Which one should I pay first?

[BlackMamba24]

I am in the process of cleaning up my credit from my late teen years. I have a repo from 08 for 3400, overdraft from 08 for 307, judgement for 786, and 2 small accounts totalling 100. The tax money total I am getting can either clear up everything except the repo, or I can use that to try and work out a deal on the repo. Any suggestions?

[sammc1987]

I would start with the most recently added to your credit report.  That way if it takes you multiple years to pay it all off the older ones will drop off your your report or hurt your score less depending on your states statue of limitations.

[BlackMamba24]

The only recent one is the judgement from this year on an account from 6 years ago. Other then that, everything else is at least 5 years old. I am getting married this October and we will prob be looking for a home next year so I am hoping to improve the score as much as possible by then.

[awdsmama]

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@BlackMamba24 wrote:

I am in the process of cleaning up my credit from my late teen years. I have a repo from 08 for 3400, overdraft from 08 for 307, judgement for 786, and 2 small accounts totalling 100. The tax money total I am getting can either clear up everything except the repo, or I can use that to try and work out a deal on the repo. Any suggestions?

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The two small accounts on your report - what collection agency are they with?   I would try a PFD/pay for delete with them.  Do a search on here for PFD and you'll find lots of great examples! 

If you haven't ordered a copy of your report from ChexSystems I would do that.  Has the overdraft kept you from getting a new checking account?   I had a bank account sent to Chex and nobody would open a new acct for me, but a local credit union opened a new account for me after I paid the bad account from Wamu.  

[BlackMamba24]

RUSSELL COLLECTION and UNIQUE NATIONAL COLLEC are the agencies. And yeah, that checking was preventing me from opening an account. I will be off the chex sytem this spring and I somehow managed to open a checking account through huntington. I will def try the PFD with those two small ones right away!

[sammc1987]

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@BlackMamba24 wrote:

The only recent one is the judgement from this year on an account from 6 years ago. Other then that, everything else is at least 5 years old. I am getting married this October and we will prob be looking for a home next year so I am hoping to improve the score as much as possible by then.

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The statue of limitations in my state is 7 years.  In lamens terms, after the account is 7 years and 180 days (180 days to report it) old it should drop off your credit report, if it does not then I would fight it and get it removed.

[sammc1987]

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@BlackMamba24 wrote:

The only recent one is the judgement from this year on an account from 6 years ago. Other then that, everything else is at least 5 years old. I am getting married this October and we will prob be looking for a home next year so I am hoping to improve the score as much as possible by then.

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And remember, the statue of limitations is 7 years and 180 days after last action on the account, which is basically a payment made on the account.  If the account is old then your best route is to let it drop off your account once the statue of limitations is met.  However, If you do want to take care of it the be sure and get a 'pay to delete' agreement with the reporting agency or else once you pay it, it will stay on your credit report 7 years AFTER you pay it as a bad credit.

[awdsmama]

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@sammc1987 wrote:

And remember, the statue of limitations is 7 years and 180 days after last action on the account, which is basically a payment made on the account.  If the account is old then your best route is to let it drop off your account once the statue of limitations is met.  However, If you do want to take care of it the be sure and get a 'pay to delete' agreement with the reporting agency or else once you pay it, it will stay on your credit report 7 years AFTER you pay it as a bad credit.

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The 7yrs+180 days is based off of DOFD and should not be reset by doing a PFD or paying in full.

[bahbahd]

What the post above is trying to say is that CRTL (Credit Reporting Time Limits - is probably a slightly wrong acronym) and SOL are not related in any way. CRTL simply has to do with how long a derogatory remark or CO account can remain on your CR. A debt can be outside of SOL for your state and still appear on your CR. SOL simply has to do with the time limit for which legal action can be taken against you. However, if you are served and ignore the subpoena then you will not be present to argue SOL to the court. You could end up with a judgment against you anyway. CRTL and SOL are not hard limits on when collection activities must stop. If you owe a debt, they can attempt to collect for the rest of your life.