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If I Pay, Will I Pay?

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4mycredit



Joined: 28 Jul 2008
4mycredit's page
Posts: 1



76 Magic Points

Subject: If I Pay, Will I Pay?
 
Posted on Mon Jul 28, 2008 6:58 pm  

I have a CA account that has been on my reports since 4-03. The SOL is nearing, and they are becoming aggressive. I am now able to pay, and would like your thoughts on a FICO score drop. It is my only bad mark, and my scores are 710+. So, am I also going to pay with points? If so how many? I am afraid it will be huge. Thanks for your help.
erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 547



-100 Magic Points

 
Posted on Tue Jul 29, 2008 2:32 am  

Why would you bother if it is so close to the statute of limitations? Are they going to file a summons? You will still have time to work it out after the summons is filed if that is the case.

You may want to see what they will do up to the point of the sol expiring, they may file a summons, but you will have time to file your answer and set up a payment plan even after they file a summons, and if they don't file a summons their loss.

I know from experience that if you pay it off it still stays on your report for seven years., paid or not.....
JPolito830



Joined: 21 Jul 2008
JPolito830's page
Posts: 25
Location: Richmond, VA


908 Magic Points

 
Posted on Tue Jul 29, 2008 3:32 pm  

Agreed...I dont see your reasoning to do this? Can you explain?
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CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 364



5522 Magic Points

 
Posted on Wed Jul 30, 2008 8:29 pm  

if they are getting aggressive they may sue you which will KILL your CS you have until 10/10 for them to sue you. I would advise you to settle the debt with them and try for a PFD. Paying the debt wont cost you any points but, if they dont remove the mark you wont gain many either
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Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1238



28944 Magic Points

 
Posted on Mon Aug 04, 2008 8:46 am  

Hi 4mycredit
If they threaten to file summons, pay off the dues. You can come to a repayment agreement with your CA to repay off your debt because a judgment against you can lower your score by 50 to 100 points. But if your SOL has expired don't try to pay it back because if you pay even a small amount after your SOL expiry, the SOL will rewind and the CA can pull you to the court.
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Justin
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



543 Magic Points

 
Posted on Mon Aug 04, 2008 9:05 pm  

If at all possible try and pay it before a judgement against you, you do not want to do this type of damage to your score.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Mon Aug 04, 2008 9:11 pm  

Just curious, if anyone knows. If you have a 'Charge-Off' on your CR, how many points can this drop your score?
CMBV22

CMBV22

Joined: 08 May 2008
CMBV22's page
Posts: 364



5522 Magic Points

 
Posted on Mon Aug 04, 2008 9:46 pm  

it depends upon the age of the listing. An old account can take 20-40 points while a new one can a bomb your credit as much as 100 points depending on your credit history
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Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:

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goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



543 Magic Points

 
Posted on Mon Aug 04, 2008 10:58 pm  

wow, big difference, so my accounts are from like 2003 I think, is that considered old?
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fireyone



Joined: 26 Feb 2008
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Posts: 4246



132 Magic Points

 
Posted on Tue Aug 05, 2008 1:22 am  

Thats when mine are ..is it old? GN yours should be out of SOL or near it.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1916 Magic Points

Subject: credit report
 
Posted on Tue Aug 05, 2008 2:24 am  

Gosh...that IS alot of points. Seems like when you 'take care' of a debt, another one comes along. LOL I DO have a car being financed right now..and keeping up with the payments, I may add. Will this bring my score up, from time to time? I know fixing your credit doesn't happen over nite.
erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 547



-100 Magic Points

 
Posted on Tue Aug 05, 2008 2:56 am  

It should bring up your score if you build a good payment history with this payment.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Tue Aug 05, 2008 2:59 am  

Well......I plan to. So far, so good. The finance company really works with me on things..that's for sure.
erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 547



-100 Magic Points

 
Posted on Tue Aug 05, 2008 3:05 am  

That is great, maybe things will start looking up for a change for you. Did you buy a new car?
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



132 Magic Points

 
Posted on Tue Aug 05, 2008 3:07 am  

A company that works wwith ya is worth doing business with. If ya got a new car, what kind?

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