Hi! I've been doing so much research and I still feel so confused!
I'm 25 and like many of I've seen on these forums started out at 18 getting credit cards and being "independent" not realizing the importance of bills and credit and DEBT.
Most of my the debt I have are really old, from 2008 and are expecting to drop off by mid to late 2015.
I am only able to see my Transunion credit report that I pulled up on Jan of this year. I didn't realize I could get Experian and Equifax too. Knowing what I know now. I figured I'd tackle what's on TU and next year I'll be able to focus on the other two credit bureaus.
I plan to buy a house in a few years and understand that you basically have to have no unpaid debt in your credit report to have a decent chance at getting approved. I
have 5 things of debt that I'm wanting to take care of, in this order, small amount and move up:
Checkmate: 427
Nordstrom CC: 672.00
US BankCC: 897
Apartment: 8,811
Chase Auto: 8, 350
Here are my questions:
Checkmate and the Apartment are under the same collection agency from two different times. If I send a PFD letter to the credit agency (IQ Data Intl Inc) for Checkmate, will that awake the beast for the Apartment? If it does, what should I do? I'm not financially prepared to pay for it yet. (Goal is to save money, offer 25% up front and make payments til it's paid in full)
Since 4/5 baddies listed are due to fall from my credit report by sometime next year, should i wait til the SOL passes to start making payments? If I do, will it affect my credit score? I know if I pay or acknowledge before the SOL it'll extend the SOL another 7.5 years.
Thank you so much for taking the time to read this. Any and all help is so greatly appreciated 
@Anonymous wrote:Hi! I've been doing so much research and I still feel so confused!
I'm 25 and like many of I've seen on these forums started out at 18 getting credit cards and being "independent" not realizing the importance of bills and credit and DEBT.
Most of my the debt I have are really old, from 2008 and are expecting to drop off by mid to late 2015.
I am only able to see my Transunion credit report that I pulled up on Jan of this year. I didn't realize I could get Experian and Equifax too. Knowing what I know now. I figured I'd tackle what's on TU and next year I'll be able to focus on the other two credit bureaus.
I plan to buy a house in a few years and understand that you basically have to have no unpaid debt in your credit report to have a decent chance at getting approved. I
have 5 things of debt that I'm wanting to take care of, in this order, small amount and move up:
Checkmate: 427
Nordstrom CC: 672.00
US BankCC: 897
Apartment: 8,811
Chase Auto: 8, 350
Here are my questions:
Checkmate and the Apartment are under the same collection agency from two different times. If I send a PFD letter to the credit agency (IQ Data Intl Inc) for Checkmate, will that awake the beast for the Apartment? If it does, what should I do? I'm not financially prepared to pay for it yet. (Goal is to save money, offer 25% up front and make payments til it's paid in full)
I am not 100% sure, but if you are outside the SOL, I would go for it (read below the difference between CRTP and SOL). You have a lot more leverage if you are indeed outside SOL as they can't sue you and win.
Since 4/5 baddies listed are due to fall from my credit report by sometime next year, should i wait til the SOL passes to start making payments? If I do, will it affect my credit score? I know if I pay or acknowledge before the SOL it'll extend the SOL another 7.5 years.
I think you are confusing the CRTP and SOL. The CRTP governs when an item will fall off your credit report. Generally this happens 7 years + 180 days from the date of first delinquency (DOFD). The SOL or statute of limitations governs when you can be sued in your state. This varies state by state, so I recommend you google your states statutes. If you are past the SOL of your state, you can still be sued. However, you would use the SOL and the fact the debt is time barred as your defense.
Also, making a payment will not reset the DOFD - nor will it extend the CRTP or how long it will remain on your reports which as you stated is sometime in 2015.
Thank you so much for taking the time to read this. Any and all help is so greatly appreciated