Settle debt from overdrawn account?

Question

We need to get my husbands credit score up 45 points before we can get our morgage loan. and we need to do it pretty fast (6-10 weeks) We dont have alot of money to pay things off but we're planning on paying an old $400 verizon bill and then he had overdrawn a checking account by $100 but on the credit report its a charge-off and it has a zero balance. Its only like 6 months old. Can it still be paid off? and will they take it off his report? and will it improve his score by much? thanx

Answer 1

Hi,

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Answer 2

It is suggested that you contact the bank on which the check is overdrawn and ask them if you pay the check will they remove the derogatory entry on your credit report.

Clearing up all your outstanding debt will improve your credit score.  Particularly if you negotiate the removal of derogatory entries for the payment of the outstanding debts.

Good luck.

Answer 3

they will take the money.  contact verizon and find out the procedures to get them their money, you probably will have to pay the collection agency unless it's pretty old.  While you have them on the phone, make sure that you find out how and when they will update your record; also, find out how you can speed the process along.  Otherwise it might be several weeks before the change is reflected and maybe not worth paying.  Contact the bank and find out the same information.

Bad debt write-offs are the worst for your account, but if there are a ton of them and a boatload of late payments, it might not be enough to get your mortgage.  good luck.

Answer 4

That's a pretty tight time frame, not impossible though.

The only way you can get the defaulted Verizon bill off is by contacting the collection agency and tell them you're willing to pay the full balance if they'll agree to do a 'pay for delete'. One they recieve a satisfied payment on the account, they'll delete the negative account from your credit report. If they say yes, get it in WRITING as they may not make good on a verbal agreement.

His score can go up pretty fast. If you have any credit cards, keep your usage at zero for the next couple months. Don't charge any and don't be late on any bills at all. It can still happen & good luck.