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What to do with older credit accounts?

Member

What to do with older credit accounts?

Currently on my credit I have a handfull of accounts that are older and should be falling off by the end of this year.   Two accounts this summer and the other few, at the end of the year.    I truly believe in fulfilling my financial obligations, but still want to know if it may be better to just wait it out, Or pay them off now since I have saved up just enough to pay them.     

 

Again, I understand the moral implications, but want to know if there will be a difference in how either decision would effect my scores. 

 

Starting Score:  EQ: 620    TU: 596    EX: 622    
Current Score:  EQ: 620    TU: 596    EX: 622    
Goal Score:      EQ: 810    TU: 800    EX: 815    

Take the myFICO Fitness Challenge
Message 1 of 6
5 REPLIES
Moderator

Re: What to do with older credit accounts?

You can request the EE with TU 6 months in advance and 3 months with the other 2. At this point you may just want to wait till they cannot be reported anymore as it may open up ability to settle for even less. If they are updating monthly they have been keeping your Fico depressed if not you just want to leave them alone at this point till they are gone.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 2 of 6
Member

Re: What to do with older credit accounts?

Thank you!   I'm going to look around for some EE forms and get started on that.     Appreciate the advice!  

Starting Score:  EQ: 620    TU: 596    EX: 622    
Current Score:  EQ: 620    TU: 596    EX: 622    
Goal Score:      EQ: 810    TU: 800    EX: 815    

Take the myFICO Fitness Challenge
Message 3 of 6
Moderator

Re: What to do with older credit accounts?


@psylentj wrote:

Thank you!   I'm going to look around for some EE forms and get started on that.     Appreciate the advice!  


There are no forms for the EE. What you do is call the CRA, ask for a supervisor then ask that person if its possible to exclude the account early. You may need to make multi calls till you get someone who knows what to do. Good luck Smiley Happy

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 4 of 6
Frequent Contributor

Re: What to do with older credit accounts?

Something I've had a couple of people with a bothersome conscience is to send a money order to the creditor without a return address and without any info tracing back to you. The creditor will immediately cash the MO. After the account falls off of you card you can wait a year or so and then ask why you never received anything from the creditor. Also, if at anytime some wrongfull collection agency comes after you, you can pull out proof you paid.

I know a guy that paid a ticket that way. Later he was in court on another ticket. The prosecutor claimed he never paid the prior ticket. My friend pulled out his cashed copies and the judge let him off on the other ticket.


Message 5 of 6
Member

Re: What to do with older credit accounts?

Thank You!  I think i can do that!   Smiley Wink

Starting Score:  EQ: 620    TU: 596    EX: 622    
Current Score:  EQ: 620    TU: 596    EX: 622    
Goal Score:      EQ: 810    TU: 800    EX: 815    

Take the myFICO Fitness Challenge
Message 6 of 6