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I'm new to credit and finances but I am trying to plan my immediate future. Please help if you can. Thanks
I am 6 months from finishing graduate school and starting a career. I have no undergrad debt. I will have approx 150K graduate school debt. My wife has no debt. I have never checked my credit score and neither has my wife until recently. We both checked our credit reports for the first time recently. Hers has nothing great on it, 6 years of credit card usage with no debt. Mine has the same but also graduate school debt and a collections of $550. It is only 2 years along, being reported monthly. I can try to do a PFD for 50% and get this off all 3 credit agencies or leave it for 7.5 years. I'm 2 years in.
What whould you suggest, pay or wait? I despise the OC, being screwed for their mistakes is not fun.
I'm trying to prepare for after school, income and loans. Is a $550 collections going to stop me from getting a home loan?
Do you suggest checking my credit score in addition to my credit report? I know this collection is pulling me down each month, but I don't know how much.
I would try for the PFD now on it, I wouldn't want it to sit there and deal with it another 5 years. It is holding your scores down pretty good and will for another 5 years or so.
What do you have in the way of positive accounts? Do you have any credit cards?