Hello everyone, this is my first post, been "lurking" for a few weeks trying to soak everything up. I still haven't pulled my scores (kind of scared to do it, actually). And I've still got a few questions regarding collections, credit cards and score pulls.
1. I've got an 800 dollar debt in collections from 7/2004. I have made one payment for $25 to the collection agency, and that was several years ago. Should I pay it, and if I do, will it hurt me anymore than not paying it? Also, if I do decide to pay it, should I pay the CHP (who originally billed me) or do I pay the credit agency?
2a. Credit Cards. I've currently got 3 cards (2 of which recently got small CLIs
) Total credit available is $3800, and have got $1250 between two of them (1 is paid off completely) would applying for a new card(s) help me out? I keep getting an offer for a 0% intro GM rewards card, I keep shredding it and they keep sending it. I guess they cant take "no" for an answer.
) Total credit available is $3800, and have got $1250 between two of them (1 is paid off completely) would applying for a new card(s) help me out? I keep getting an offer for a 0% intro GM rewards card, I keep shredding it and they keep sending it. I guess they cant take "no" for an answer.2b. Is paying credit card debt weekly doing me any harm? I get paid weekly and am doing my best to get caught up, but I have heard this method is not as good as opposed to paying once monthly. I am paying over the monthly payment
3. I'm still kind of confused about soft and hard score pulls. I'm planning on buying one of myfico's products, and I'm kind of hesitant to do that, because I'm kind of obsessive and worried if I pull my score too much, it'll ding me
If anyone would take the time to help me out I would definitely appreciate it. I hope to learn a hell of a lot more in the next coming weeks/months/years and one day be able to get into the high 700s
Hello everyone, this is my first post, been "lurking" for a few weeks trying to soak everything up. I still haven't pulled my scores (kind of scared to do it, actually). And I've still got a few questions regarding collections, credit cards and score pulls.
1. I've got an 800 dollar debt in collections from 7/2004. I have made one payment for $25 to the collection agency, and that was several years ago. Should I pay it, and if I do, will it hurt me anymore than not paying it? Also, if I do decide to pay it, should I pay the CHP (who originally billed me) or do I pay the credit agency?
2a. Credit Cards. I've currently got 3 cards (2 of which recently got small CLIs
) Total credit available is $3800, and have got $1250 between two of them (1 is paid off completely) would applying for a new card(s) help me out? I keep getting an offer for a 0% intro GM rewards card, I keep shredding it and they keep sending it. I guess they cant take "no" for an answer.
) Total credit available is $3800, and have got $1250 between two of them (1 is paid off completely) would applying for a new card(s) help me out? I keep getting an offer for a 0% intro GM rewards card, I keep shredding it and they keep sending it. I guess they cant take "no" for an answer.2b. Is paying credit card debt weekly doing me any harm? I get paid weekly and am doing my best to get caught up, but I have heard this method is not as good as opposed to paying once monthly. I am paying over the monthly payment
3. I'm still kind of confused about soft and hard score pulls. I'm planning on buying one of myfico's products, and I'm kind of hesitant to do that, because I'm kind of obsessive and worried if I pull my score too much, it'll ding me
If anyone would take the time to help me out I would definitely appreciate it. I hope to learn a hell of a lot more in the next coming weeks/months/years and one day be able to get into the high 700s
Welcome Tucker43......In regards to your collection, , you can ignore it and just wait for it to fall off your report because if you do pay on it again the CA will report it as a new debt and you dont want that because it will make your score drop more then what it is already. You can call CHP and ask if they still owe the debt, if so then you can pay them, if not then just let it go til it falls off unless you plan on buying a home soon then you would have too.
Nothing is wrong with applying for a new car but how long ago did you get your last card? You dont want the CCC pulling your CR and seeing that you just recently applied for a card and got it because they may see you as a risk and then you still have yet to pull your own scores which I would suggest you do asap, that way if your low then you can set yourself a goal to reach and also you would know what you can and cannot qualify for.
Nothing is wrong with paying your credit card debt weekly. CCC's like to see more then the minimum balance paid and it looks good overall if you have a lot of debt compared to a lil. I mean you could save some money and still pay twice a month like I do or continue doing what you do now. Overall, you always want to keep 1-9% util on your cards just so they know you can maintain.
A soft pull is a pre-approval that you receive in the mail, its a basic criteria that people meet, therefore an offer is sent out, as long as nothing has changed on your CR then you may be approved. A hard pull is when you apply for a CC outright, car loan, installment loan, etc. You cant get dinged for pulling your own report or scores.
Hope that helped you out a bit, if you have any other questions, just ask