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If I pay a lump sum settlement will my credit score improve?
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May 17th, 2012
I have an American Express card with a balance of $3300, and in June of 2011 my account was closed for late payment. Following that it went into collections. My credit report now shows this debt as being “charged off”. I’ve just been offered a lump sum payment of $900, and told (in writing) that on my credit score it reflect “paid in full/ $0 Balance”, will this improve my credit score or would it be better just to wait out the 7.5 years for this debt to be wiped from my credit score?
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