@Anonymous wrote:
@Anonymous wrote:
That is incorrect. Payments have no bearing on report time. I believe what the mortgage broker was referring to is that the item can be updated every month, making it "fresh" each month until it reaches the exlusion time. Further, CO credit cards that still show a balance are counted against UTI% for scoring and should definitely receive top priority.
After a little more research, you are correct that paying on an old debt cannot make it report on your credit report longer; however, I believe it can reset the clock with regard to the statute of limitations for collections.
Entering a repayment agreement *and* failing to complete it can reset the SOL for which you can be sued for the debt, that is correct. The exact conditions for establishing a new SOL varies from one state to the next. Some states require as little "a firm promise to pay", while others require a written and signed agreement.
A good rule of thumb is to not enter into a repayment agreement if you may not be able to make the payments.
