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Hello!
i'm new to the boards and trying to figure out the best way to handle my debt. My current fico is showing at 527. Two medical bills have been reported to my cr and tanked my score. I have the money to pay them off. After reading through the boards i know i should send a pfd right? Does anyone know around how much this is raise my score?
I aslo have two closed credit cards with b of a. one for $470 and another for $750. i have the money to pay them completely off. They got closed because I was in between jobs and had stop making payments for 3 months =/. Should i just pay them completely off, or will making payments on them help my score?
I only have on open card and its a secured card. it current has a limit of $200 which i can raise.Ive been paying it off monthly and never spending more than 50-75...Shouls I raise the limit on it?
Thank's for taking the time to read. i'm young and trying to get a grip on my credit before it gets worse. =/
Welcome to the forums.
The score you get from removing a collections depends on a lot of things. For one, how old is it. The older they are the less points you will get.
If the closed CC are reporting both a balance and a CL they are being factored into your utilization. Have they been charged off yet or just closed. Either way, paying them off all at once will improve your score quicker as far as utilization goes. If they were charged off, paid or not, they will always be a charge off, just paid.
If that is the only CC you have that is current, you should consider raising the limit until you are in a position to apply for another couple.
Thank you for taking the time to reply!
The collections were reported on june 2013 and july 2013. I contacted the company and they offered a settlement. Is it better to settle or pay the full amount?
The cc report's a balance and limit. They're only closed,But ive been paying on them monthly. I guess i'll just pay them off instead on the monthly payments.
Those are new so having them removed you should see a score bump. Probably not what you lost but most of them.
See if they will PFD for a settlement. If not they may for the full amount.
In my opinion, the primary issue with the unpad CCs might not be what paying them will do for your present score, but more one of avoiding further damage.
If not yet charged-off, they can charge-off the debt and report that fact to the CRA.
If not yet placed for collection, you could get a collection added to your report.
If the OC still owns the debt, you can pay them, and possibly avoid further negative reporting, or even attempt to get currrent reporting deleted.
However, if you wait until they possibly sell the debt, you can no longer pay them, period.
And if still within SOL, you face possible legal action.
What is the status of their current reporting, do they still own the debt, and is it still within SOL?
They are currently reporting that the card is closed but paying as agreed/good standing. I dont know what SOL is/means. sorry.
SOL is your states timeframe for when someone can sue you.
When you say paying on them monthly, are you making the minimum required payment and are they caught up to where they do not report lates each month?
When was the last time you were late?
Whatever damage to be done has probably already happened. Paying them now would ensure no new damage could occur. I would go ahead and pay them off, and the start the GW process for the lates.
I havent been late on either one since dec of 2012...
also, do you think it would help if i were added as an addtl to my mothers cc? she has a 7,500 cl with a zero balance. ive borrowed (cash advance) 3000 twice,and 5000 once and paid them all off w/o ever being late. I just recently got 2000.before i start paying shouls i look in to being added? will it report to my cr?
An AU would be good if the account is older than your oldest, in good standing, no lates, and low utilization.