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Question By
Brandynrl

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should I wait 7 yrs
Im trying to increase my score fast. I have 2 accounts that were opened Oct 2010, should I wait for them to drop off or pay them now?

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Top Contributor
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Thats a very broad question.

There are many factors to consider on your next steps. If you want to fix your credit report right away and If you can afford to pay them off, I would suggest that you try an "Offer and Compromise"  where you pay part of the balance. This can be to your advantage because you can actually get them to remove the negitive account right away and often for a lot less than the balance due.  Google it for more info and letter template.  ALWAYS contact them by mail. Never by phone. Get an agreement in writing before sending payment.  The other option is to just wait it out. 16 months when you haven't used credit for years is hardly much time at all. Its your call depending on what your trying to do with your credit.

Good luck

Top Contributor
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Check the Statute of Limitations for Collections to find out what it is for your state, since it differs.  If the SOL in your state has expired (your debts have been unpaid for that period of time) then you cannot be sued to get the debt paid and it might be wiser to wait it out.

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Just a note: the seven years does not start from the "open" date. It starts from the DOFD date (one month after you made the last payment on the original account).

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