I do not understand this..?

Question

I opened two retail credit cards back in 2000 when I was 18. I never paid them and they have always been on my credit report.
They are both in my revolving accts and the collection accounts.
The acct for Jc Pennys is owed $400. It is stated as being opened in 2005 and date of status in 2/2007. I did not open this acct in 2005, it was opened in 2000. Why it is listed twice and under different open dates is unbeknown to me. Does this mean it will remain for a few more years because I thought after 7 yrs they have to drop?
Will the Macy's drop as it was opened in 10/2000 too?
Should I pay them at this point? I want to fix my credit all up as I only have a few bills owed and $4000 debt (these two included in that debt). Will they drop and make my credit even worse?
I do not understand this stuff. I should have paid in the first place yrs ago!

Answer 1

They drop after 7 years IF they've been paid off! As long as they haven't been paid, they will be on your credit. It may have a different opening account date because they are using the date it went to that particular collection agency as the open date.

YES!!! Pay them off!! Usually, they will settle for about half the balance if you can pay it off all at once. And yes, that will be on your credit, too, but better than unpaid balance!

Answer 2

It could be that in 2005 JCPenney transferred servicing of the account to a different lender, or perhaps to collection. Status of 02/2007 means it was last reported in 02/2007. Don't worry about these details, instead concentrate whether you do or do not owe them the money they claim. If they claim that you owe them $400 and you know it is a legitimate claim, then pay it off and be done with it. There is no rule that states that bad account will stay 7 or 10 years. As far as they are concerned you still owe them that. If you want to fix your credit, just pay everyone off and move on. Especially considering that the total debt is $4000. Later in life you may find that good credit is worth much more than that.
I am a mortgage loan officer, and I see everyday, how people with good credit save money everywhere, and those with bad credit pay through the nose on everything. You can save or lose tens of thousands of dollars depending on your credit, so don't let $400 collection to prevent you from accessing those benefits.
It will take some time after you pay everyone off for your credit score to recover, but it's still worth it.

Good luck.

Answer 3

The seven years applies to the incident of nonpayment which techically is still happening today. So pay as soon as possible and those numbers will show as zero owed.
The nonpayment will show up for a few more years but your credit rating will improve immediately.

Answer 4

it will stay on your account till u pay them in full, then after u have done this it will take 7 years from the date u paid to be removed.. so u have to pay them first..

Answer 5

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