Will paying charge offs increase credit score?

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asked Jan 1 in Credit by jsharkeymjk (230 points)
Will paying charge offs increase credit score?

1 Answer

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answered Jan 2 by xcfrtwe (280 points)
Unless you speak to the creditors who charged off your debt and reported it to the credit bureaus to see if they're report the charge offs as paid off then paying off the charge offs won't increase your credit score whether you pay it or not.

So you'd have to have the creditors report it as paid to have it increase your credit score but whether you pay off the charge offs or not the charge offs will eventually drop off your credit report in 7 to 8 years.

So unless you talk to the creditors about it first then I would just not pay off the charge offs because it likely won't do anything for your credit score.

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