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Established Member
primandproper
Posts: 37
Registered: ‎03-07-2013
0

Credit Report????

I have a question......I pulled my transunion credit report yesterday and a lot of my "baddies" will fall off this year.....should I pay them or should I just let them fall off? And if I do pay them will that open a whole new can of worms and stay on my report longer? Any advice will be greatly appreciated.... :-)

2/26/13: 528-myfico EX
3/10/13: 533 myfico EQ
4/02/13: 539 myfico EQ
3/16/13: 566 EX(us bank)

Starting Score: 528
Current Score: 539
Goal Score: 650


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Regular Contributor
kitty9779
Posts: 164
Registered: ‎06-06-2011
0

Re: Credit Report????

I suppose that whether you pay these depends on your situation and what you're able to do. I found myself in a position that I was able to pay, so I did it. My credit union will give a loan (cc, auto, mortgage, etc) to someone with a lower credit score, but collections must be paid. So, it made sense for me to pay my outstanding debts.

 

Paying the debts won't keep this on your CR any longer.

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Credit Report????


primandproper wrote:

I have a question......I pulled my transunion credit report yesterday and a lot of my "baddies" will fall off this year.....should I pay them or should I just let them fall off? And if I do pay them will that open a whole new can of worms and stay on my report longer? Any advice will be greatly appreciated.... :-)


Unpaid debt never goes away. It stays in your file until its paid. So if you apply for a mortgage off 150k+ or a get a job of 75k+ the chances of them seeing it is high as they will more than likely request your whole file...Paid debt goes away, unpaid debt doesn't!!!!

Established Member
primandproper
Posts: 37
Registered: ‎03-07-2013
0

Re: Credit Report????

So in other words I still need to pay. Also I have student loans on there that said they are set to fall off too. But this are the orginal creditors that had my loans in the first place. now someone else has my loans. Will those fall off as a result with someone having to take over the loans? I did a student loan rehab and got those back current and as a result someone bought the loans. Now the are deferred as im back in school. Also thats another question as well...does paying on your student loan help your credit score? Do it report as being paid?

2/26/13: 528-myfico EX
3/10/13: 533 myfico EQ
4/02/13: 539 myfico EQ
3/16/13: 566 EX(us bank)

Starting Score: 528
Current Score: 539
Goal Score: 650


Take the myFICO Fitness Challenge

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Credit Report????


primandproper wrote:

So in other words I still need to pay. Also I have student loans on there that said they are set to fall off too. But this are the orginal creditors that had my loans in the first place. now someone else has my loans. Will those fall off as a result with someone having to take over the loans? I did a student loan rehab and got those back current and as a result someone bought the loans. Now the are deferred as im back in school. Also thats another question as well...does paying on your student loan help your credit score? Do it report as being paid?


I'm not familiar with how student loans work unfortunately :smileysad: I'm assumming the students loans are installment loans? 

Other debt like medical and credit card collection should be paid off if in fact they are legit. On some occassions the OC or CA can be reporting incorrectly so it's always a good idea to pull all 3 reports. You do have the right to dispute incorrectly reporting information.

Established Contributor
Ravensfan2001
Posts: 566
Registered: ‎11-10-2012
0

Re: Credit Report????


DaBears wrote:

primandproper wrote:

I have a question......I pulled my transunion credit report yesterday and a lot of my "baddies" will fall off this year.....should I pay them or should I just let them fall off? And if I do pay them will that open a whole new can of worms and stay on my report longer? Any advice will be greatly appreciated.... :-)


Unpaid debt never goes away. It stays in your file until its paid. So if you apply for a mortgage off 150k+ or a get a job of 75k+ the chances of them seeing it is high as they will more than likely request your whole file...Paid debt goes away, unpaid debt doesn't!!!!


What happened to dropping off your CR after 7.5 years? I know the CAs can carry on forever until the debt is paid, but I thought they weren't allowed to report it to the CRAs after the 7.5 years. I'm confused. :womanembarrassed:


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Mortgage Scores:(7/24/13 lender pull) TU 663 | EX 635 | EQ 649
Current Score (11/7/14): TU 664 | EX 605 (no update) | EQ 661
Goals: 680 across the board by 3/2015. Last app 7/16/14 (auto loan)
*** Homeowner 9/27/13*** All but 2 CCs are in the sock drawer!***
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Credit Report????


Ravensfan2001 wrote:

DaBears wrote:

primandproper wrote:

I have a question......I pulled my transunion credit report yesterday and a lot of my "baddies" will fall off this year.....should I pay them or should I just let them fall off? And if I do pay them will that open a whole new can of worms and stay on my report longer? Any advice will be greatly appreciated.... :-)


Unpaid debt never goes away. It stays in your file until its paid. So if you apply for a mortgage off 150k+ or a get a job of 75k+ the chances of them seeing it is high as they will more than likely request your whole file...Paid debt goes away, unpaid debt doesn't!!!!


