Should I pay off my credit cards ($10,000) from college 6 years ago?
487175
Would need a bit more info to advise you.  How many credit cards arewe talking about, what balances, what state?\n\nTake a look at the link below.  It describes what the Statute of Limitations is, and the reporting period for your credit.  \n\nLike Icsowesmemoney stated, they can sue you.  But as a general rule, they usually don't go after you unless you owe more then $1000, and it depends on if the collection agency is located near you or not.  Having to hire an out-of-state attorney isn't worth it unless your balance is fairly large.\n\nIf the Statute of Limitations has run out, you are home free.  If it's about to run out, you can gamble and hide from the collectors.  \n\nAs for your credit rating, debts are reported for 7 years, beginning on the day of the delinquincy.
908651
It sounds fishy.   If you have that much money to give to someone else,  just pay off your own debt and that will help you too.  I know when I opened to much credit too fast, it hurt my credit score a bit and were only talking about 1500 dollars.  This company is talking about credit lines of 10-15 thousand each.  That could show you as out of control and a credit risk and lower your score.
246842
Only if you stop paying off your credit cards . . . it will.  Keep your payments up and it will not affect your credit score.
528770
All credit card companies now have a thing called a default APR, which means that if you are late with one payment, or go over your credit line one time, then you are charged a radically high APR, sometimes up to 35%.\n\nYes, it is abuse: CC companies love to target college students, knowing full well few people appreciate the challenges of owning a CC.\n\nDo what you can to pay off that credit card. It is very important to make a little bit more than the monthly minimum payment, as you could spend years paying that off.\n\nIt is very smart of you to start an emergency savings fund: keep on contributing to that.\n\nGet yourself another credit card, but a secured credit card, which means you put your own money up front, usually with a minimum of $300. You do need a credit card to build a credit history, which is very important.\n\nUse any future credit card very sparingly. Credit card companies are very bad when it comes to resolving customer disputes and they don't care if they lose you as a customer, so you can't negotiate lowering your APR. Just be really careful in the future with credit cards, and I hope you find a way to quickly pay off your balance.
426070
What was the date you defaulted on the loan?  When did you pay last?\n\nWith that much penalty/interest, it sounds like an old debt.  Each state has a statute of limitations, and after that time you have no legal obligation to pay the debt.  So that will at least get any creditors off your case.\n\nAs for your credit report, you can try what the previous responder said, and send a letter to the collection agency (See the links I've supplied below for info).  But I'm going to bet it won't work in your case, especially for a large credit card company that does this nonsense all the time.  They know the game, and know how to play dirty.\n\nJust because a loan has been charged off and closed does not mean you are off the hook.  The balance can be sold to a collection agency, and they can continue to try and collect.  Without looking at your agreement, I can't advise on how legal their intrest and penalty charges are.  But they will also threaten you with legal fees if they try to take this to court.\n\nCredit reporting agencies will report this debt for 7 years, after which they MUST remove it.  So check the dates, and if this is an old debt my suggestion is ride it out, then watch the report drop by itself.\n\nContact me if you need more info.
30187
Pay off those charges, especially if your interest rate is over 10%.  It's always good to have some money in savings, but if you want your money to go further, get rid of those charges, it's like paying a middleman for an item purchased for YEARS!!!
368217
mattycindc is right on target!  Nice to see someone do the research before answering questions here.\n\nIt is generally recommended that you have 2-3 cards, and use them occasionally to establish a history for payments.\n\nIf you have more then 6, it makes it look like you have far too much available credit, and it will look bad to future lenders.\n\nWhen you close them, you are lowering your debt to credit ratio, which also looks bad.  It makes it look like you have suddenly used up a lot of your available credit.\n\nHere is your game plan.  If you have no plans to get a loan in the near future (6 months), then go ahead and close one or two cards.  It will lower your score for a short time, but your continued use of the other cards will quickly restore it.  Just try to keep 2-3 cards active.\n\nOther than that, you are doing everything right.  Pay on time, and keep your balances low.
