Derogs lessen over time? At what intervals? Should seek PIF or let it go?

[merlinflex]

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@sjt wrote:

Couple of things:

• I believe the SOL in Texas is 4 years, so your sister is safe - yes, thought about that and checked just now, you are correct, so she is safe on that front
• Paying the account will not restart the clock as it is always based on the DOFD on activity.- ok
• She wont get a score bump over time because One Main is reporting monthly and that supresses her score.- ok
• If she pays or settles it will zero out the balance owing and stop reporting. So she she get a score bump - ok

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So if she pays, which she can, it will zero out and stop reporting as past due, makes sense.  So she can either pay it off now or wait and do nothing and let it fall off in April/May 2018 are her two options, yes? (Kinda feel that she should just pay the **bleep** thing off, since she really does owe it in principal, regardless of how they treated her or how she felt that they treated her).  Thoughts? TIA!

One last thing, she is looking will be looking for a new mortgage loan shortly. She has two offers on her place that she spent a couple of years fixing up and they are both solid offers.  She will be moving in with her BF and he is in the process of putting his place on the market before the end of the year and they plan to get a new place (and mortgage) in the 1Q2017.  So her CRs will be pulled for that.

So wondering if she should pay now or wait till after she secures financing?

[sjt]

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@merlinflex wrote:

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@sjt wrote:

Couple of things:

• I believe the SOL in Texas is 4 years, so your sister is safe - yes, thought about that and checked just now, you are correct, so she is safe on that front
• Paying the account will not restart the clock as it is always based on the DOFD on activity.- ok
• She wont get a score bump over time because One Main is reporting monthly and that supresses her score.- ok
• If she pays or settles it will zero out the balance owing and stop reporting. So she she get a score bump - ok

---

So if she pays, which she can, it will zero out and stop reporting as past due, makes sense.  So she can either pay it off now or wait and do nothing and let it fall off in April/May 2018 are her two options, yes? (Kinda feel that she should just pay the **bleep** thing off, since she really does owe it in principal, regardless of how they treated her or how she felt that they treated her).  Thoughts? TIA!

One last thing, she is looking will be looking for a new mortgage loan shortly. She has two offers on her place that she spent a couple of years fixing up and they are both solid offers.  She will be moving in with her BF and he is in the process of putting his place on the market before the end of the year and they plan to get a new place (and mortgage) in the 1Q2017.  So her CRs will be pulled for that.

So wondering if she should pay now or wait till after she secures financing?

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Those are her two options.

Note: If she looking for a mortgage chances are they will require her to pay/settle that loan off and any other outstanding items she has. So there is really only one option unless she waits for it to fall off then go mortgage hunting.

[merlinflex]

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@sjt wrote:

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@merlinflex wrote:

---

@sjt wrote:

Couple of things:

• I believe the SOL in Texas is 4 years, so your sister is safe - yes, thought about that and checked just now, you are correct, so she is safe on that front
• Paying the account will not restart the clock as it is always based on the DOFD on activity.- ok
• She wont get a score bump over time because One Main is reporting monthly and that supresses her score.- ok
• If she pays or settles it will zero out the balance owing and stop reporting. So she she get a score bump - ok

---

So if she pays, which she can, it will zero out and stop reporting as past due, makes sense.  So she can either pay it off now or wait and do nothing and let it fall off in April/May 2018 are her two options, yes? (Kinda feel that she should just pay the **bleep** thing off, since she really does owe it in principal, regardless of how they treated her or how she felt that they treated her).  Thoughts? TIA!

One last thing, she is looking will be looking for a new mortgage loan shortly. She has two offers on her place that she spent a couple of years fixing up and they are both solid offers.  She will be moving in with her BF and he is in the process of putting his place on the market before the end of the year and they plan to get a new place (and mortgage) in the 1Q2017.  So her CRs will be pulled for that.

So wondering if she should pay now or wait till after she secures financing?

---

Those are her two options.

Note: If she looking for a mortgage chances are they will require her to pay/settle that loan off and any other outstanding items she has. So there is really only one option unless she waits for it to fall off then go mortgage hunting.

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she got a mortgage on the place she is in now via Discover Home Loans and while it showed up, they did not require her to pay. Her rate was 3.25% fixed. Not sure why it was not an issue, she does tell me that it did come up, but something about the amount and dispute status was the reason why it was not a factor.  No clue.  The only baddy on her record.

Thats were we were are wondering.  But thinking it is just time to pay it off and be done, as it won't get any better until April/May 2018 when it falls off EQ/EX and while her scores are good, it is as pointed out, depressing her EQ/EX scores and the banks use a earlier version of FICO scores and use the middle score.  Although her rate is pretty good, she might be able to get a better rate as well by paying it off and seeing what type of bump, probably small, happens.

[sjt]

I agree its better to pay it off. She will get a score increase and does not have to worry in the event it may be an issue with lenders.