Everytime I try to get a credit card or a loan they creep back up on me and i get denied. But they are now write offs so I don't know if it would even be worth paying them off (they total being under $2,000). They are from when I was 18 and stupid and I would pay them off but I have been told that they will still show up as being delinquent so it does not matter if I pay them off. Luckily my bank who I have been with since I was 16 will give me loans with the lowest interest rate they offer, but what if I need credit from another source at some time in my life. HELP!
2007-07-22 12:43:02 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
They will come off your credit report after 7 years, but after 6 you dont have to pay them. you legally don't owe the money. Your credit score will go up after 7 years of owing the debt. If you get a call from them to pay it, tell them to stop calling and hang up. You sound more responsible now so keep whatever bills you do have now current also opening up a small secured card with capital one or a sto cc will help if you keep them current, purchase something you want, when you get the statment pay the minimum for a few months and then after 3 or so months pay it off. You will show a history of payment. good luck.
2007-07-22 12:52:11 · answer #1 · answered by rxing 7 · 2⤊ 0⤋
specific, a CC is an open-ended account. you have have been given great solutions - i individually like "morally specific, logically no." It won't coach on your credit record going forward. If the SOL has surpassed, they could't win a lawsuit. yet they could harass you till finally the top of time. yet another ingredient to evaluate are the taxes - in case you compromise for an quantity below the soundness, the IRS will evaluate the adaptation earnings. The creditor will subject a 1099-C and it would be lined on your tax return. in case you do no longer get carry of the 1099-C, nonetheless comprise the information on your tax return - this befell to me and that i owed expenditures and pastime a pair years later while the IRS reviewed my return. i've got heard (uncertain how authentic this is) that lenders will proceed to sell the debt to a minimum of one yet another many times and in case you do no longer pay, they regularly do no longer make the difficulty to deliver the 1099-C to the IRS. in case you do confirm to pay it, negotiate for an extremely low settlement quantity - extra beneficial to pay 15%/25% to the IRS than the comprehensive quantity to somebody else.
2016-10-22 09:07:48 · answer #2 · answered by ? 4 · 0⤊ 0⤋
After seven years they should disappear from your credit report. If not get in touch with the credit reporting service and ask them to remove the listings.
2007-07-22 12:52:14 · answer #3 · answered by Michael C 5 · 2⤊ 0⤋
If you make a payment they will re appear on your credit report. No instead dispute them, or better yet ignore them. They are the collection agencies trying to make some money
2007-07-22 12:59:12 · answer #4 · answered by Pengy 7 · 2⤊ 0⤋
A write-off is strictly an accounting function.
It doesn't mean they are forgiven.
Not at all.
Want to do the right thing? Contact them, see if you can negotiate a deal.
2007-07-22 13:00:59 · answer #5 · answered by TedEx 7 · 0⤊ 3⤋