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precious9981

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Pay off charged off credit card or let it fall off report?
I have a credit card I owe over $2000.00 for and it has been charged off and really effecting my credit score horribly. It is due to fall off my report in 2016. Should I start the process of trying to get that card paid off or should I just leave it alone and let it fall off my report? Which one will help my credit score more?
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if its more than 5 years old, I would leave it alone... 2 reasons...

1) more than likely the original creditor has qritten this debt line off a looong time ago, so any money you pay on it, will not go back to the original debt... instead it will go to the collection agency that bought the debt and is pure profit to them... IT WILL NOT HELP YOUR CREDIT, a collections line is a collections line, and is NEVER a good thing for your scores paid off or not...

2) if no one is calling you on this debt, and you try to make contact with the creditor, they will refuse to help you with this debt, simply becasue they do not own it any longer, they have written you off and sold it to a collection agency... If you call the collection agency, and do anything to try to pay off this debt, they can and will resubmit this same d4ebt back to the credit bureaus as a 'new' debt, and it will show as a new tradeline on your credit... this will also reset the 'statute of limitations' clock on this debt, so instead of falling off in 2016, like it would have if you had meft it alone, it can stay on your credit for anoth4er 7-15 years, and your scores will take another hit for the new tradeline, and the new updated collections line...

LEAVE IT ALONE, AND LET IT DIE IN 2016... IF YOU GET ANY MAIL FROM THE COLLECTION AGENCY OR ANY CALLS, LET IT GO. 

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