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inthedumps

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how to use windfall
About to make some serious money. But my firm went bankrupt in 2012 and I quit paying on roughly $150,000 in debt--most of these accounts are closed now, some still in collection. If I paid them off at a discounted rate now, would it improve my credit rating meaningfully over the next few months.

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not in the short term

Credit reports are your Credit History over the last 7 - 11 years.  As time goes by things have less impact if you are currently in good standing. Paying them off will take 60 to 90 days to reflect on your credit reports. But the Collection accounts will show on your report for up to 7 years and the bankruptcy for up to 11 years depending on your state law.  There are ways to negotiate a pay off with whats called a "pay to delete". Always get creditors to agree in writting before making payment. They have incrediably poor memories of their phone conversatons.   Read up on it.

Then it will depend on what your other credit looks like. The number of accounts in good standing will have a big impact.

Rebuilding credit takes time.

Good Luck

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