04-23-2009 09:37 AM
04-23-2009 10:16 AM
Will paying off a closed CC help score??
Definately, it is killing your utilization
When you say not pay it off, you mean let it go to a collection agency? Because that would not be good for your credit score, good history or not.
Can't expect too many results on a GW to a creditor you still have an outstanding balance with on a closed account
04-23-2009 10:53 AM
Remember, if you agree with the collection agency to pay off the account, they will "re-age" the account, meaning that the seven-year reporting time of deliquency on your report starts with 2009, not with 2006 as it originally was. In talking with any collection agency, never admit that you owe any amount. Tell them, that "If I owe this amount, I want it put in writing that when I pay off the amount you will report to the bureaus that the account was paid in full, and paid satisfactorily." They are to mail you this statement. Never, never give them your checking account # in order that they may draw from your account; otherwise they might drain the account. If you pay by check, always use a money order check. Always keep notes as to who you spoke with and what was agreed (and the dates).
On the Kohl's account, you will see you score go up once you pay the balance down to $200.00.
04-23-2009 11:07 AM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.