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Pay off delinquent account on credit report?

BlueOvalStangGT 49 October 3, 2012 at 06:31 AM
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So, 6 years ago I lived in a apartment complex near campus. Long story short, the apartment complex pulls this major scam when everyone moves out and I get stuck with a $177 bill on my credit report. A while ago I looked into getting it removed but I never really got around to doing it. Now, I am shopping for mortgages and I am wondering if it would make sense to pay it. Would it give me a solid bump in credit score? The rest of my bills get paid in full every month and I have never missed a payment. Credit Karma shows 750, but BOA said it was between 690 and 740. Would it help?

11 Comments

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#2
Actually it may opposite effect; it’s more than 5 years old so it’s not that important on credit report.
By paying off you and asking to close it is going to bubble it up to current time

They used data from 3 credit report agencies averaged or used 2 the worst ones for middle score
740 is good score.

also after 7 years it will be dropped from your credit report
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My # is bigger than yours
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#3
Iagree let sleepin dogs lie
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L5: Journeyman
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Original Poster
#4
Ok thanks, it just bothers me that its my only negative on my report.

Reps!
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#5
If you get approved for the mortgage you want, no worries. If you dont (likely because your actual score may be less than 720), you'll probably have to clean it up. By clean it up, I mean get it removed completely, not just pay it off.
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Red Button, standing by
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#6
Yeah when doing a credit check, say for a mortgage, they will go back about 2 or so years. If that $177 was eaten and is no longer valid (bureaus check up with those that report to the bureaus on a regular basis) then it will disappear and it takes about 2 years for it to never have existed. If you're in the 690-750 range then I'm thinking you're squeaky clean right about now of it.
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#7
Sounds like good advice above. I would personally be more interesting in knowing my current score for sure. We do use CK also, but it reports low for us (~25 for my wife and ~40 for me). It's great for day-to-day, but when going for a mortgage I'd want something much better.

"BOA said it was between 690 and 740" is a bit scary... did they mean that the 3 scores show a range of 690 to 740? Or are they somehow estimating? Anyway, since you can get your scores for free once a year, or by using one of the pay services and cancelling, I think that information would be worth acquiring.

I suspect that the truth is a bit more variable that this chart suggests, but 690 to 715 (mid point) may make a substantial difference in rate: http://www.bankrate.com/finance/f...tes-1.aspx Of course, I wouldn't take a 6.002% rate in this market anyway! shake head

Also... I am a bit curious about the apartment complex scam, if you're willing to share the story. Smilie
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#8
They used data from 3 agencies and 20-30 point’s difference is common between them.
You can ask BOA to send you a copy of your credit report.
You can check you report for free but do not pull it very often.
They may think that you are expecting bad posting and checking your scores on regular basic.
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L5: Journeyman
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#9
Well I was preapproved for a loan for 3.375% so it seems like I am good to go.
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#10
Quote from BlueOvalStangGT View Post :
Well I was preapproved for a loan for 3.375% so it seems like I am good to go.
Congrats..

Don't buy anything on credit on until you have keys in hand.most will pull your credit just before close of escrow.
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#11
good advice above...leave it alone. Never contact old debts or you may reset the clock
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#12
Used myfico.com product for a real score and you dispute that account with credit bureaus........or PAY for Delete...im sure you can find a lot of good information for rebuilding credit thread....good luck....
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