Little advice please...

[Anonymous]

I just recently pulled my credit report. I have about 6 accounts that need paid off. It's small random bills that hasn't been paid.. I have been a long time reader but, never actually posted. I was wondering if just paying each of the accounts owed would be best or, some other route to quickly bounce back. I have a car loan that never been late and always paid $100 more than that actually due. Any adivce is much appreciated and thank you in advance,

-David

[Anonymous]

There are many ways to rebuild and it is different depending on what you are rebuilding for.

For example, if I am rebuilding to buy a house, it would be different than if I were rebuilding just so my scores can go up and get good credit.

Also, if you have a long credit history (thick), it is different than for somebody with a thin file with no history.

As for paying off yours, always Negotiate.  

1) Negotiate for a deletion (PFD) of the account off your credit report 

2) Negotiate the price

If the accounts are old, they may just fall off soon enough for you not to care.

Don't just pay them off straight.

[Anonymous]

So should I just call up all the collections and talk to them about a price for deletion? When its payed off how long does it take for it to not show on CR?

[Anonymous]

IF you have the money now and need to repair your credit for some reason, the sooner is always better.

If you don't have all the money or if you aren't in a rush to repair, start by removing the most recent creditor first then work back to the older accounts.  With luck older collections/debts will just fall off.

Make sure you get the PFD's SIGNED and in writing, not just over the phone.  Make sure you have proof in your hands before payment.

If you are wondering how long, it really is up to the company handling it...some do it as early as 3 weeks...some take months to come off.  

Don't ask them for the price, negotiate on your terms first.  Lowball them and they will counter.