Should I make payments on credit cards that have been marked as charge offs on myFICO score?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Should I make payments on credit cards that have been marked as charge offs on myFICO score?
I have 5 credit cards that have recently been marked as “charge off” on my credit report. My last payment on these cards was about 7 or 8 months ago. I will soon be in a position to once again start making payments on these accounts but I have heard that doing this will actually decrease your credit score not raise it, which is my ultimate objective. What should I do?
Asked on March 11, 2012 under Bankruptcy Law, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
A charge off is an accounting procedure. It is so that the credirot can write off the debt. It does not mean, though, that they give up the right to come after you for it. They can and will and you are still obligated to pay. In other words, the debt is not forgiven. Contact the original creditor and talk to them about a payment in excahnge for the removal of the charge off from your credit report. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.