Will a satisfaction of judgement improve my credit score? The CA also agreed to list the charge off as Paid in Full so it shoud increase a little more too right?
Well, Franko a satisfaction of judgment may not immediately improve your credit score. Creditors may take their time to report the charge-off as paid in full. Until then you may have to wait and even after it is reported as paid, it might not improve up to your expectations (Of course I have no idea what your expectations are). It will improve but only little by little and gradually.
Thanks Carol, I'm just looking to gradually impove my score so your answer is in line with my expectations. I have one more question though.
I just pulled my credit report and the CA has listed the account as "Paid" in my settlement agreement they said ....payment "will settle the account in full."
Does a "Paid in Full" status differ from a "Paid" status? In otherwords is one better than another?
I get a little confused on the different listings they can put on a credit report but my logical guess would be Paid. If it says "will settle the account in full" then it lets lenders know it was settled. Now if the difference is between "paid" and "paid in full" I can not see why either would be different. We will see what other have to say.
Frankly speaking a lot of us are confused with these two terms. They must mean the same thing but they don't. A 'paid in full' in your report would mean that the account has been paid all at once, while a 'paid' status would mean the account has been paid but may be in installments.
So does this mean it is better to be paid all at once? Most credit cards are paid in installments anyway so I am wondering why such a difference. Been here on this forum for quite a long time now and still learning! Thanks
Well, Franko a satisfaction of judgment may not immediately improve your credit score. Creditors may take their time to report the charge-off as paid in full. Until then you may have to wait and even after it is reported as paid, it might not improve up to your expectations (Of course I have no idea what your expectations are). It will improve but only little by little and gradually.
Thanks Carol, I'm just looking to gradually impove my score so your answer is in line with my expectations. I have one more question though.
I just pulled my credit report and the CA has listed the account as "Paid" in my settlement agreement they said ....payment "will settle the account in full."
Does a "Paid in Full" status differ from a "Paid" status? In otherwords is one better than another?
I get a little confused on the different listings they can put on a credit report but my logical guess would be Paid. If it says "will settle the account in full" then it lets lenders know it was settled. Now if the difference is between "paid" and "paid in full" I can not see why either would be different. We will see what other have to say.
Hi Franko
Frankly speaking a lot of us are confused with these two terms. They must mean the same thing but they don't. A 'paid in full' in your report would mean that the account has been paid all at once, while a 'paid' status would mean the account has been paid but may be in installments.
So does this mean it is better to be paid all at once? Most credit cards are paid in installments anyway so I am wondering why such a difference. Been here on this forum for quite a long time now and still learning! Thanks
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