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rebecca78moore

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Paying off credit
I know I owe what is remaining on my credit. Can't I just start paying it so it will show in favor for me? I don't have that much on there, maybe 4 or 5 thousand dollars. I just want to pay it. However, everyone is saying don't do that.

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depends on the age of the debt

if the debts are old and are getting ready to "age out" (this means that they will fall off your report after 7 years ) then let them fall off and start fresh after they disappear.  if they are faily new debts then you probably want to deal with them now. 

remember that if you contact the collection agencies that you will reset the clock on those debts making them stay on your report for another 7 years, so be prepared to pay them off when you do contact them.  

if you have cash to pay them off you can contact them,  you can call them and negotiate a pay off. often times for less that the amount you owe. But never make a  deal with collection agencies over the phone that you don't have in writing.  Tell them to send you the agreement in writing before sending any payment.    You'll also want to try to get them to agree to a "pay to delete" meaning that once you pay them, they agree to take the negitive remarks off your credit report. 

Explore the blog posts and articles here on CK to read more about this.  Knowledge is the best weapon in dealing with creditors. 

Good luck 

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