How much will a judgment lower my credit score ?             Click here to Print

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#fletch - Says,

I did a short sale and had a first and 2nd mortage. The first is 1099 me the diff. The 2nd only got 3k out of 75k and is saying they MAY take 1/2 on a payment plan. Just wondering if I didn't pay, how bad it would be. I live in Flrida so thet can't touch my primary or my pay check. If the send to a collection agency they will only get about 20% so I was thinking to offer them 30% or nothing. Comments ?
#Guest - Says,

a judgment can lower your credit score by 50 to 100 points and it will show up in your credit report for seven years, whether the judgment is paid or not. However if the judgment is shown paid in credit report, I think this will have a much lesser negative impact on your credit score. So it is better to pay it off.
#goodnatured - Says,

regardless if it is paid or not, it is still a negative slap in the face on your report.
#anthony - Says,

yes, judgement whether paid or not will stay in your credit report for seven years from the date of entry or till the time the SOL in your state has expired. This will no doubt have a negative impact on your credit score. However, a paid judgment is always better than an unpaid one. This is because, if your judgment is paid, your credit score will slowly increase over time.
#goodnatured - Says,

I have stuff on my report that is well past the statute of limitations, I think the seven years is right.
#anthony - Says,

Hi goodnatured
Since your SOL has already expired, and still your seven years has not been completed, you need to wait for a few more years for the Seven years to expire. On completion of seven years from the date of entry in your credit report, the listing will automatically be removed.

#goodnatured - Says,

Yeah, I know, I have a few more years to wait, some will fall off this year, even after I paid them off they still reflect negative. I think there should be a nuetral field on these reports that show the accounts paid off there so they at least come out of the negative status. Really there is no incentive to pay them once they have become on the negative side, if they are a closed account and went to a collection agency, because they never move them out of that status. They say paid, but they still remain in the negative colum.
#goodnatured - Says,

That seven year time frame will be up soon enough, some of them will fall off over the next 3 years. In 2010 I will be in good shape, LOL. It has been a long road.
#erb1953 - Says,

Just be patient, you have waited this long, you are over half way there.
#anthony - Says,

Hi goodnatured,
It is a good news that your seven years is drawing near. One thing is that don't make any payments on the dues, if the SOL has already expired. It is a very crucial time for you as you credit report will be clear of all negatives after 3 years.

#JPolito830 - Says,

I think it will be dropping a bit regardless, I would just wait it out patiently. IMO
#Justin - Says,

Hi Goodnatured
I agree with Anthony on this point. Actually most collection agencies asks for some payment for the past dues and once you pay it, your SOL rewinds and they can take you to the court for full repayment. Moreover don't go for any further loans at this point of time. If you have already taken loans try to repay it on time, so that by 2010 the credit report will be entirely clear of bad listings.

#goodnatured - Says,

Well, Justin, the good news is that I don't have any of the negatives that have a balance, last year I concentrated on getting them paid off and did it. They all are reported as paid or settled or paid in full. So there is no outstanding balances on any of them. I don't have to worry about the collection agencies bothering me.

I think that if you have paid them, past the sol or not, that they should drop off sooner, like 4 years versus the 7. I simply fell on hard times and got behind, then they started adding on the late fees and then the over the limit fees and the story goes on and on. But anyway, I eventually took care of them all but not before they could get reported in negative status on my report. I think that if you have paid them, the reporting time should be cut down a few years. Kind of an incentive to pay them.

#fireyone - Says,

I agree GN. I think it is wonderful that you have all your negatives paid. That alone should leave you feeling pretty proud. I wonder didn't any of them let you do a pay for delete?
#erb1953 - Says,

I think it is a shame that you have paid them all and in the end there is no positive result, they still stay on your report for the seven years, that is the same thing they would have done if you had not paid them.

I applaud you on getting them all taken care of, at least you can say that you did not fully walk away from the debt and not pay it.

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