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    hperry3178's Avatar
    hperry3178 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 15, 2009, 04:47 PM
    Is "Paid in Full" OK on my credit report?
    I have a credit card that I have been trying to pay off for a while. Long story short - I ran it up huge years ago like an idiot and have been diligently trying to pay it off. I moved two years ago and did the change of address forms, forward mail, etc. but never received another statement from the card company. I closed the account years ago and don't even have an actual card anymore. I completely forgot about it in the craziness of moving. Now (2 whole years later) I am getting bills from a credit agency stating that if I pay 40% of the total balance they will mark me as "paid in full". Is this OK? My credit is fairly good, but I am looking to buy a home soon and want it to be as perfect as I can get it. Should I accept the offer? I am kind of a credit dummy. Obviously.
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
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    #2

    May 17, 2009, 04:15 AM

    First, its not a credit agency - it's a collection agency.

    Paid in full is good. However, it will also factor in your payment history and will so multiple 90+ day deliquencies, so that is real bad.

    My advice (and I am no expert) would be to get the whole issue resolved and let time do its work.

    As for buying a home... its going to depend on who is selling you the loan. Having an outstanding, unpaid collection will really hurt your chances and credit rating.
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