Quote:
Originally Posted by Wayne at Pelican Parts
That's penny-wise but pound-foolish. It will stay on your record for something like seven years, and then result in higher interest rates on *anything* you try to finance during that period. I.E. it will probably cost you more than $400 in the long run.
-Wayne
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I disagree. The only stuff I finance are sometimes cars or my bike when the rate is just a giveaway like 2-4%, which I have gotten with no problem since this collections issue. My FICO was a 746 last I checked. If/when this collection hits, it may bring it down 50 pts. right away. But my FICO will climb back up every month, since I'm never late and not overextended. Anyone with a 700 FICO can pretty much get a signature loan for anything.