2006-10-02 10:20:20 · 9 answers · asked by JerseyJen 1 in Business & Finance ➔ Credit
Sure you can pay, but if you do it will for sure start back up as a collection and effect your credit.
2006-10-02 10:27:21 · answer #1 · answered by bigjim2k3 2 · 0⤊ 0⤋
Even if you pay the charge off, the fact that you did not pay the debt as agreed is what will show as a negative on a credit report.Any future credit you get pay on time and don't accumulate too much debt.
2006-10-02 17:34:16 · answer #2 · answered by Bigboi47 3 · 0⤊ 0⤋
I paid a few charge offs back in the summer, now they show PAID/after CHARGE OFF. They are still listed as negative and I'm not sure if it helped my score or not. Looking at it, it looks a little better because the balance is down to zero and it shows that I paid it. I've heard it actually hurts your score. My main concern was having the word PAID next to it. I think that looks better in the long run.
2006-10-02 18:39:23 · answer #3 · answered by NETTA M 3 · 0⤊ 0⤋
Yes you can, but sometimes that damages your credit rating even more. Not only will you keep the negative marks you could have already, but you could get more.
Consult a credit counselor - and NOT one of those clear up your credit rating kinds that are advertised on TV- they do not clear up your credit as good as they say they can.
The marks on your credit will go away in 7 years. In the meantime, live within your budget and try not to get any more.
Here's a good article on it
2006-10-02 17:30:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would contact the credit bureaus and ask them what would be the best course of action. Also call the companies you had a charge off with. Work with them, see what they will do, you never know until you try.
2006-10-02 17:29:45 · answer #5 · answered by Dawn C 3 · 0⤊ 0⤋
no, it should clear it up and show a satisfied debt - however in recent years the federal government has been making people claim charge offs as income.....so if you were issued a form 1099-c to claim on your income tax return you will want to file an amended return once it has been settled but remember there is a statute of limitations of three years to claim refunds....in other words if you had to claim the debt cancellation as income and it caused a lower refund you must file an amended with proof of settled debt within three years in order to get the extra money
2006-10-02 17:34:18 · answer #6 · answered by cookiesmom 7 · 0⤊ 0⤋
I believe if you pay off a charge off..you can request your account be cleared..and have them send this in to the credit bureau
2006-10-02 17:31:22 · answer #7 · answered by luvnbeingsingle 2 · 0⤊ 1⤋
yes you can pay back charge off's and unfortunatley it will still be negatinve on your credit.
2006-10-02 17:36:53 · answer #8 · answered by stinkbug121 1 · 0⤊ 0⤋
It depends entirely exactly what the creditors are reporting on your credit.
Sometimes if you pay them back, it KILLS scores.
Sometimes if you pay them back, it raises them.
I handle this question for my clients all the time.
2006-10-05 03:05:02 · answer #9 · answered by supercreditguru 3 · 0⤊ 0⤋