Paying off old debt or do I just wait till its removed from my credit
What is worse? Paying off old debt with a 50% settlement agreement or letting it just fall off of my credit report. I am trying to improve my score because I want to finally purchase a home of my own. I want to call these creditors and make arrangements for "settlement" on this old debt, but will that hurt my credit score? So if I owe $1400 to a credit card, but I call and see if they will settle for $700 as a paid in full.. will that hurt me? Or no.. I so need help. I don't understand any of this..
Re: Paying off old debt or do I just wait till its removed from my credit
_08..........do a search (at the top of the page) for pfd.
First, don't call a CA. Write to them (type your name don't write it) and offer to pay 40% in exchange for a deletion of this account from your CR. The "pfd" search results will explain it much better than I can.
Good luck.
New York Yankees - 2009 World Series Champions. 27... and counting.....
Re: Paying off old debt or do I just wait till its removed from my credit
FYI, most mortgage lenders will want to see the debt paid off. So, unless it is beyond the ~7 year limit, then expect to have to pay it in the future. PFD is the best way to go but you must get this in writing as CAs lie all the time.
Re: Paying off old debt or do I just wait till its removed from my credit
AHHHH paying can start your time ALL over again! Go back and look at each account history. Look at the date of First report of a negative or sometimes called "First date of deliquency" Thats when your CLOCK starts....they must post this information. If not call them and make sure you both agree on the year first deliquency is noted.
Re: Paying off old debt or do I just wait till its removed from my credit
Sandra....NEVER call....that is rule #1. CA's won't agree with you on anything they just want $$$$. The only thing you can do with them is DV them and make them prove that they know the debt is valid. Conduct all business with a CA in writing.
Re: Paying off old debt or do I just wait till its removed from my credit
thank you so much for the fantastic info.. What do you do if an item is at the 7 yr mark and they don't delete it off of your reports? Can you write a letter for that as well?
you are so awesome for the help you are giving me.. I really appreciate it.
