Paying off old credit card charge off debts & judgement....

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dmband
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Paying off old credit card charge off debts & judgement....

Postby dmband » Sat Jan 22, 2011 3:06 pm

If I pay off all my old charged off credit card debts and a judgment and then have 0 debt how long could I expect before my credit score starts to go up? Also what else could I do to help it out? THANKS!


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Elliot Castro
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Postby Elliot Castro » Sat Jan 22, 2011 3:46 pm

It seems you are trying to get a simple solution from a complex situation, so that could lead you to a road of more ruin. While I understand most people would think that immediately paying off older debts should put you in better standing, sometimes it does the opposite. I forget the exact terms now, but often older debts are temporarily removed from your credit reports, but once paid off, they become refreshed and appear back on the top of the que stack.

It is true that paying off the old debts is a GOOD thing, but depending on the age of the debt, paying it off can NOTIFY other creditors that (ahah... so he actually has old debts he is trying to get rid of...).

dmband
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Postby dmband » Sun Jan 23, 2011 1:55 am

Wow that's interesting. We pulled all 3 credit reports and we were just gonna pay off every debt on them. If the debts are on the reports doesn't that mean that anyone who pulls them can see them? What would you suggest we do?

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Elliot Castro
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Postby Elliot Castro » Sun Jan 23, 2011 2:08 am

I'm curious which bureau did you pull your report from, Equifax, TransUnion, or the other one that changed its name? I'm not 100% certain on how things are handled in the U.S. but next door in Canada for example there exists certain laws.. limitation of statues, and so on.... outstanding debts of 7 years or older can become screened, etc.

You mentioned you had OLD debts, but didn't say how old. Have some of these debts been re-bought by other collection agencies? If so, you could at least try to barter and get down to 20 cents on the dollar if it's around 2-to-3 years old.

dmband
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Postby dmband » Sun Jan 23, 2011 5:41 pm

They are all 4-5 years old. I did remember reading that not paying the full amount you owe does look bad is that true? Will it say settled for less on the report after it's paid? THANKS!



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