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Paying off Credit Cards

Date: Sat, 08/25/2007 - 00:03

Submitted by overhanded
on Sat, 08/25/2007 - 00:03

Posts: 5 Credits: [Donate]

Total Replies: 4


I hope I am posting in right area. I have a Gazillion questions. But I will start with this one. I just started looking at my credit report. I have one thing that says its coming off in about a month. It says collection account not charge off or anything. I don't even remember any recent letters for it. But if I were to pay it off would it put a mark on my report saying its paid off then start a whole new 7 year mark or does it keep that date thats there now?

Also where can I just post some background information about what is going on with my debt, etc.?


There are various dangers to paying on out of statute debts. Even though the reporting sol cannot be reset,if you settle on a account and don't have a paid in full letter,you could be sued for the full value of the debt as a payment resets the sol for civil action in most states.I agree with paying what you owe,but if it is gonna drop off report I would let it fall off and then think about paying it.


lrhall41

Submitted by cajunbulldog on Sat, 08/25/2007 - 08:28

( Posts: 4850 | Credits: )