as soon as it reports.

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