I have a lot of old stuff on my credit report.Do I wait till it falls of after 7 years or do I try to pay it up?

Asked by gotpopp, New York, NY Tue Jan 22, 2013

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Jim Olive’s answer
Jim Olive, Agent, Key West, FL
Tue Jan 22, 2013
Did you buy the stuff? Is it legitimate debt? If "yes", then pay it. If your failure to pay on time has led to rediculous penalties, work out an arrangement to reduce those penalties and interest amounts and pay something closer to the original principle. Many collectors are willing to take less than the full amount. Better yet, go back to the original lender (who you originally made an agreement for credit with) and work something out with them. Nobody wants to lend money to a deadbeat that doesnt pay it back, so make sure you are not one of those and you'll have a good shot at getting somebody to lend you more...
1 vote
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0 votes
Jim Olive, Agent, Key West, FL
Wed Jan 30, 2013
Ah, but if you read more carefully you would know that I called nobody a deadbeat, I cautioned agains becoming one! Truth is, we have a LOT of them around and it hurts all of us. When people walk away from their debt just because they can (not talking about those who legitimately cannot pay), guess who gets stuck with the tab?? The rest of society. I wouldn't think that gotpopp wants to become a deadbeat.
0 votes
Justin Obfus…, Home Buyer, Chicago, IL
Wed Jan 30, 2013
Jim Olive shouldn't be so quick to call people deadbeats. Buyers and applicants could just as easily call realtors and loan officers "sleazy car salesmen". :)

The poster doesn't indicate whether the status of the credit is delinquent, whether the debt was validated, who owns the debt if not the original lender, the age of the original and latest reporting, whether a transfer of ownership of the debt was used to circumvent statutes of limitations, ... just to name a few things. Sometimes it is just not worth the hassle to pay if the debt doubled in sized from the original credit, the lender refuses to negotiate, and they've hired a "deadbeat" credit collector to hassle not only you but your family for money. I speak from experience on that. I also know people who had cars repossessed and credit cards collected on yet still got a mortgage. ... there's loan officers and realtors for ya.

You should simply read up on everything about credit reporting agencies and ignore scare tactics. Companies default on debt or just ignore obligations all the time and we, like good Americans, keep buying their widgets. You are not much different ... even legally speaking.
0 votes
Janet Nation,…, Agent, Garden City, NY
Fri Jan 25, 2013
The question you want to ask yourself is, should I put my life on hold for the next seven years or should I do the right thing and work on paying of my debt? It's just so much less expensive when your credit is in order.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
0 votes
Rolando Fana, Agent, New York, NY
Thu Jan 24, 2013
It depends on what you have on your credit report. If there is one mistake on an account that entire history can be deleted. Just look into letter of deletion on google. This will help you out. Also look into a credit repair company. Get a lawyer also. Hope this helped.
0 votes
Joseph Hasti…, Agent, Bayside, NY
Thu Jan 24, 2013
I love this question. I also did like Jim's answer below. The word "deadbeat" spoke volumns. If you don't like that word said in your direction, perhaps you'll consider paying your debt. Good luck.
0 votes
Nick Rafello,…, Agent, NY,
Tue Jan 22, 2013
This question is not so simple to answer. However, there is a very good Credit Doctor, Tracy Becker, that just sent this "A 30 day late payment can drop your FICO score over 100 points and may take 7 years to recover from. Potential real estate purchasers and mortgage loan applicants should be well aware of these extreme effects since lower credit scores can cost hundreds of thousands, if not millions, over the life of a mortgage."
0 votes
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