First timer to the Forum. I wish I had discovered this years ago, but I have now! I was recently terminated from my job and I'm in recovery mode (emotionally, financially, mentally, etc). I had some monies from deferred comp and I want to pay off Cap 1, WAMU and a couple of debts which total about $5000 altogether. I have not seen my credit report lately but I have an idea of what is on there. At this point I guess it's better to wait until January to request it? It Is best to pay these off or should I leave a small balance and keep them open? Do I have any negotiation power with these guys if I call and let them know I want to pay the balance? Is there a benefit to paying debts off during a certain time of the month as far as the reporting agencies are concerned? Right now I have little to no knowledgeable of the credit arena so I need some advice. I have started reading the threads and other links and I will stay with this. Wish I had discovered the Forum before now.
After paying these how long does it take before it affects my score? Right now I think I am in the low 600s. I would like to a re-finance my mortgage if score is raised high enough. I have to get informed on that issue as far as fees, etc. I noticed ScoreWatch is a recommendation for keeping up with my scores. I think I will sign up for this. Until I get back on my feet job wise, I am nervous, of course, about spending this money, but getting these debts paid off is absolutely the best thing to do.
I'm also nervous because this is xmas but I realized the priority has to be my credit.
Need a little advice...
Imani15-
