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Ntcole

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if i pay my charge offs what would that do for my credit

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First, always try to get a "pay for delete agreement" prior to paying an old negative debt. You should do some research on that.

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Paying an old charge off when a pay for delete is not involved can result in the following: you prevent yourself from being sued if the debt is within the Statute of Limitations in your state to be sued for it. If the account has been updating monthly, paying it should prevent it from updating in the future which will allow score growth over time. If the account has not updated in a long time, then your scores may suffer when the account updates due to the payment, but your scores will start to come back over time. If the amount of debt is being factored into your credit utilization, which it most likely is, then paying off the negative account will cause a score increase due to reducing your utilization. Paying off charge offs can help prevent collections from popping up on your rerports if they are not already present.

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I would make sure that you do at least ten hours of reading on the subject before you proceed with any action. You will find that the biggest things to consider is if the account is within the SOL to be sue for it, how much longer it has to go for the seven year credit reporting time period and if there is a collection associated with the account.

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