PFD or Pay and Re-Open?

May 052010
 

myFICO family – your advice is needed!

 

I have 6 revolving accounts which have been charged off – I discovered a family member opened them in my name.  Upon discovering this, my options were to consider these as identity theft and file a police report or to pay the accounts.  Because my mother was adamant against the first option, she has offered to pay these accounts to keep said family member out of trouble and help my credit in the process.  I have spoken with the company these accounts belong to – which is Seventh Avenue.  The charged off accounts are for their related companies: Ginny’s, Monroe and Main, Midnight Velvet, Swiss Colony, Country Door, and 7th Ave.

 

My question is this, should I go the PFD route or ask that the accounts be re-opened after the balances have been settled?  My CR only has a current auto loan, a current credit card ($37 bal, $375 CL), a closed credit card account from 2007 (paid and closed), and a closed PIF auto loan from 2006.  I am afraid that my score is going to plummet once these accounts are deleted.  Will going from 10 account to 4 be detrimental – is there a benefit to seeing if they would be open to reporting these accounts as open and in good standing?  Any advice would be greatly appreciated!  Thank you!

seventh ave, midnight velvet, swiss colony, etc

Apr 062010
 

I pulled all three yesterday, 4/5/2010.  I have paid all accounts in full, yet they are now showing CO, after I paid them, no lates.  When I called Swiss Colony the credit dept. could not figure out why it was “in the purple”  even though the accounts are paid in full.  I did pay late, however after I paid it is showing CO not before.  So, I have GW all of them and was wondering, since the mailing address is the same for all of them is there a parent company or CEO for Seventh ave, Swiss colony, midnight velvet, monroe&main, etc?  I have GW them before, with no response, but now they are PIF so I see no reason to report incorectly and even the credit dept. can’t explain it.  Any help would be appreciated.

Thanks

V~Â