If paying off collection accounts wont raise my credit score should I even bother paying them? related questions

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If paying off collection accounts wont raise my credit score should I even bother paying them?6my writing is terrible2012-09-03 20:05:03
I need to buy a house fast . I am a home buyer first time with a FICO score of 620 . I have 5,000 for a down payment. I owe a few thousand in the old collection accounts on my report . None of this is revolving accounts . Would I be able to get a mortgage , while oweing these or impossible ? I have read in my fico.com that payment of these not increase my score so what's the point? ( I will pay in future only need a house desperetly ) Thanks for your help .
How can i raise my credit score if i have 6 accounts in collections and i am paying on a student loan?4mary doherty2012-10-05 14:34:03
... seems to go through a debt settlement or consolidation, or negotiation is something I can do on my own , I'm not sure if this will only increase my credit score if all my accounts expired 2 years and I do not have current accounts opened . I can not even get approved for an unsecured credit card to increase my credit score. Please help !
Paying off Collection Accounts?3LaLa Help me please!!2012-11-03 11:13:03
I've been watching my credit. I know it is very poor . I'm trying to fix it because Id like to buy a house within a year or so . Ok I checked all 3 credit bureaus. MedlinePlus MedlinePlus 605 Equifax MedlinePlus Transunion 538 MedlinePlus Experian 560 MedlinePlus MedlinePlus I was told by a mortgage company ( Bank of America ) that my credit has to be at least 580. So I'm not sure they're going through the agency but I'm almost there. MedlinePlus MedlinePlus I have a car loan , which is a little more than $ 12,000 MedlinePlus MedlinePlus We have 2 credit cards are both paid and current limits , but near maximum . I know we have to pay to use our debt-to- income . There are small lines of credit though . MedlinePlus MedlinePlus Here 's where it gets hairy . MedlinePlus MedlinePlus I have a few overdue accounts in collections , especially there all each a couple of hundred dollars. I know I have to pay them . Is it fair to call the collection agency and perhaps set up a payment plan if the amount is high ? If its only $ 100 or $ 200 I can only afford . Will they automatically correct my saying that that claim was paid ? MedlinePlus MedlinePlus I also see a couple of things , if a company has a collection account and then sell it to me , has another hole in my report ? MedlinePlus MedlinePlus Here are some other facts about my credit. MedlinePlus MedlinePlus Credit utilization is 86 % MedlinePlus On time payments 100% Online Credit Average age 2 Years MedlinePlus 21 Credit Questions Brands derogatory 9 Total Debt $ 21,000 MedlinePlus My fiance does not have bad credit ratings on hers , only one credit card and a car loan , but there are only a few months 3 . So after how long you will start increasing your credit?
What does Debt Consolidation do to my credit score and should I close accounts while I'm still paying them off0mamadou2012-11-05 05:55:45
Can I raise my credit score by paying off my car and one of my loans?0Sim2012-09-30 09:40:02
I want to buy a new car and want the lowest interest rate possible - I want to pay my other car $ 2000 and another loan of $ 6,700.00 . Hopefully relfect my credit report and how long it would take ? ? ? Thanks in advance!
Would paying-off a car loan early raise or lower my credit score?0terra2012-09-07 11:34:02
I bought a new car 6 months ago and financed the vehicle for 48 months with monthly payments of $ 406.00 . MedlinePlus MedlinePlus Since then I have paid almost $ 200. My next payment in 39 months. Instead of paying - the entire loan , the loan rather keep active and continue reporting to my credit as an asset for a longer period. The nominal interest will continue to accrue is not a concern . MedlinePlus MedlinePlus The only drawback is that the loan is still listed as an obligation of $ 400 per month despite the repayment amount is only $ 200 and no payment is due until more than three years from now . A 4-year loan is best viewed in a credit history that a loan of six months , but not without also makes it look like you have $ 400 more than the monthly debt liabilities than they actually have . MedlinePlus MedlinePlus My question is whether or not my credit score actually be reduced by the payment - the loan in full rather than continue a current loan , active time . I have no credit card debt and my mortgage is paid off in full.
Will my credit score go up if I pay off collection accounts?1james b2012-08-29 03:17:06
I have a lot of debt. None of this is the credit card debt though. It is primarily medical expenses , cell phones , and student loans. I also recently had a recovery in February anyway , if I pay these bills out how it will affect my credit score ? I still appear negative , even though they paid ? and if I had to pay the amount still owed on my car , would it still show a repo on my credit ?
