Question..Please assist....Trying to go for a mortgage soon

[thetank]

So I have a question in regards to some accounts that I have and what they show on my EX CR file...should I pay these off even though it has the dates it remain on file??

Some of these accounts are in negative standing and state "This account is scheduled to continue on record until Jan 2012."  and some show dates from 2011.....

Any assistance would be greatly appreciated!

Thanks    

[thetank]

BUMP

[thetank]

Anyone have some advice? Kinda new at this.....

[Booner72]

I suppose if you are needing a preapproval right this minute then you can pay them off, but by the time you did that and the updated your reports etc. then they would probably drop off anyway.  It is also my understanding that if you PAY NOW then you reset the statute of limitations for them to be able to sue you if they decide to.  But that depends on the SOL in your state. And don't confuse the credit reporting time period laws with SOL in terms of being sued - 2 different things.

Also if you are feeling guilty for not paying then of course you should - maybe you could arrange a PFD.

I think that I'm not quite sure what or why you are asking if you should pay them now instead of wait til next month?

[Booner72]

Ok - I re-read - you mean that they will be off by 2012 and you are wanting to get approved and get a house before then?  If your scores are high enough you won't necessarily be required to pay -  The might not be affecting your scores all that much since they are so old.

More info needed - what kind of accounts - what dates are they showing etc etc etc

[thetank]

Thanks for the response...the information I have is directly from Experian...I checked my score through Equifax and it was 620. 

2 medical accounts - One showing to continue on record until April '12 and one on January '12

Firestone CC - Continue on record until January '12

Credit Union CC - Continue on record until October '11

Chase CC - Showing up from Chase and CA continuing on record until November '11

[thetank]

Any additional advice????

[sassymomof2]

You are probably pass SOL for the credit cards but you may want to google for the link to verify the statues for your state. Type in SOL in the search field. Also, in most states paying does not reset your SOL. If you haven't, you should opt out on all 3 bureaus because your mortgage app may awake your sleeping CAs. I had that happen to me and it set me back due to having to take from my down payment to pay them. Also, be aware if you do pay on these old baddies without a PFD when they update, your score may drop. You may want to head over to the mortgage board and read some of the stickies there. You can also post all of your pertinent info to get feedback on your chances for qualification. Btw, if your Experian score didn't come from a lender its probably a FAKO-not the one the lenders use. Good luck!

[thetank]

Im in texas, so if i read correctly on the search the SOL is 4 years...now when you say about opt out...can you elaborate a little please? Thanks for your advice

[FicoTron]

wait the 6 months or so and let it all fall off, it will save you thousands in the long run with the better interest rate you'll get when your score shoots up when these fall off...that is the best advice you are going to get