Should I make payments on credit cards that have been marked as charge offs on myFICO score?

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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.


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