@Superk88 wrote:
Will catching up past due accounts help credit score. I am currently working on trying to decide to fight it out or file BK.
My credit score right now is 551. I have several accounts 60/90 days past due. If I catch those up will my credit score rise over time or has the damage been done?
Getting all of your accounts "current" rather than late will help in that the clock will start on the aging of your negative items. As of now, every cycle they are reported as late again, so the age of those lates would be 0 months. Once they're all current, those negatives will age and will become 1 month old... 6 months old... 1 year old, etc. The bad news is that the damage in many ways has been done, as they'll stick around on your CR for 7 years, adversely impacting your scores the entire time. Their impact can fade over time though, which is why getting your accounts current and starting that aging process is a smart move. Outside of credit scores, having all of your accounts current is simply the right "look" you want to give your current and potential future creditors anyway.
