So I have only had two credit cards (store cards) which both ended up being charge offs. I paid one with a settlement last year... its balance was 150 and turned into 300 and I settled so it is listed as charge off/ settled for less. At the same time I had gotten the ON card I had gotten a Sears card. This card was about 400 I had paid about 180 on it then it was up to 750 and I settled on it last month. my score is 583 now. When this shows up on my credit report will it decrease my score because I settled? I am working on my credit to hopefully sooner or later get a mortgage loan. I have recently brought my score up 50 points and was just wondering if this was going to decrease my progress. When paying off another debt the collector told me about how paying in full would take it completely off my report and that settling actually hurts my report, which I didn't really know when I settled on the previous cards... I was just trying to take care of the debt.
How will a settled charge off affect my credit score?
- Thread starter AUDY
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