topic Re: Payoff Debts now or wait 1 yearto fall off? in General Credit Topics

Payoff Debts now or wait 1 yearto fall off?

Anonymous — Wed, 27 Jun 2007 17:05:52 GMT

Payoff Debts now or wait 1 yearto fall off? and.....

If an account is sold to a collection agency after the date it is closed from the origianl creditor, can it still remain on my report for another 7 years with the collection agency?

Thanks

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Wed, 27 Jun 2007 18:31:39 GMT

i have been waiting for mine to fall off (all by jan 08), but i havent really been in the market for any loans that my baddies would keep me from getting. if you are looking into a mortgage within the year, you should try a pfd.

and no, the baddies are to drop 7 years after the dofd, even if sold to a collection agency.

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Wed, 27 Jun 2007 18:45:14 GMT

It really all depends on your situation. If you are in the market for credit then you can try a PFD (if the amount is reasonably within your means) or you can wait it out. Look at your overall all credit picture, establish goals and work toward them methodically.

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Wed, 27 Jun 2007 20:06:51 GMT

so if you have something on ur account and you dont pay it after 7 years it still comes off regardless?

Re: Payoff Debts now or wait 1 yearto fall off?

Tuscani — Wed, 27 Jun 2007 22:54:09 GMT

jenkins wrote:

so if you have something on ur account and you dont pay it after 7 years it still comes off regardless?

Yep. +/- 180 days

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Wed, 27 Jun 2007 23:08:01 GMT

all of mine tend to come off right at the 7 year point. i did dispute some that were 3-4 months from the 7 year point and they dropped. sol in my state is 5 years, but you might want to make sure you are out of your state's sol before you monkey around with them.

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Wed, 27 Jun 2007 23:11:13 GMT

man, so they have no effect on ur score after 7 years? their not like hiding in a closet or anything waiting for you to apply for a credit card and then they come out of no where?

Message Edited by jenkins on 06-27-2007 04:11 PM

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Wed, 27 Jun 2007 23:39:46 GMT

they go away. if they dont, it is a violation.

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Wed, 27 Jun 2007 23:46:50 GMT

theshadow1234 wrote:
If an account is sold to a collection agency after the date it is closed from the origianl creditor, can it still remain on my report for another 7 years with the collection agency?

OC can sell it to a CA, who sells it a CA, who sells it to another CA, who sells it to a JDB, and so on.

Does not change the DOFD, under law. Although sometimes debts get illegally re-aged.

If you have reports from the CRAs, they often show "This is scheduled to remain until <month> <year>"

If not, you can call the CRAs and ask them for the DOFD (Date Of First Delinquency). They store it but generally don't report it.

7 years from DOFD, it goes bye-bye. Like Tuscani said +/- 180 days.

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Wed, 27 Jun 2007 23:58:35 GMT

well i paid everything i had off, but even if they dont get deleted they will be gone soon, i thought that you had to pay them off for them to go bye bye after 7 years, wow my wife should see an improvement in her score soon.

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Thu, 28 Jun 2007 00:06:04 GMT

jenkins wrote:
i thought that you had to pay them off for them to go bye bye after 7 years

Nope. You could PIF at DOFD plus 2700 days. Then see them drop the next day. Or perhaps even drop 2 days before you paid. Or ...

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Thu, 28 Jun 2007 00:09:59 GMT

i have waited all of mine out for seven years, come this january, and never paid a single one of them(except for those blasted student loans that never go away). i managed to never get sued on any of my baddies, and man i screwed with the collection agencies like mad....they would call and i would ask them what they were wearing (female and male), tell them that they were calling sherman hemsley and weezie gonna kick they a**es if they call back, sometimes would blast an air horn in their ears, and, best of all, once i got a program on my phone that could set up call forwarding for only specific callers, i would forward them to those 800 numbers that refer you to a 900 number. it gave me some comic relief from their crap. i should be ashamed, but man i didnt have any money to give them back then and they wouldnt listen!

jenkins wrote:
well i paid everything i had off, but even if they dont get deleted they will be gone soon, i thought that you had to pay them off for them to go bye bye after 7 years, wow my wife should see an improvement in her score soon.

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Thu, 28 Jun 2007 01:28:20 GMT

Now your Nickname finanly makes sense.

dog wrote:
i have waited all of mine out for seven years, come this january, and never paid a single one of them(except for those blasted student loans that never go away). i managed to never get sued on any of my baddies, and man i screwed with the collection agencies like mad....they would call and i would ask them what they were wearing (female and male), tell them that they were calling sherman hemsley and weezie gonna kick they a**es if they call back, sometimes would blast an air horn in their ears, and, best of all, once i got a program on my phone that could set up call forwarding for only specific callers, i would forward them to those 800 numbers that refer you to a 900 number. it gave me some comic relief from their crap. i should be ashamed, but man i didnt have any money to give them back then and they wouldnt listen!
jenkins wrote:
well i paid everything i had off, but even if they dont get deleted they will be gone soon, i thought that you had to pay them off for them to go bye bye after 7 years, wow my wife should see an improvement in her score soon.

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Thu, 28 Jun 2007 01:31:56 GMT

dog correct me if im wrong but I believe that any activity on the account start the SOL all over again correct??

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Thu, 28 Jun 2007 01:40:20 GMT

back in the day I got a call from a CA and I acted like I was a dective it went something like this "no mr. *&^(*&^@# (my name) is not here this is detective gilbert who is this? he gave me his name and I asked how he new me because I was found dead in my house and it look like someone murdered me and I quized and quized him like he was a suspect in the murder!! haha It went on for about 5 or 6 mins I told him were gonna have to bring you in for questioning...hahah it was the best.....

me like Dog back then was broke and in school didnt have an extra dime to pass around ramen noodles and sunny delight

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Thu, 28 Jun 2007 01:59:00 GMT

motoracer wrote:
dog correct me if im wrong but I believe that any activity on the account start the SOL all over again correct??

It depends.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17466

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Thu, 28 Jun 2007 02:48:30 GMT

that is fo' sho',in most jurisdictions.

motoracer wrote:
dog correct me if im wrong but I believe that any activity on the account start the SOL all over again correct??

Re: Payoff Debts now or wait 1 yearto fall off?

Anonymous — Thu, 28 Jun 2007 02:55:15 GMT

that is very clever. i wish i had thought of something like that.

the only time those ca's got the best of me was when they started calling my dad....that fool never paid a nickel late in his life, and he would call to ream me out with a hot poker every time they called him. i finally stopped answering his calls too....i am dead serious, we didnt talk for months at a time over that crap. so i think they deserved my little games.

motoracer wrote:
back in the day I got a call from a CA and I acted like I was a dective it went something like this "no mr. *&^(*&^@# (my name) is not here this is detective gilbert who is this? he gave me his name and I asked how he new me because I was found dead in my house and it look like someone murdered me and I quized and quized him like he was a suspect in the murder!! haha It went on for about 5 or 6 mins I told him were gonna have to bring you in for questioning...hahah it was the best.....
me like Dog back then was broke and in school didnt have an extra dime to pass around ramen noodles and sunny delight