A while back, I settled for less than the full balance with Capital One and am considering now paying them the remaining balance in order to improve my credit score a bit. The dilemma is this: while the remaining balance is only about $135, I'm considering leaving it alone because the derogatory comment will come off as of November 2007. So I'm thinking that, if I pay this, by the time it's actually updated on my credit report, it will only be about 9 months earlier than if I had just waited. Also, the Capital One rep said that paying it in full would NOT re-age the debt, which was a consideration. I guess it comes down to whether or not I'm willing to pay some cash to improve my score a little sooner.
2006-09-15 11:40:09 · 7 answers · asked by Nature Boy 1 in Business & Finance ➔ Credit
If you have the money to settle the balance, you should pay. The 9 months may make a difference at some point in your life.
2006-09-15 11:49:45 · answer #1 · answered by Ragdoll 4 · 1⤊ 0⤋
Unless you plan on doing something big in the next year, I'd let it be. No it won't re-age the debt but I doubt it will raise your score enough to make a difference anyway. If you decide to pay it, youcan always send the copy of the letter from Capital One and a copy of your receipt to the credit bureaus yourself. This will make them update it faster than waiting for Capital One to do it. Whatever you do, make them put in writing what they will do for you. They don't have to change it if they don't want, unless they put it in writing to you first. You don't have that much longer, I would'nt pay a thing.
2006-09-15 14:34:10 · answer #2 · answered by NETTA M 3 · 1⤊ 1⤋
The Cap rep was right that it will not re-age the account, but if you pay it you need to have it in writing that they will delete it. Otherwise you can pay but it will probably stay. It will just show as a paid negative.
If you had requested full deletion, in writing, when you first settled, it would have been deleted then.
Whether you pay it or not is up to you. If you are out of the statute of limitations on collecting in your state, you are not legally bound to pay.
If you don't pay, you can always try to dispute it as obsolete, several months before it is due to drop off.
2006-09-15 12:31:00 · answer #3 · answered by echo 7 · 0⤊ 1⤋
Your credit comments ought to prepare that the account change into settled and is in strong status and in the journey that they don't it really is because the sequence business enterprise did not record that that's now paid. they don't care about your credit. have you ever tried calling the credit beareau itself and telling them that you've settled this debt (be prepared to fax data to the credit business enterprise). they're going to then replace the record to replicate that it really is paid for. even if in case you contact the automobile business enterprise and pay the whole volume they're going to nonetheless prepare that it change into previous due, went to collections, and had a cost-off - plus they many times tack on outrageous expenditures and also you'll owe any previous due expenditures plus interest in case you try to pay off the quantity due earlier the settlement. maximum proper guess is to deal right away with the three significant credit businesses and ask them to regulate your credit record to prepare that it really is paid off and in strong status. strong success.
2016-10-16 00:52:29 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Honesty, Integrity, Respect. You owe the debt, so pay it. Not only will it improve your credit score. It will also improve YOU, as a person. You already know what you should do, or you would not have ask this question. Go ahead pay what you owe, so you can start to feel better about yourself.
2006-09-15 11:57:14 · answer #5 · answered by Anonymous · 1⤊ 2⤋
$135 ? pay it off
2006-09-15 15:32:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
don't pay if you did not do it!
2006-09-15 12:11:45 · answer #7 · answered by Anonymous · 0⤊ 2⤋