Asking this question because I know it still shows on credit report as paid but was in collections. Paying it off, will it boost my credit score? Thats my BIG question. Or wait until 2010, does it become clear after 7 yrs? How true is that?
I am trying to purchase my first car in my name.
2007-07-08 06:06:19 · 6 answers · asked by Sidnei 2 in Business & Finance ➔ Credit
It will still show up on your score, but as paid, no difference on your score. One thing you might do is call those you owe, and offer to pay them off if you get it in writing that they will remove the negative items from you credit once the bills have been paid off
2007-07-08 07:17:06 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
You have lots of options: pay in full, settle for less than the full balance, dont pay at all. Since your focus is your credit score, I recommend the last. Nothing we have disclosed can raise your score though they might potentially lower it. I recommend credit repair to attempt to get them removed right now from your credit report so you can get the best possible interest rate. I am not going to ask you for your $1700- save that for a downpayment on your car. Many people will tell you that you can do this yourself. You can with a little help. The key is to have the language of your letters correct. The wrong verbage will get you thrown into a turndown stack and possibly blacklisted. Additional tips will help you as well. I have had success with a do it yourself credit repair kit that costs less than $20…….a much better solution to those firms charging per month or $699 for a program. Good luck.
2007-07-09 15:53:58 · answer #2 · answered by stephen l 2 · 0⤊ 0⤋
Yes, If you owe it you should pay it.
The longer you wait the higher the penalty will be.
l question why you haven't paid it already!!
Your credit score is going to suffer regardless, while paying it off will help, only time and responsible spending habits can actually improve it.
Note: the statue of limitations doesn't free you from the debt,
it only restricts how they can collect from you, its not the
"escape clause" that many people think it is, nor does it just
work automatically like a magic eraser on debt.
2007-07-08 10:07:43 · answer #3 · answered by rpf5 7 · 0⤊ 0⤋
It shows your initativeness to try to repay the debt if you repay it. I think it could only help you by paying, it shows you're not trying to get a free ride. Try applying for a debit card, or open a bank account and get debit card. You can run a debit card as a credit sometimes, and this should also help your credit out. Some debit cards have credit repair on them.
2016-05-21 05:19:20 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Yes pay it Off and once you do so stay after all 3 credit bureaus to take it off you credit report history as these companies could really care lees if they ever take it off. These companies are a profit making company. Unless you really bug them to remove the information it could stay on there forever.
2007-07-08 09:43:21 · answer #5 · answered by nickle 5 · 0⤊ 0⤋
I'd try calling any of the big 3 credit reporting agencies to see if they can help clarify what is going on.
2007-07-08 06:15:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