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Pay old CO with OC, or leave it alone?


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I'm in the process of helping my husband clean up his credit so we can refinance our mortgage. He has a 5 year old charge off with Wells Fargo and it's still with them, never been sent to collections. That in itself seems a little strange to me since it's not a small amount. It's 3,600 and I would think it would have been sold as soon as it was charged off.

Since the goal is cleaning up his credit, and I know CO are almost impossible to get removed when they're with the original creditor, is paying it off right now even worth it? I know it wouldn't raise his score much. And as far as getting sued, the SOL in GA is 6 years so they have a little less than a year left. I'd rather he didn't get sued, obviously, but is there a chance they still may or should I just let this sleeping dog lie? Is it possible they'll still sell it off to collections? I don't want to draw their attention to it by asking to pay it within the SOL if it's possible he's slipped through the cracks somehow.

It will be paid, eventually, but right now we have a set amount of money to pay off collections and old debt and I'd rather it go towards what will help us immediately and then worry about the rest after we've refinanced. Thanks for any advice.

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Why would you want to pay it ever?

if it is this close to SOL, it is probably better to let sleeping dogs lie.  I had some accounts that were dormant until SOL and nobody ever did anything. 

It will eventually fall off your credit reports. 

Unless you have a compelling reason to pay this off, and the money to pay off all your debts, you are better off letting this one slowly fall off the charts. 

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