@Anonymous wrote:
Thanks, I just read somewhere in this forum that the impact of a collection does not have much points after 2 years
30d and maybe 60d lates lose their impact after 2 years. Just thenpresence of having CAs and COs hurt the entire 7 years and moreso if they keep reporting, as they will certainly keep your scores supressed.
I also have very old debt nearing the 7 year mark. I personally have chosen to work on items that are furthest from falling off and working my way backwards because if it was going to fall off while still working on other baddies, I would have felt it was a waste if resources. Of course, if you have the spare resources, it is still your debt, and it probably would feel good to just be done with it. Not to say I may never deal with those debts, just that I am trying to rebuild currently, so I am working on what will actually improve my scores instead of what feels good right now. Just remember, you may not see much progress while working on baddies with the ones nearing their drop off are still reporting. You will see the most positive impact once the last baddie is gone. So just hang in there is you chose to leave it alone!
If you are looking to app for a mortgage before they drop off, do note that any unpaid debts will almost certainly need to be paid, even if they are near dropping off your CRs. Just something to keep in mind if you have a specific timeline.
Lastly, nothing restarts the 7 years reporting window. What can be reset is the SOL to be sued for said debts. If you make a partial payment, promise to pay, or possibly various other reasons, that can reset the SOL. So before making contact with a creditor, be certain you are going to pay it!
Good luck!
