Need Advice - pay in full or settle (collections)
10-11-2016, 07:37 PM
#1
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Need Advice - pay in full or settle (collections)
Hey guys,
Long story short, I ruined my credit score and credit history by running up credit cards and not paying them off, not paying off rental agreements, etc etc and of course most of it ended up in collections. I am now in a position to fully pay off these delinquencies but want to know the best way to do that. I've talked with my parents, my banker, my co-workers and nobody can agree. The only person I haven't talked to is a lawyer.
Collections accounts are from 2011 to 2014. I've searched the internet for answers but I felt like I'd get some solid advice here instead.
I've been hearing about "pay for delete" letters that I can send, also been seeing people wait for 7 years until the collections fall off, just all kinds of information.
The goal is to clean up my history. Once that's done I'll focus on raising my score.
Thank you for your time
Long story short, I ruined my credit score and credit history by running up credit cards and not paying them off, not paying off rental agreements, etc etc and of course most of it ended up in collections. I am now in a position to fully pay off these delinquencies but want to know the best way to do that. I've talked with my parents, my banker, my co-workers and nobody can agree. The only person I haven't talked to is a lawyer.
Collections accounts are from 2011 to 2014. I've searched the internet for answers but I felt like I'd get some solid advice here instead.
I've been hearing about "pay for delete" letters that I can send, also been seeing people wait for 7 years until the collections fall off, just all kinds of information.
The goal is to clean up my history. Once that's done I'll focus on raising my score.
Thank you for your time
10-27-2016, 04:34 PM
#2
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After thinking about it I decided to pay everything off in full. I feel like I should be responsible for my mistakes and pay what I owe. It's the right thing to do and I feel better about it. I'm hoping whoever looks at my credit history in the future will feel the same way.
The following 5 users liked this post by alexSU:
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10-27-2016, 04:39 PM
#3
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good man 
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alexSU (11-01-2016)
11-01-2016, 10:31 AM
#4
that is very honorable a thing for you to do... kudos... many people would have just rode out the next 5 yrs and just wait for it to fall off your credit report and then start over...
just keep in mind though, that just because you did the right thing, many times all they care about is the score... so don't be surprised that if in the next few years, you hit some hurdles when you try to borrow... especially for big purchases like a house or a car...
just keep in mind though, that just because you did the right thing, many times all they care about is the score... so don't be surprised that if in the next few years, you hit some hurdles when you try to borrow... especially for big purchases like a house or a car...
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alexSU (11-01-2016)
11-01-2016, 04:55 PM
#5
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that is very honorable a thing for you to do... kudos... many people would have just rode out the next 5 yrs and just wait for it to fall off your credit report and then start over...
just keep in mind though, that just because you did the right thing, many times all they care about is the score... so don't be surprised that if in the next few years, you hit some hurdles when you try to borrow... especially for big purchases like a house or a car...
just keep in mind though, that just because you did the right thing, many times all they care about is the score... so don't be surprised that if in the next few years, you hit some hurdles when you try to borrow... especially for big purchases like a house or a car...
We are members of a credit union, along with all our family, that has been helping us out the last several years so I'm hoping they'll continue to help us. Maybe with a house loan by the end of next year!Thanks for the kind words!