What will improve my credit score faster- Paying off an auto loan or paying down credit cards?0leroy2012-10-19 10:22:08
I get my credit score up a bit more , but I'm not sure what would be more beneficial . Pay my Full auto loan ? Or pay some of my credit cards with high limits ? What is the best option to improve my credit score ? Besides, if I pay some of my credit cards fell my limits ?
Is the stimilus money going to banks paying for our deliquent credit card accounts?0K stewart2012-09-04 18:05:03
Why banks get stimulus money ? Is that to cover credit card bills and student loans that are delinquent and hesitant because of the economic crisis ? After all , when an account becomes delinquent , the bank can claim as a loss . So when we pay , do not pay double , first, with our money and secondly with federal taxes ? And the bank receiving twice? (Excluding interest) .
Building credit - second secured card or raise limit? Start paying student loans?0ashlin2012-09-09 17:58:02
I'm trying to improve my credit drastically , from this time is horrible. This is not my nonpayment of things ( there are two negative accounts are medical bills ) . This is more my lack of credit history . I just turned twenty-two, and although everything is in my name , obviously , half reported no joint accounts that all pay phone , ie rent, electricity . So those are my main questions on rebuilding my credit : MedlinePlus MedlinePlus 1. I have a secured credit card at this time with Capitol. My limit is $ 700 and you make all payments and increased over time. If you increase the limit of $ 2000 or they get another secured card with two boundaries to be $ 1000? I just put my monthly expenditure on them , and pay in full each month. What is it that from what I've read / heard have the best credit improvement . MedlinePlus MedlinePlus 2. Currently I am a student , and have about $ 14,000 in student loans (federal ) . I have a great job that pays well , so I'm able to pay all my monthly bills add a significant amount to saving and have enough to spend (ie entertainment food gas) . As not make any payments while I'm at school , would make recurring monthly payments help build my credit now? (obviously paying now will help heal the pain of when I have to return ) MedlinePlus MedlinePlus I want to get my credit up. Fast .
Will collection agencies really bother to sue for amounts under 3000 dollars?1NEED HELP URGENT!!!2012-09-07 20:24:02
Especially to sue someone who has a combined household income of 35,000 --- $ 12 an hour ago --- and no assets ( not even a car ? ) MedlinePlus MedlinePlus If so ... what is the procedure ? I have three credit cards to about 2000 each and a medical bill of $ 3,000 --- all collections. MedlinePlus MedlinePlus If I got the papers , how long do I have to find something better --- until you have to appear in court ? MedlinePlus MedlinePlus I did not recognize the debt , and I have the money to pay .... is still within the statue of limitations on debt . MedlinePlus MedlinePlus I do not know what to do . I know that if I call and try to establish a payment plan , they will not take what they can (which is minimal ) . I'm exhausted - between my husband and I are working 3-4 jobs at any week and they can barely make ends meet. MedlinePlus MedlinePlus What sucks is that this debt --- is due to unemployment , while I was at school - and after. It's not like I was accumulating debt frivolous. Now , I'm trying to get back and finish my degree , but it's like all the odds are against me ..... I do not want to work for $ 12 an hour , with a payment of student loans forever. I have 35 years . If you do not finish school --- now I doubt I ever will and stuck energy and regret forever. However, I'm nervous that if I enroll in the fall , come after me and grab my bank account , even if I'm not working . MedlinePlus MedlinePlus Any advice ? MedlinePlus MedlinePlus Thank you.
Paying debts that are in Collection/Judgements?0Gaines2012-08-16 21:03:32
I live in Virginia. College Grad, single mother of a child. Employee, but not in the field that I went to graduate school , so my job only pays $ 26K/yr . I am currently living paycheck to paycheck , but I'm doing what I can to be responsible now and restore my credit. I can rent a home now , and I have my own house in 3-5 years. Current FICO is 487 . I 'm trying to repair bad credit you have accumulated , but I am so overwhelmed and not know where to start. I have no current Open / Revolving accounts at all, because nobody is going to pass. I'm living a " Cash Only " lifestyle for the past 4 years. All that is negative on my credit report is already in the collection or a judgment against me. I have approx. $ 38,000 in college loans and $ 12,000 in loans from others ( for a car repo, old credit cards , utility bill of age). I know I have to start paying off student loans as soon as possible otherwise my wages can be garnished. My question is: Will it make any difference on my credit report if I make payment arrangements to pay what is already in collections or judgments against me ( the other $ 12,000) ? or should I file Chapter 7 bankruptcy at $ 12,000 and just focus on repaying student loans only? I've done some research and I know that student loans can not be discharged in bankruptcy unless an undue burden that makes me unable to work . Thanks in advance

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