Question about credit?

Question

i just checked my credit report and i have something on there from 04/2002 for $623... question is should i pay this now? people keep telling me to just wait till next year and it will get removed from my report because its almost 7 years... is this true? and if it is will it hurt my credit alot more to let it ride out the last few months or should i just go ahead and pay it? the only other things on my report is a med. bill which i am paying on monthly and my car which i am also paying on and is in very good standing (i over pay 100 each month and never been late)

Answer 1

If they have not taken you to court by now they are not going to just let it drop off your report next year.

Paying old collections without a pay for delete agreement just hurt your credit because they become current rather then old accounts and this will lower your score.

Additional details.

Do not pay them a dime if you do you will reset the statute of limitations this is the legal time thay have to take you to court and seek a judgment this is a trick on their part they know this is about to drop off your credit. I have posted a link in the source box so you can look up the S.O.L. for your State it veries by State and type of debt.

Answer 2

u know, i sent back some stuff 2 2 creditors, & despite the collections contacting me, i just wrote them 2 tell them i sent back the merchandise & wont pay on what I no longer have in my possession. BTW,  I'd learned that NOT ALL creditors report 2 the bureaus, those r the 1's u may wanna put farthest down on yer priority list. ANOTHER thing i'd learned; NOT 2 get 2 many bills going, because u can quickly get in over yer head if U find yer own needs r going unmet. 1 idea 2 get ahead is 2 visit feedthepig.org. they can adivise4 u how 2 handle yer $$$ more efficiently. U can start by 1'st paying yourself B4 any 1/else. if u have morwe debt than u do $$$, then u may need 2 1'st take care of yourself.

Best Wishes!!!

Answer 3

I would forget about it, because in 1 more year it will be off your credit record.   The only thing you have to watch out for is if a credit company calls you afterwards for the money.  Suggestion. HANG UP!