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Will it benefit my credit score to pay bills 7 years old?

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bmelancon



Joined: 16 Mar 2009
bmelancon's page
Posts: 1



25 Magic Points

Subject: Will it benefit my credit score to pay bills 7 years old?
 
Posted on Mon Mar 16, 2009 6:32 pm  

I have a credit score of about 650 and want to improve that score. There are 5 medical bills that are approximately 7 years old and turned over for collection. Would it benefit my credit score to pay these bills?
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



437 Magic Points

 
Posted on Mon Mar 16, 2009 10:30 pm  

At seven years they are ready to fall off, you should just wait and see what happens in a few months. When do they hit seven years?
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carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30054 Magic Points

 
Posted on Tue Mar 17, 2009 3:50 am  

Yes, since the debt is nearly seven years, I think that you need not pay off the debt because the debt will automatically fall off from your report after seven years and six months from the date you became delinquent. Once it comes out from your report, your credit score will automatically improve. However, in the meanwhile try not to make any late payments towards your existing debts so that you credit history improves. Even if you pay off the bills, your credit score will not improve because these negative items cannot be removed before seven years.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1915 Magic Points

Subject: credit
 
Posted on Tue Mar 17, 2009 10:56 pm  

Good advice, CAROL. I have a few Medical Bills, myself ( and some other debts, as well) on my CR. However...........ALL of the 'Fall-Off' dates are in 2009. So..I'm not EVEN gonna touch them! I'm slowly, but, surely, getting my credit cleaned up a bit.

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