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I been delinquent on my card payments for about 4 years, I…

I been delinquent on my...
I been delinquent on my card payments for about 4 years , I was wondering if it will help my credit if I settle and start sending payments ?
Or would it have no effect on my credit score .
I have about $21,,000 on collection and they are giving me the option to settle it at a lower amount but would it even be worth it ?
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Customer reply replied 6 months ago
Would it be better if I start making small payments or would I have to pay it off before it makes an impact on my credit score
Answered in 5 minutes by:
10/17/2017
DrakeLAW
DrakeLAW, Attorney
Category: Bankruptcy Law
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Hi, my name is ***** ***** I look forward to helping you, please give me a moment to review and possibly research answers to your question.

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If you start making payments it will not be that helpful to your credit score but it will be a little helpful. It will be reported as "paid late" which does not improve your score greatly. To greatly improve your score you want it to say "paid in full on time" basically and I have had no good experience with getting a creditor to report that.

That tradeline will drop off your credit report after 3 more years which will greatly help your score.

So, it really depends if you want to just get rid of the debt and want to buy or a house or something. It also depends on how much excess money you have to spend that you don't need for living.

Please kindly rate the question so I may be credited. Thank you. You can still ask follow-up questions.

DrakeLAW
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