What will look better on your credit report...?

Hello all,

Here%26#039;s the situation:

Several credit cards are late and now in collections.

Creditors have been calling for months now.

Currently credit report has them all as in collections.

Creditors have offered me some fairly attractive terms to settle the debt.

In some cases 75% off

Would my credit score improve more quickly if I settle and the credit report

states settled.,

Or should I just let them get charged off?

Any and all opinoins appreciated,

What will look better on your credit report...?apply for a loan

Settling is always better.

A charge off is as bad it can get. That means the Credit Card company has given up on recovering any money from you.

What will look better on your credit report...?

loan

settle.|||There really isnt going to be much difference. However if you let them be charged off it will take a long time.|||they are currently on the report as unpaid- the only thing that is better is PAID AND REMOVED -the problem is they will say they will be removed but getting it done is another thing BUT they will show payment and then they are late payments -much better than a charge off

DO NOT IGNORE people think that they will go away in 7 years NOPE when another company assumes the debt ( and they will ) the count starts all over !!!|||Either way, the hit on your credit is already there. Your stuck with it on your record for years. So, I would not pay it off unless they agree to remove negative reporting on your report (if they can do that).|||It%26#039;s always better to pay them, especially if they offer you a discount to settle them. Charged off items are just the worse thing you can have on your credit report. It means you don%26#039;t even want to attempt to improve your credit or show any responsibility for them.|||First, the credit companies gave you the credit in good faith- things happen and I don%26#039;t know your particular situation but you should try to settle, not only for your credit report but to know you did the right thing. To me personally, letting it go to a charge-off is stealing. I know they are faceless companies but they are business run by people and when card holders do that it affects all of us that don%26#039;t. I even took over my moms card when she passed and paid it off-legally not my problem I guess it was always pumped into me that no matter what the other person does or does to you, you have to walk away knowing that you did the right thing. I think for your credit and for yourself, pay them off.|||settle- creditors will know you paid something as oppsed to charge off where they know that the companies just gave up.|||It would definitely be better to settle them.|||Take the settlement. Charge-offs stay on for a long time and take points off the report. Plus, you end up paying more. Your credit will probably be messed up for a long time, but it is better to take immediate action in fixing it rather than letting it go to an agency. Plus, if you think the phone calls are harassing now, just wait until the collection agency gets ahold of you.|||In the near future your credit score won%26#039;t mean much anymore as more and more loan places are looking at your ability to pay your bills on a regular basis. I would settle and take the easy way out because you don%26#039;t need these companies bugging you all the time. I doubt it would affect your credit rating at all because I was just through an incident with an insurance company and when I talked to a lawyer he said to settle because if there is a court case brought against you and you lose it will have more impact on NOT getting a loan if you should need one in the future to buy a house, car, etc. With a settlement, a loan agent will look at it and give you an opportunity to explain; whereas, if there was a case against you and you lose.... well..... you lose! Nothing you can say when they read that you lost the case! It just reflects negatively.

Hope this helps and have a great day!!!|||from experience, do not file bankrutcy...it%26#039;s the worse to get over. if you pay off debts at a reduced rate it will show on your credit report as paid less than balance. but your score will increase immediately then after a few months it will increase dramatically. you can go from 550 to over 700 in a year|||Settle with the creditor and ask them to remove from your file.|||First, if its in collections, they aren%26#039;t %26quot;charged off%26quot;. That%26#039;s generlaly something a visa or something like that would do-- they charge off the debt and send it to collections.

Second, %26quot;settling for less than amount due%26quot; is BAD on your credit.

If you settle get it in writing that they will report is as paid in full-- otherwise pay it in full to avoid another blackmark.

pS-- if you are talking thousands and thousands that you can%26#039;t possibly afford to pay in full-- atleast pay and settle. Its the proper thing to do. Then when tehy are paid, do disputes and see if you can get anything deleted from your report.