899067
I just love all these "pay the bills" answers!  Come on guys!  Didn't you read the part where he said he was unable to pay them for years?  Don't you think he would pay them if he could?  Sheesh!\n\ndbuitt22 is on the right track.  \n\nIf you filed for bankruptcy, it will appear on your credit report for the next 10 years.  In your situation BK is not the answer.\n\nStart by reading the links below, so you understand what the Statute of Limitations is.  After a certain period of time, you no longer have a legal obligation to pay those debts.  Therefore, the only issue you have with those older debts is that they are on your credit report.  If you wait a couple years they will drop off automatically.\n\nIf the debts are recent (2-4 years) you could consider contacting them to negotiate a payment plan.  \n\nBut bankruptcy?  Not in your case.  Never file BK for debts under $20k.  \n\nContact me if you need more specific advice.  I am not a lawyer or credit counselor.  Just someone who likes to fight with creditors.
1026671
When I went to college, I didn't know what I wanted to do with my life.  During September 1996 I was already over $5000 in debt and not producing, not earning any money.  At the end of college, May 2000, I was 30000 in debt and still didn't know.  The idea of having "an education" as some solution to some social problem, dreamt up by the same academics I'm funding to come up with that theory, is useless unless there is some specific course of study that I will use to make money that will counterbalance the current debt I am in.  \n\nI majored in a subject that would have paid off my loans in the first 2 or 3 years.  Six years later, I owe  $28000.  I am still struggling to find a life's purpose while struggling to keep bill collectors off my back.\n\nDo not go to college because of some sentimental whim or urging from people who think they know better.   Go to work.  Find yourself, what you love to do and find some responsibility.  When you've been working a few years, and say you are sure you love what you do, go to college (maybe at night).  Get the degree to excel at what you've been working at and to climb higher on the ladder in that industry.  Do it to start your own business or to be a vice president.  Most 18 year olds are entering a fantasy world and then just stuck in a corporate rut living for their debts and fuzzy on the fact that any of it means anything to them.
836984
Do your research before to proceed.  Check out some of the previous answers here, or follow my messages.\n\nWhy?  Here are two examples.\n\nIf you pay off a bill, all the creditor is required to do is update the information on your report to show "paid".  It does NOT remove it from your report, and it will continue to be a negative mark because it shows you had late payments or were in collections.  \n\nIf you are going to pay it off, get the creditor to agree IN WRITING to delete the entry before you pay them a dime!  Otherwise you are not doing anything to fix your credit.  You are tossing away money.\n\nAlso, the debt you pay off makes a big differance.  Older debts do not have as much of an effect on your credit as recent debts.  When you pay off an old debt, it will "reactivate" it and show recent activity.  It will actually hurt your credit by paying off a very old debt.\n\nAlso note that debts automatically drop off after 7 years, beginning on the date of the delinquincy.  So if the debt is 6 years old...ignore it.  Pay off a more recent debt.\n\nFixing your credit and getting out of debt is a battle!  Knowledge of the laws is your only weapon.  Don't fight them unarmed, learn your rights and know how to do it wisely.
487930
I would say no more than one year's salary of low interest debt (college tuition, room, and board) and $1000 of credit car debt. If I assume you get a job earning $35k per year, you should be able to pay off your credit card debt in 12 months as well as make loan payments.
859021
If you're in deep debt (like over $25,000) you might want to consider it. I was over $28,000 in debt and I decided to file Chapter 13 (Repayment plan). It was the best move for me because I would have never paid off my credit card debt. True, Bankruptcy does stay on your credit report for at least 7 years, but it's worth ridding yourself of the aggrevation and stress of not having any extra money to save. I filed in 2001 and have finally got my credit back on track. Plus, my bankruptcy will be removed from my report in 2008. Contrary to what you've heard about it, there are still many places that extend credit to you even after a bankruptcy. If you're deep in debt, talk with a lawyer and get the facts.
