Bad Credit Question

[Anonymous]

Haha! Thank you 👍🏽

[jgabriel2020]

I thought I replied but I guess it never posted! But this is in no ways related to your post! But I figured we've all been new here and the language everyone uses is confusing sometimes haha! But this saves my life more times than not! @Anonymous! just common abbreviations used here! Happy crediting!

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

[jgabriel2020]

And No paying off will not extend the falloff time.

[Anonymous]

appreciate the response!

[OmarGB9]

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@Anonymous wrote:

Ok thank you. Will look into doing that for sure. Paying off won't extend my 7 year period for falloff? Thx again 

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Paying won't extend the reporting exclusion date ("falloff time" you're referring to), but it WOULD reset the SOL (timeframe for which they can sue you for the debt), however if you work out a payment arrangement or just settle/pay in full in one lump sum, they won't sue you and this wouldn't matter.

[Anonymous]

Thanks for your response. 
Appreciate everyone's advice. 

[Anonymous]

Two quick notes regarding PFDs with Portfolio and Midland.

1 - PFD is the stated policy of each company right on their websites and their adherence to it is borne out by many members here. They will honor it.

2 - Portfolio will PFD upon payment regardless. Midland will also PFD but they have one stipulation - the debt must be two years old. Yours are beyond that, so it's not a factor, but it's worth noting.

[Anonymous]

Thank you sir. And yes you guys are correct. Both co's will honor pfd. I read up on it. Appreciate your help. 

[Anonymous]

Good luck @Anonymous - looking forward to continued success in your rebuild

[Anonymous]

Much appreciated