My Bf owes Bank of America and now we want to buy a house?

He owes BOA about 500 dollars, we are going to pay them back in full, but my question is will it hurt us if we want to buy a house? If we pay it in full will it disappear from the credit bureau or will it be there forever?( Its not in collections yet, if this helps any!) I heard that BOA will not forgive you and loan you if you have owed them before.
We checked his credit and neither banks are showing up on collections, I know eventually it will.

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