Established Member
Posts: 80
Registered: ‎10-12-2012
Old Account.....Pay off or let it stay

I am currently rebuilding my credit and been doing pretty well. I have 2 old accounts that are on my account one with Citi Financail for 4k and another with GMAC for 2k. The citi financial account went to collections in 2008 but around 2 years ago I was setting up a pay offf for 1600, made a $50 payment to hold that ammount but then ended up backing up cause they just took my $50 and didn't put it toward the $1600.    My question is will paying this debt off now make my credit any better and 2 since I made that $50 payment does that reset the 7 year counter so instead of coming off in like another 2 I would have to wait another 5-6 ?     I mean in the long run I would love to pay off the debt and what brought this on was somone contacting me today about it. 2 years ago I didn't make as much so Im in a better position to settle on it. I just don't want to pay $1200-$1600 and then have it not really effect my credit at all. I'm trying to get a mortgage in the spring or summer of this coming year and my scores are currently around 620.........


Please let me know and if you've had a similar experience post.