I just got done with college and have a new job. I want to pay my debts off that have hurt my credit report. If my account states that it is "closed" can I still pay it off to fix my credit? What should I start to pay off first? Does one thing affect you more than another? My score is 561 because I’m a single mother of 3 and have been going through school. I had to give up a lot but hope it was worth it! OUCH!
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Fri, Sep 10, 2010
September 10th, 2010 at 3:27 am
Before you even contact the old creditors you need to know what the statute of limitations on debts are for your state (or where you lived when the debt was incurred). You can re-start the tolling on the statute by making contact.
If the creditor is past the statute of limitations and did not file for a judgment, then it is noncollectable & that debt or credit ding will come off your report 7 years from the last account activity. In some cases it may be better to let the debt ride for a couple years until it comes off.
School Loans are not forgivable in bankruptcy, so those would be a priority.
Bank Loans/Credit Cards – well I am not feeling very generous towards those thieves that the moment, but they’d be at the bottom of my list.
On any old debt you could make an offer to pay 10 cents on the dollar with an agreement that it is noted "paid as agreed & paid in full" on your credit report. Before you do that however, you need to invest some serious time reading up on it using sites like below.
September 10th, 2010 at 3:27 am
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Good luck and I wish you will in life and raising those kids
GOD bless
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September 11th, 2010 at 9:15 pm
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