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LDRANDY

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how does pd collections impact my score
I have 7 old collection accts all but 5 will remain for two more years. If I settle the 5 accts will that impact my score any. I have good stuent loan accts for the past 2yrs. Do I need to be placed on my wife cc aact and inherit her great history . Thanks for any help

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The fact of collections not good.

When any credit account is turned over to collections, it's because the debtor has shown they are totally un-trustworthy about making the payments.  Consistently regular payments work best for your credit history.

How to handle the five accounts depends on the statute of limitations for collections that applies in your state.  Look that up.  It is good to get loans paid, because that is a contract you made when you applied for the accounts.

If you have any late payments on your student loans, those are going to follow you for 7 years until the late payments drop off.  Student loans remain collectable until such time as they are paid off, even if that means garnishing some of your Social Security benefits when you retire.  One of the "perks" the student loan industry got with a bankruptcy law revision several years ago.

You cannot inherit your wife's good credit, but your bad credit history can pull hers down if you were to try for a joint account, like a mortgage.

So, put forth a strong effort to get every one of your credit accounts paid as promised (except for those that are past the SOL), and keep all future accounts paid as agree.

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