03-08-2013 12:56 PM
Over the last year I have been trying hard to fix my credit score.
I wanted to know if you guys think I made the right decision considering the following information?
I have six Sallie Mae 180 day lates, three 90 day lates, a chase 90 day late, and a BOA 30 day late already on my CR. The last Sallie Mae late will come off in mid-2017.
I had a variety of medical collections on my account and I decided to pay them off even though they were scheduled to fall off my report by late 2015.
I paid a total of $1300 for these accounts and they were removed from my CR. I am currently trying to pay off 11 collection accounts from a hospital that total $2500. Once those are paid, I will have no collection accounts on my CR.
The only thing I paid where I think I made the smart move was a medical judgment in the amount of $1100 as they said they would file a motion to vacate so it would be removed from my report.
I just want to know if that $1300 and the $2500 that I am about to pay are/will be worth it considering they would have come off by 2015 and those Sallie Mae lates will hurt my score till 2017?
I paid them in the fear that I would be sued and also for peace of mind.
03-08-2013 01:38 PM
03-08-2013 03:32 PM
I'm in the same boat as you... but instead of a year, I just started a month ago. And I may have had a lot more negative information.
I have/had 2 unsatisfied judgements, 3 charge-offs, and 3 things in collections.
I paid the 2 judgements, because I wanted that peace of mind of knowing that I can have a bank account without worrying that they were going to levy my money. So even though paid judgements wont help my score, getting rid of that fear in itself was worth it (but I'll also be filing a motion to vacate).
I also had 3 charge-offs that I could not get them to delete for the life of me--granted, I only tried two or three times, but I'm a really impatient person. So I just paid them in full as well, again, JUST to avoid them suing them and placing a judgement, and they're not scheduled to fall off until 2015 and 2016.
And now all I have left are the 3 things in medical collections.. they're $900 each... so I'm going to be sending PTD letters for each one, and give it 1 month.. if they keep rejecting me, I'm just going to pay them off.
My point is, regardless if they increase your or my score or not, it's a good feeling to know we did the right thing and not have that fear of summons or going after wages/bak accounts, you know? And time and hard effort heals all.
Oh and I'm so also rehabbing 7 student loans, just made my first payment last month...
03-08-2013 04:49 PM
03-09-2013 06:11 AM
03-09-2013 07:50 AM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.