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newatthis000Z

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Should I pay off the only balance that shows up on my credit report?
.It's an old balance. If I pay it off in one lump sum, how long will it take to not show up on my credit report? How long will it take for my credit score go up?

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What is the Balance?

Is it an Open Account?

Is it a Closed Account?

Is it an Account in Collections?

More information would be helpful.

Top Contributor
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Lots to consider

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In general, paying off a balance will never "hurt" over the long term, but it likely will ding your score for a few months.

How old is the debt?   Is it a few months old?  A few years?   Approaching 7 years?  The older, the more likely that a collection agency will work with you on a "pay for delete" scenario.   That said, get any agreement in writing before paying anything.  If the debt is yours, this is the ideal solution.  You pay.  The listing disappears.

How many missed payments are there?   Is the account still open or is it closed?

Is the debt ABSOLUTELY yours?   If not, have you disputed the listing on your credit report?

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