1161408
Your loan agency (the government, or a private institution) will distribute the money to your college, usually about 4 weeks after your semester has begun (for a full length semester).\n\nThe school will then use the money to pay off any outstanding debts you have (for classes, for registration, for tech fees, etc.).\n\nMoney that is left over, will be given to you in the form of a check, about 2 weeks after that. \n\nYou then have the option of either returning it to your loan agency (so you won't owe more later, and so you don't reach your loan limit before you have finished your degree)...\nOr cashing it and sending part of the money back to the loan agency (same reasons as above, plus building up a good line of credit, showing you pay your debts)...\nOr cashing it and either spending or saving it.\n\nI suggest using what you need for books, then sending the rest back to the loan agency, or depositing it into a bank account that will give you interest. Keep this money separate from the rest of your spending cash or it will soon dissapear, and remember, you always pay interest so you always end up having to pay back more than you borrowed (which is why I returned the checks, uncashed, to the government, my first two semesters in college).\n\nBy the time you get to your last 1.5 years, try saving all the money...because 6 months after graduation, you have to start making large payments to the loan agency, and if you don't have a good job, you won't have the money on hand...so save their money and pay them back with it!
800646
Short answer is yes and after seven years your credit history would be clean aswell. I just moved in this country and didn't tell them where and they wrote my debt off but my credit has been screwed for years, and if i could go back i would not do it again
995477
AMEX did the same thing to me years ago. They call the shots. I cant tell you if you should pay it but I can tell you it will haunt you longer than the 7 years because it will continue to be "sold" and thus will stay on forever.
801488
The first thing you need to do is get a job. Once you have money coming in talk to your creditor and try to work out a repayment schedule. Don't ignore them. Once you make an agreement with them make sure you stick with it and pay more if you can. You may be able to work out a lower amount to pay them or a reduced interest rate, but make sure you get any agreement in writing. You have already damaged your credit, but it isn't anything which cannot be corrected. Unless you straighten this out you may find it difficult to find a better paying job when you graduate from college. Some companies will check your credit before making a decision to hire an applicant.
35392
In general - you shouldn't be maxing out your cards at all - it is a very bad habit to get into. Living on borrowed money isn't a wise idea. Credit cards are a tool. They should be used instead of cash so that you don't have to carry cash around with you. But it doesn't mean that you don't have the money when it comes time for that bill to be paid. \n\nIf you only charge what you KNOW you can afford to pay off - you will be safe and build a very good credit rating. Keeping a small balance is not a bad thing but - try and pay the majority of it off this way you don't have to pay interest on it.\n\nI have been through it. It took us 10 long years to get out of debt. We had over $57,000 in debt and very good credit though. We never missed payments but just seemed to be swamped with it. Be patient for the credit transfer deals that let you have the rate until your balance is paid in full. These are the ones you will want for the long haul. \n\nWe transfered to a few cards. one of them was the BEST - 0% until it was paid off! That was amazing but true. There was no limited time. then we also transfered onto a few cards with 3.99% interested until paid - Again no limited time. \n\nThis allowed us to pay MUCH MORE THAN THE MINIMUM.  paying the min will not help - it will usually get you worse off because you debt will grow usually from other purchases going onto it.  Just stop using the cards and pay them all off.  \n\nStay away from the Transfer offers that only give you a matter of months to pay. \n\nI just can't stress that enough.   cause you will end up having a huge percentage rate a year from now and then your debt will be compounding more than it ever has.  \n\nI am standing here today - debt free!!! Yes we paid off the entire $57,000 and it is all due to the stratigy above - never miss a payment and pay as much as you can towards the highest interest rates first. Minimum payments for the lowest rates. After a while you will see your debt come down, and your credit history improve.  We did it all on our own.