Credit Question

Discussion in 'Credit Talk' started by R. Brumfie, Apr 25, 2000.

  1. R. Brumfie

    R. Brumfie Guest

    Hello everyone, just like some of you I'm in the process of paying of those who I owe and reestablishing my credit with the hopes of purchasing a home one day. My question is: 90% of my bad credit is due to small amount ($1000 and below) being charged off, the other 10% is a defaulted student loan. I am in the process of contacting my past creditors for either a payoff agreement or settlement. I have also made arrangements with my student loan to pay a down payment and make 3 consecutive payments and then they will issue a new loan and it will come out of a default status. My question is how bad does a paid charge off look on a credit report, will it take 7 years from the time itâ??s paid to come off, is there another way to do this, and should I go ahead and try to get a secured card now or wait until I pay this stuff off? Thanks in advance for you guys input and in return I promise to help out the next generation of â??newbiesâ? like myself that visit this board. Ro
  2. Michelle

    Michelle Guest

    The seven year clock will not start over once you pay a collection off. But, a paid collection is no better than a non paid collection. Part of your agreement needs to be that the creditor deletes all information pertaining to the debt.

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