Trying to Build Credit / Help Please

[Anonymous]

So I got a few CC's when I was 18. Was going find. I paid them all on time, never maxed them out.

Year later, lost my job. Couldn't pay.

7 years later my score is 560. I got approved for fingerhut freshstart program. Got 230 CL.

Got a secured card ($250).

Fingerhut rasied to $750. Still have secured card. Just got approved for $500.

Score is around 607. (CREDIT KARMA).

Still have some bad things on my credit report. Not sure if I should pay them or wait till they fall off. I need some tips.

[Lemmus]

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@Anonymous wrote:

7 years later my score is 560. 

 Still have some bad things on my credit report. Not sure if I should pay them or wait till they fall off. I need some tips.

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...if the DOFD on any debt on your CR is more than 7 years (except for public debts) it should automatically be removed by the CRAs ...doesn't mean that you don't still owe it or that it won't be reported later if you do any large credit tranactions in the future such as a mortgage.

...if the DOFD is less than 7 years but more than the SOL for such debts in your state, the CA can no longer take you to court over it ...which gives you more leverage in negotiating its payment including a better chance of a successful PFD ...hth

[Anonymous]

I'm asking because PAID debt is better than non PAID debt. But i'm not sure if its worth it.

Two of them will be "removed" around March of 2016 and one will be around April of 2016.

I assume it would be better to PIF at once. Making payments will just re-open the debt and most likely drop my score?

[Anonymous]

I just started in the Freshstart program. Can you tell me did you pay the full 6 payments and then it convert to revolving or did you pay off early? I'll be making my 2nd payment this month and seeing mixed reviews on paying off on the 3rd or 4th payment. Just don't want to mess it up and have to start over.  

Congrats on your increases!

[Anonymous]

I paid off a 90$ item in 2 months. Yes I could of paid off right after I bought it. But I wanted to show I could do monthly payments. They made my 230 limit to 250 (lol). Bought something else paid it off in couple months after and now have $750 on their normal program. I won't probably use it as I just got a walmart and amazon card. But it's open

[Lemmus]

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@Anonymous wrote:

I'm asking because PAID debt is better than non PAID debt. But i'm not sure if its worth it.

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...yes and no ...afaik once a collection item hits your CRs FICO makes no differentation between paid/unpaid in calculating your score ...no that doesn't make sense to most of us but it is what it is 

[SunriseEarth]

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@Anonymous wrote:

I'm asking because PAID debt is better than non PAID debt. But i'm not sure if its worth it.

Two of them will be "removed" around March of 2016 and one will be around April of 2016.

I assume it would be better to PIF at once. Making payments will just re-open the debt and most likely drop my score?

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It depends on the debt.   If you have COs that still show a balance due, you'd be better off paying those.   If you have collections, it's more important to have them removed than to show them as paid (hence the frequent recommendation for PFDs on here).  

[Anonymous]

I'm sending two pfd's out today. One for each account. Hoping it works

[Anonymous]

Didn't work. Oh well. I tried.

[Anonymous]

Try again - it often takes several tries using different contacts/methods before success is achieved.