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bcarpenter7

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Should I pay off my collection account if it is six years old?
Hello, I have posted this question before but I can't find my original post so I'll ask it again. I currently have fair credit and I am trying to get it to increase into the "Good" category. I have two items in collections. One is only 2 years old and the other is six years old. I have been reading that once they reach seven years old, they disappear. Is this true? If so, should I just wait another year for this to happen or just pay it off now? I know I need to start paying down the other account that is only two years old. Unfortunately this is the more expensive account.

Please write back with any/all advice. I tried calling the Credit Pros hotline to receive free advice; however, I was transferred to another line, it rang once, and then nothing.

Thanks in advance for any advice!

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Top Contributor
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It is very likely (depending on which state you live in) that the oldest debt is no longer collectable due to the Statute of Limitations on Collections.  Do a search for that chart and check it out. I know that would be the situation where I live, so you just might wait that one out.  Paying off the newest debt as quickly as possible is a smart idea.  Pay as much as you can towards getting it paid in full.  And, never close any credit cards because that will hurt you. You just might consider re-reading the articles provided by this site,too.  I found them very helpful.

Top Contributor
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I wouldn't worry about the oldest one. I would worry about the newest one. I would not make payment arrangements, unless they agree to remove the account from your reports when it is paid off. You would be best to save the money needed to pay it in full and then try to get a PAY FOR DELETE AGREEMENT providing that you don't think that they would take you to court in the meantime. Do some reading on PAY FOR DELETE and remember that simply paying off a collection does little to improve your credit. you want it REMOVED.

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