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Bedgeezus

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Should I pay off collection early?
I got into a bit of trouble following a divorce. As I was trying to get things back in order I set up a payment schedule on a credit card I had that was sold to a collection agency. I still owe around $2500.

My credit score seems to be stuck and I"m probably going to need to buy a car within a year. I was wondering if paying off the collection account early would help my credit score? I know it will stay on my report for years but at least it wouldn't show as an open account. Any advice?

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If you can afford to pay it in full, then it may be a good move. Since you entered payment arrangements you probably reset the "statute of limitations" to be sued for the debt, so it would be good to get it taken care of. NOTE: the "statute of limitations" and credit reporting time period of seven years are two SEPARATE things, you cannot reset the starting point of the seven years. Do some reading on "pay for delete agreements" and try hard to get one before paying. Don't give up on the first "no", keep trying, try supervisors, etc.

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