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I have 12 old medical debts on my credit report - some fall off in 2015, some in 2017, one in 2018. My ex is supposed to share the cost here, but never does (sorry – had to explain why I let these go). I have an old car loan marked "paid in full, was a charge off" (I settled with them) which falls off in 2 months. In 2011 a bankruptcy fell off my credit report.

Currently, I have a car loan and two low balance credit cards which I’ve strived to pay on time for the past 2 years, but truthfully I was 30 days late (only 1 time) on each a year ago when I ran into some financial difficulties. 2 years ago when I ran into some difficulties one of the credit cards tacked on so many late fees & over the limit fees that I now owe them about $200 over what the balance due is and they closed the account, however, since then I pay them on time and they show “Pays as agreed”. I was hoping that by a good payment history on these debt for the past year would increase my credit score, but no such luck. It’s sits at 530 still.

My questions are:
1. Will my score improve when the car loan falls off in 2 months?
2. Would paying the credit card that was closed off, so it shows it’s paid in full, increase my score? I know and understand this will remain on my credit report regardless.
3. Would paying off the medical debts so they are shown as paid in full increase my score? Again – I know these stay on my credit report regardless of being paid off.

1. Yes, there is a good chance that your score would increase once the car loan drops from your credit report.

2. Paying on a charged off account won't do any good to the score in the short run but there are benefits to paying it off like not getting sued or not being charged for an exorbitant amounts of interest and late fees.

3. How old are the medical debts and are they past the state SoL? If they are old and within the SoL and have been turned over to collections, it won't help your score by paying them off although paying up would mean that your creditors don't sue you.

Sub: #1 posted on Thu, 07/05/2012 - 22:06


Hold on a sec.

The Medical Debt Responsibility Act might save you if it passes.

Paid medical debt that is currently reported negatively will come off of your report. That includes paid in full and/or settled debts.

Sub: #2 posted on Fri, 07/06/2012 - 05:49

OhioGal1 OhioGal1
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