Anyone else weird like me?

[LittleCat]

I have 3 medical collections on my credit report that went on recently, any other derogetory items are 5 years old(or older). But here is where I don't quite understand myself-I have about $2,350. in the back, the collections are for $123, $193 and $467. Definitly not big money, but they are I am sure keeping my scores down. But I am scared to spend out of my savings since I have never had 'this much' money in savings in my entire life, and after being laid off 5 years ago that totally had me scraping just to eat I am just freaked out about using it, even though I know I would benefit in the longer run....

Anyone else experience this?

[Anonymous]

I wouldnt pay those without a PFD. If you just pay it without a delete with them being over 5 yrs old you probably wouldnt see much of a score jump. Atleast I didnt.

[LittleCat]

Thanks for the info-

The 3 medical ones are recent-last year or so...the rest of my derogs are 5 or more years and I plan to dispute/request validation/PFD etc on those.

[Boswd]

this is just me but I would try for a PFD first and if you can't get one,  I would just bite the bullet and get in gone and out of your life.  Yes paying off old collections isn't going to bump up your score but what it will do  is   1.  Get rid of that debt and will never have to worry about it again, ( Peace of mind )  2.  Even though it looks like it may fall off in a couple of years, having a paid next to them looks alot better than unpaid especially when your report is looked at manually.  2 years is a long time and who know what kind of line of credit you may need.   Plus who knows if the CA may want to sue for it.

It's only $783 of which you have and you can easily make that it up.   But yes try for a PFD first, and I would just bite the bullet and get it out of your life and be able to move on with out constantly looking over your shoulder and making sure it'sn not re-aged or they try to slip a law suit in etc.

Message Edited by Boswd on 11-20-2007 01:03 PM

[Anonymous]

I agree with Boswd. Negotiate with the original creditor to delete from account if you can pay in full the accounts.

That was the only way I was able to get some decent credit scores(AND cc's), which I give thanks to the opinions/advice on this forum.

I negotiated with a hospital that had 2 collections on me. Did it on the phone, set the deal up, then hand carried cashier's checks to them, in exchange for an original duplicate of a letter from the hospital instructing collection agency to delete from my CR, which they did. Took about 45 days to get it done, start to finish.

good luck to you.

[Anonymous]

No, I'm not the slightest bit weird. [Heh, you asked in the title.]

Were it me, I'd start with the insurance company. Make certain the provider didn't foul up in their claim filing. That alone accounts for probably 25% of medical collections--at least. I got a paycheck I'll bet on it if the data were available to reconcile the wager.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=52611

My mantra is NEVER pay a collection or charge off outside of a PFD unless you HAVE to pay it. Opinions vary, but you have options you can pursue BEFORE you pay it. Once it's paid, you have zero leverage.

I totally get your apprehension. The collections are there, and they ain't goin' nowhere. I got laid off twice about 7 years ago, and I'm still paying for the subsequent credit damage done. Layoffs hit ya like that, and keeping that safety net helps to mitigate future woes.

The bad credit I already have don't scare me all that much. Not much I can do about it, and not much it can do to me--for much longer.

The bad credit I don't have and could acquire in the future scares me plenty.