dmband wrote:I read somewhere that if I pay off the judgements and debts now they will remain on the report for another 7 years because I have done something with them (activity) but I could just wait for them to fall off. So basically all these debts are 5 years old and if I pay them all off today they will remain on the report for another 7 years from today vs waiting the 2 more years instead and having them fall off. It seems like a no brainer to me to wait the 2 more years if this is the case.
That is correct. Though there is a chance they could seize your assets, or even paychecks within 2 years, which means your debt will be reccored as paid, and then appear back on the top of the stack on your report, with a re-set clock of 7 years again.
If you want to wait for your bad mark to drop off your report, I would check to be 100% sure that your ex-creditor is NOT still charging you interest. And don't be surprised if you get a bunch of hassling collection calls and the rest of it in the near future.
Now... if you really don't need a very good credit score in 2+ years from now, then you might as well get that debt paid now... so that it doesn't thave to re-surface later on against your credit score when it finally is settled down the road.
Obviously, if you need to improve your score the best within just 1 year from now, then settling it soon is best since a settled debt is ALWAYS much better than a debt still outstanding on your report.