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will making payments on 4 year old collections help my credit?


mojojojo_1
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I have a bank of america (bofa) and a Us bank card in collections for over 4 years on my credit report.

BofA i owe 16,000 and US bank 10,000

Both of these are no longer with the original creditor, but rather in collections.

Would it help my credit if i started to make 200-300 payments to each?

The collections update it as a collection monthly.

thanks in advance.

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No it won't and if they are 4 years old, and BoA cc, they are also outside SOL (statute of limitations), since Cali will take choice of law of the card holder agreement that in the case of BoA is Delaware. So if you pay them it might reset the SOL, DO NOT PAY A PENNY, it won't help and it will actually hurt you.

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Like kutuzov said! Don't pay a dime on a debt that is past the SOL. They can't legally sue you anymore and older debt doesn't hurt you that much unless your buying a house etc. Wiat for it to fall off at the 7 to 7.5 year drop off. VERY foolish to pay it now.

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DO NOT PAY A DIME, it won't help you, they are SOL, end of the story, in 3 more years they'll be out of your credit. In fact if you read carefully the Forum you will find out that you can make money out of them, instead of paying them, I did it so I'm sure you can do it too.

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No it won't and if they are 4 years old, and BoA cc, they are also outside SOL (statute of limitations), since Cali will take choice of law of the card holder agreement that in the case of BoA is Delaware. So if you pay them it might reset the SOL, DO NOT PAY A PENNY, it won't help and it will actually hurt you.

+1.

 

Someone please correct me on this if I am wrong, but the longer a derogatory stays on your report, the less it effects your score.  This used to be true a few years ago

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Leave a sleeping dog lay, if you wake it you may get bit. If no one is actively pursuing collections on these accounts the only thing it will do is start them hounding you again. If they think you have some money they will be all over you. And by offering a payment they will think you have some money.

 

If they sue you have legal defenses against their claim.

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