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Don't pay off old collection accounts: It will drop your credit scores
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If you have older collection accounts, do not pay them off. If you are trying to fix your credit, don't go about fixing your credit without asking a mortgage loan officer or credit repair specialist. You can also ask your questions here on this Forum and we will get you the correct answers. Older dormant collection accounts with balances on them will eventually expire per the state's statute of limitations. Once you make a payment, it re-activates the old dormant collection account and the new waiting clock starts all over again. Also, if you make a payment on an older collection account, your credit scores will plummet because it re-ages the older collection account to being a new active account. You can qualify for a mortgage with an unpaid collection account without having to pay the old collection account balance off. Here is an article I wrote and published and posted on http://www.gustancho.com .

http://gustancho.com/can-qualify-morgage...-accounts/

 
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