vic asked in Business & FinanceCredit · 1 month ago

Will it help my credit score if i pay the balance of a charged off credit card?

or should I just forget it?

3 Answers

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  • Anonymous
    1 month ago

    It can add up to 25 points back to your credit score to pay in full.

    To pay off with a settlement payment (less than full balance, but considered "paid") can add up to 20 points back to your credit score.

    Doing nothing leaves the negative impact on your credit score for up to seven years.

    My information is based on something I was reading on Credit Karma regarding a similar issue I have with a past due medical bill.  

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  • 1 month ago

    It will absolutely help your credit profile...even if it doesnt do too much to your credit score itself.  Score is only one factor when determining credit worthiness...

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  • Anonymous
    1 month ago

    How old is it?  5 years or older, forget it. 1-3 years pay it.

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