on a credit report? Here's the deal: I went cold turkey not paying my credit card bills at the end of 2008. Then over the next couple years, I settled all of those accounts. The last account was settled in full back in April of this year. I had to make a couple payments on it to satisfy the agreement. Now I notice that my payment history on my credit reports is showing that my most recent "late payment" was April 2012...right when I settled the last account. I needed to settle the account anyway, but is that correct that paying the damn debt resets the the last late payment...and screwed me by 3.5 years on my credit score? My score is lower now as a result of the recent late payment than it was when I had an $8,000 past due debt that hadn't been paid on in 3 years.
Making payments can update the DOLA on an account and negatively impact your FICO scores. It sucks, but unfortunately paying off debts, settling debts, etc. doesn't always have an immediate positive impact on your credit scores.
Thanks. That's what I was afraid of. I guess that's part of the whole issue on how you need to negotiate deletions. It just sucks that my reward for paying Discover six grand in settlement was that my credit got worse and I just extended how long the negative will stay on my history for another 3.5 years. I guess the good news is that NOW I'm headed in the right direction...
Re: Thanks. That's what I was afraid of. Remember that the DOFD shouldn't change. The debt should still drop off your credit reports 7 years from the DOFD.
