Does my credit score increase after I have payed off accounts that have been charged off on my credit?

I want to place my charged off credit cards into a debt consolidation program, but I want to know will my credit score increase once they are paid off.

Public Comments

1. wrong you have to apply for it and they will give you slightly diffrent increase depends how much you make and your credit is clean
2. Your credit increases with every on-time payment. so as long as the consolidation service pays your bills on time, your credit score should increase. Just make sure the particular consolidation service you use, doesn't tank your credit.
3. Credit Report Myth or Reality By: Herman Randolph Sure it will help a bit...But paying off that debt is what really feels good!!! I've been there!
4. Yes and no. Credit scores are like pimples, they come and go. The only way to improve your credit scores is to not use it and when you do use it, use it wisely. I HIGHLY recommend you pay off your debts. When you do pay these off, ask politely for a "Pay for Deletion". By this ask your creditor that you agree to pay in full and that you wish to ask for them to delete to negative account from your credit reports. If they don't do this, don't worry. A paid in full is better than a collection or charge off. To best serve your credit score use the following simple logic: * If you don't have the money - don't buy it. * If you use your credit, use only 30-40% of it. When you get anywhere near your over all limits your score will go down. * Don't apply for credit more than you need to. It costs you points everytime you apply. If you need credit for a car/mortage or financing do the shopping on your own and get a pre-approval. Shopping for cars at dealers and letting them run credit reports can be vary costly because in most cases they run "willy nilly" often pulling hard credit requests for up to 10 different people causing a huge credit drop. Again, taking care of your debts will help however it will take at least 3 months before you see anything noticeable. On the flipside of being patient if you satisfy everything today you will be rewarded with credit lines of 8-15% rates instead of 22-25% rates and you will save tons of cash in the long run. Check out http://www.creditboards.com for a all you could ever want to know (and what they don't want you to know) about credit.
5. PLEASE BE CAREFUL OF CREDIT CARD COUNCILING COMPANIES. They will not make your payments on time and they will make your credit worse. When you apply for a mortgage they will consider this a Bankruptcy. It sort of depends on what you would like to do. Rather than paying off collections and chargeoffs it is better to make all your payments on time and keep all your balances below 50% of your high credit limit. If you would just like to pay off the collections to keep them from calling and sending letters then go ahead but helping your credit score? It will not help your score that much.
6. I was told to not pay these once they were charged off. That ironically it has the reverse affect.
7. pay all the bills and your cr score would increase Credit Score Myths Explained http://www.debt-loan-refinance-mortgage-credit.com/category/Credit-Score-Myths-Explained.html