Credit report and FICO score and late payment question?

I had 3 credit cards that went to collection about 8 months ago and I paid them all of right around that time. They show up on all 3 credit reports as potentially negative credit items as they all say 120 days past due. I was also told that this lowered my credit score. My question is: I have 1 credit card that is 180 days past due and it shows that the amount has been written off. Would it raise my FICO score or help my credit reports in any way if I paid it off? It doesn't seem to have helped when I paid off the other credit cards. I'm not looking for personal comments...I just want a real answer.

Public Comments

1. Although the other items are still shown negatively they would still be hurting your score if you hadn't paid them off. Paying items off vs. letting them go or settling for a lesser amount will always help your credit especially in the future when you try to obtain credit elsewhere, it shows that although you made mistakes you were at least responsible and paid for the mistake whereas if they were not paid at all it looks irresponsible. This is especially the case if you want to obtain a mortgage to buy a home within the next 7 years before they fall off your report.
2. Dude, I was in the same boat as you. Not even sending the minimum is a huge mistake. It has taken me 9 years to repair my credit to a 650 and I only have one 30 day late payment now! Otherwise I have been on time. Even if you pay off the amount the negative impact will be there for 7 years. I suggest you go to www.freecreditreport.com and pull your report and verify that there is no incorrect info. If there is then write to the agencies and tell them. Otherwise if I can give you any advice just make your minimum and monitor your credit. It is a long hard road and even after you straighten your $hit out one lously late payment will screw you. good luck!
3. Here's the deal. First, this is what makes up your credit score: 1. Payment history- 35% 2. Total debt owed to available credit ratio-30% 3. Length of time establishing credit-15% 4. Types of credit established-10% 5. Inquiries and New accounts-10% As you can see, that payment history is the most important component to your score, as it makes up more than a ⅓ of your score, and like Construction Chick said, one late payment and you've tanked your score. This holds true especially the past 2 years, as this activity hurts your score the most. So, the charge off, is hurting you, BAD. My suggestion would be to pay it, but negotiate either getting it removed altogether or at least to a more favorable as "paid. Just paying it, doesn't help your credit since the damage has already been done, you have to negotiate a more favorable rating or getting it removed from your report altogether. You can start raising your FICO again, but it will take at least 2 years of continuous on-time payments to even see a difference.
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