fixing my credit report...how to pay back what and when

[Anonymous]

Hi everyone,

 my question is simple...first of all just like others out there...I don't have a good score at all.  And I know this.  BUT I want to correct my mistakes and take control and fix it.  Although I know with my bankrutcy in the past is still on my report that it wont come off until 10 years is up ...BUT I was wondering...1. do I pay off the items that are charged off / in collections in full...1 lump sum  OR  2. do I make a regular monthly payment till its paid in full?  BUT also to this question if my 7 years is almost up for the charged off / collection items...that they would be off in say 1-3 years 1. do I pay them...or let them drift away....OR 2. if I pay them...would that start the 7 years all over again...because I did activity to that account.  I am tryng to fix my report...do better...but not wanting to dig myself deeper in a hole...but also take control of mine and my husbands responsibilities.  Please help.

[guiness56]

Hi and welcome to the forums.

Do you know what the DoFD of these accounts are?  Your states SOL?

Paying a CO and/or collection will not improve your score.  You would need to work out a PFD with the company reporting the debt.  As far as how you should go about it, it depends on what you can afford to pay and what outcome you are looking for.

Paying does not start the 7 years over.  Items will come off 7 - 7.5 years from the DoFD, paid or not.