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20thGtii

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Paying off charge off account worth it or not ?
Hello everyone i got a few questions regarding my credit! I was a 18 year old idiot who thought credit cards are basically like free money. I opened up 6 cards and manage to rack up 6 collections which later turned into 4 change offs. Now this accounts are close to 4 years old and i have no idea if i should pay them off. I currently have 2 collections that are still opened. At this point i have no idea what actions to take pay off the opened collections and leave the charge offs till they come off in three years? or take care of everything and try to pay all the things off?. I want to be able to buy or lease a new car without having a co signer. I currently do have a car loan with a co signer that is being paid on time and I just opened up a secured credit card that hopefully will help me get some points up. I heard that paying off charge offs might hurt you more then not paying them is that true?

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I would probably just leave them be and let them age off. You should check the "statute of limitations" to be sued for this debt in your state, but either way they may not take you to court anyway as it costs them money to do so. Since you are dealing with debt collectors understand that they are not allowed to harass you. Do some reading on the FDCPA (fair debt collection practices act). I would just lay low on these debts and keep doing what you can in other ways to improve your credit.

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