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debtsteward

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would it be wise to repay a charge-offs

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It depends on the age of them. If they are due to fall off in a year or so and already have a collection showing for them, then probably not, unless you are planning on applying for a mortgage loan before they fall off. If they are fairly recent or have a long time to fall off of your reports, then paying them may be the best thing to do, especially if they do not have collection accounts associated with them yet. If you have a charge off and no collection on your reports for that charge off, then getting the charge off paid can prevent a collection popping up for the account. Also, paying can prevent you from being sued if the debt is within the statute of limitations to be sued for it in your state. Charged off amounts will factor into your credit utilization and cause damage if the account is showing an amount, so paying it would get rid of that and that would help. The only harm that could come with paying old accounts is that if they have not updated in a long time, they will update and look fresh when you pay them and that can cause a score decrease sometimes. Be aware that paying old accounts does NOT reset the credit reporting time for them, there is a lot of confusion on that and be assured that if you pay them it does not affect or change the fall-off date for the account. While credit card companies usually do not accept "pay for delete" offers, it is still something you should read up on. Also do some reading about creditors settling for less than what is owed.

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