To pay or not to pay?
Date: Mon, 05/24/2010 - 19:28
Now correct me if I'm wrong, the SoL is 7 years before the debt cannot impact my credit score any longer. I'm just not sure where the 7 year time frame begins. Additionally, on my credit report it shows 2 negative accounts. One being a closed account with the CA showing past due and closed on 8/1/08. The other being from the cell phone company showing [paid, charged off] and opened 11/1/2003 with "Key Derogatory" on May 2004 and paid June 2004 from the charge off I gather.
From my understanding, I'm reading that I should not pay the debt due to proximity to the SoL, and paying the debt would show as activity on the account. I guess my real question is when will this debt not impact my credit score any longer. Are both the original cell phone company and then the CA accounts dually affecting my score? And if so, does the SoL apply to just the original creditor or does it start over once its handed to the CA?
Thanks for the help in advance... Besides that one mishap, I haven't had any delinquent accounts and I'm trying to build my credit score up.
It might not be affecting your score any longer. The impact of
It might not be affecting your score any longer. The impact of a negative item gradually reduces with time. The seven and a half year time frame would start from your first date of delinquency. I wouldn't have bothered about the account and allowed it to drop off with time.
You might concentrate on the other factors of improving your score. Apart from the negatives there could be other things too to affect your credit score.
I honestly don't know the answer to this. Does it restart the So
I honestly don't know the answer to this. Does it restart the SoL when a collector sends the debt to another collector and so forth? Sometimes debts get passed around, so is it when the account is FIRST sent to collections? I just don't know. It looks to me, though, that the $47 is not really affecting your credit since it's a small debt.