What happened to dropping off your CR after 7.5 years? I know the CAs can carry on forever until the debt is paid, but I thought they weren't allowed to report it to the CRAs after the 7.5 years. I'm confused. :womanembarrassed:


The CRTP is 7 yrs if there is a 180 day late it is 7.5yrs. The unpaid does get excluded from your credit report from viewing. But it does stay in your file until it is paid. That unpaid debt can get resold from one CA to another for life. They just can't list it on your report after the CRTP is up.

Established Contributor
Ravensfan2001
Posts: 566
Registered: ‎11-10-2012
0

Re: Credit Report????


DaBears wrote:

Ravensfan2001 wrote:

DaBears wrote:

primandproper wrote:

I have a question......I pulled my transunion credit report yesterday and a lot of my "baddies" will fall off this year.....should I pay them or should I just let them fall off? And if I do pay them will that open a whole new can of worms and stay on my report longer? Any advice will be greatly appreciated.... :-)


Unpaid debt never goes away. It stays in your file until its paid. So if you apply for a mortgage off 150k+ or a get a job of 75k+ the chances of them seeing it is high as they will more than likely request your whole file...Paid debt goes away, unpaid debt doesn't!!!!


What happened to dropping off your CR after 7.5 years? I know the CAs can carry on forever until the debt is paid, but I thought they weren't allowed to report it to the CRAs after the 7.5 years. I'm confused. :womanembarrassed:


The CRTP is 7 yrs if there is a 180 day late it is 7.5yrs. The unpaid does get excluded from your credit report from viewing. But it does stay in your file until it is paid. That unpaid debt can get resold from one CA to another for life. They just can't list it on your report after the CRTP is up.


So if I apply for a mortgage, the lender can see unpaid debt from 12 years ago if they request the whole file?


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Mortgage Scores:(7/24/13 lender pull) TU 663 | EX 635 | EQ 649
Current Score (11/7/14): TU 664 | EX 605 (no update) | EQ 661
Goals: 680 across the board by 3/2015. Last app 7/16/14 (auto loan)
*** Homeowner 9/27/13*** All but 2 CCs are in the sock drawer!***
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Credit Report????


Ravensfan2001 wrote:

DaBears wrote:

Ravensfan2001 wrote:

DaBears wrote:

primandproper wrote:

I have a question......I pulled my transunion credit report yesterday and a lot of my "baddies" will fall off this year.....should I pay them or should I just let them fall off? And if I do pay them will that open a whole new can of worms and stay on my report longer? Any advice will be greatly appreciated.... :-)


Unpaid debt never goes away. It stays in your file until its paid. So if you apply for a mortgage off 150k+ or a get a job of 75k+ the chances of them seeing it is high as they will more than likely request your whole file...Paid debt goes away, unpaid debt doesn't!!!!


What happened to dropping off your CR after 7.5 years? I know the CAs can carry on forever until the debt is paid, but I thought they weren't allowed to report it to the CRAs after the 7.5 years. I'm confused. :womanembarrassed:


The CRTP is 7 yrs if there is a 180 day late it is 7.5yrs. The unpaid does get excluded from your credit report from viewing. But it does stay in your file until it is paid. That unpaid debt can get resold from one CA to another for life. They just can't list it on your report after the CRTP is up.


So if I apply for a mortgage, the lender can see unpaid debt from 12 years ago if they request the whole file?

Yes. They might even make you pay it off. Depends on the lender tho. 

Established Contributor
Ravensfan2001
Posts: 566
Registered: ‎11-10-2012
0

Re: Credit Report????


DaBears wrote:

Ravensfan2001 wrote:

DaBears wrote:

Ravensfan2001 wrote:

DaBears wrote:

primandproper wrote:

I have a question......I pulled my transunion credit report yesterday and a lot of my "baddies" will fall off this year.....should I pay them or should I just let them fall off? And if I do pay them will that open a whole new can of worms and stay on my report longer? Any advice will be greatly appreciated.... :-)


Unpaid debt never goes away. It stays in your file until its paid. So if you apply for a mortgage off 150k+ or a get a job of 75k+ the chances of them seeing it is high as they will more than likely request your whole file...Paid debt goes away, unpaid debt doesn't!!!!


What happened to dropping off your CR after 7.5 years? I know the CAs can carry on forever until the debt is paid, but I thought they weren't allowed to report it to the CRAs after the 7.5 years. I'm confused. :womanembarrassed:


The CRTP is 7 yrs if there is a 180 day late it is 7.5yrs. The unpaid does get excluded from your credit report from viewing. But it does stay in your file until it is paid. That unpaid debt can get resold from one CA to another for life. They just can't list it on your report after the CRTP is up.


So if I apply for a mortgage, the lender can see unpaid debt from 12 years ago if they request the whole file?

Yes. They might even make you pay it off. Depends on the lender tho. 


omg I am sooooo in trouble... Thanks for the info...


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Mortgage Scores:(7/24/13 lender pull) TU 663 | EX 635 | EQ 649
Current Score (11/7/14): TU 664 | EX 605 (no update) | EQ 661
Goals: 680 across the board by 3/2015. Last app 7/16/14 (auto loan)
*** Homeowner 9/27/13*** All but 2 CCs are in the sock drawer!***

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