Credit Card w/ late payments?
jorge05r asked:
I opened a new credit card account 07/2005 with MACYS, 09/2005 I stopped paying and now that Im monitoring my credit score I see it’s status which is (120 days late, Late by 4 payments)
I opened a new credit card account 07/2005 with MACYS, 09/2005 I stopped paying and now that Im monitoring my credit score I see it’s status which is (120 days late, Late by 4 payments)
My question is, Should I pay off that account, would it fix my score, make it worse, no difference, is it worth it?
Wanda
Jennifer
PAY IT OFF!
If you do not want them sending it to collections and possibly garnishing your wages, coming after your bank accounts or even taking your future tax returns.
Pay it off, clear it up and start to restore your credit.
Melinda
yes pay it off because it WILL help improve your score….you dont want that debt lingering for 7 long years
so pay it off and be done with it….
Leon
Pay it off immediately before it gets sent to collection and further damages your score.
Late payment is the worse thing you can do to your credit history. You will need at least a 24 month consistent, on time payment history before your score starts to recover.
Lloyd
Being an early debt, paying it off now will help. If it was over 3 years old, it wouldn’t make any difference.
PS If you don’t pay it off now, they will sell it to a collection agency. Then, that account will be reported by both agencies for 7 years.
Louise
I think you mean you never even STARTED paying with those dates! Why would you think it would make no difference if you deadbeat the account – the whole point of credit is to PAY IT BACK when you’ve used it – did you think it was free money??? You deserve whatever credit hit you’re going to take.
Sharon
check your numbers and repost – 4 120 day lates is shorter than 9/05 to 2/08 since that time span is over 2 years.
How much money are you talkng about?
Is it also reporting as a charge-off, collection or delinquent? I’d need more informatoin to give you a good answer. In some cases it is detrimental to your credit scores to pay off, other times beneficial.
Eddie
if pay off it will help to improve your score
Ronnie
Call Macy’s customer service and ask to speak to the credit services department. If you agree to pay the account off they will 9 times out of 10 remove the negative listing if you demand it.
Just for good measure, tell them you have not been receiving the bills or something like that.
Barry
Definitely pay it off! If you continue to ignore it, the interest and fees will just keep adding up and it will be even more difficult to take care of in the long run. Take it from me, I’ve been in that situation and wish I had done more sooner! Plus your credit score will come up once you have paid it off.
Danielle
make an effort.. why get into a bad habit.. of course it’s worth it.
Milton
Pay it off asap. Not only does it effect your credit, but insurance cos also run your credit and if it’s late, they can up your rates because of the default.