Tad218;206586 wrote:
I've always heard that negative stuff basically just disappears from your credit report after 7 years...is that true?

I just ask because I checked my report today and I only have one negative thing on there (the rest are good standing or paid off on time) from 2004 but it ballooned to over $7000 now and the payoff they're offering isn't anything to brag about.

Offer them 1/3 to 1/2 of what is owed on the condition that they drop the negative listing w/ the Credit Bureaus. Otherwise, it will take up to 7 years from the last activity on that account......not necessarily your activity either.....could be from the last time they raised rates, listed as delinquent, etc...

Otherwise, tell them you are going to file for bankruptcy as you are not able to make the payments they wish for you to do. Odds are they will bite at 1/2 of what is owed rather than chance not getting anything in bankruptcy.