Should I pay off an $80 but 5 year old delinquincy?

[Anonymous]

Bad credit question:

My question is, should I pay off the delinquincy

Thanks any help is appreciated.

[rmduhon]

Either way, it will still fall off in 2 years. Paying it does not reset the credit reporting exclusion period.

[Anonymous]

HI @rmduhon, thank you for the reply. Do I have to request the CRA's to remove it once it's eligible to fall off (~7.5 years after the fact)? Or does this happen automatically?

Also, will the entry "update" if I pay Citi the delinquincy? Will having it update on my Credit reports further ding me or is it already factored in?

Thank you so much

[rmduhon]

It'll fall off automatically. And the CRA's usually delete the accounts at 7 years, although it can stay the entire 7.5 years. You can also call the individual CRA's and ask for an early exclusion (EE) 6 months early for TU, 2-3 months early for EX, and 1-2 months early for EQ, based on 7 years (whenever that may be for this account). You may get a ding for it updating, but it may balance itself out since this would be factored into your UTI. Shouldn't make too much of a difference to the overall UTI, but if this account is showing a credit limit of zero then it's maxed out, and that's a big ding.

[Anonymous]

Well, here is what it looks like on my TU Credit Report

[medicgrrl]

It's showing a $0 balance. I would leave it alone if I were you.

[Anonymous]

I'll take everyones input and guidance should you have any insights, thank you!

[Anonymous]

Should I send a GW letter to the executive office?

[medicgrrl]

Just be prepared that if you send a GW letter your credit report may go from reporting a 90 day late 5 years ago to a current CO. Personally, it wouldn't be worth the risk to me just to get a card from them now...but that's your decision to make.

[Anonymous]

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@Anonymous wrote:

If I call customer service at Citi and ask them about it, does that make it update? I'd like to be able to get Citi credit cards in the near future, if at all possible.

I'll take everyones input and guidance should you have any insights, thank you!

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Citi is one of those lenders with a long memory.  If you pay off the debt, it might take a long time for them to approve you for anything else.  I'm still waiting to see if they will take me off their blacklist.  Not paying off the debt will definitely keep you from approval.