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What is my next move? Pay or Play?

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Anonymous
Not applicable

What is my next move? Pay or Play?

Here is my credit profile....I would like the advice of the knowledgeable members of this forum as to which way to go next?  

First I will give my profile

 

EX 604   EQ  612   TU 614

 

BoA (secured)        $500  Limit   $46 owed        26 months old   perfect payments 

Cap One                  $750  Limit   $600 owed    18 months old  perfect payments

CreditOne                $550  Limit   $400 owed   17 months old  perfect payments

Express(Comendity)   $500    0

Cap 1  QS1          just approved for it on 12/20/2014.....$500 limit

 

Collections   medical    $178    from 07/12    

Collections   medical     $348   from  07/12

 

  • Do I pay the medical collections or do I leave them?  I saw an educational video today that said, DO NOT pay the collections because "the damage is already done and they can't hurt me any further."  Is this accurate or eroneous advice?  
  • If you guys think pay the collections, do I go the PFD route?  
  • i know that I need to pay down the two Credit One and the Capital One Cards to $100 each....which way is best?

Thank you for your help 

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: What is my next move? Pay or Play?


@Anonymous wrote:

Here is my credit profile....I would like the advice of the knowledgeable members of this forum as to which way to go next?  

First I will give my profile

 

EX 604   EQ  612   TU 614

 

BoA (secured)        $500  Limit   $46 owed        26 months old   perfect payments 

Cap One                  $750  Limit   $600 owed    18 months old  perfect payments

CreditOne                $550  Limit   $400 owed   17 months old  perfect payments

Express(Comendity)   $500    0

Cap 1  QS1          just approved for it on 12/20/2014.....$500 limit

 

Collections   medical    $178    from 07/12    

Collections   medical     $348   from  07/12

 

  • Do I pay the medical collections or do I leave them?  I saw an educational video today that said, DO NOT pay the collections because "the damage is already done and they can't hurt me any further."  Is this accurate or eroneous advice?  
  • If you guys think pay the collections, do I go the PFD route?  
  • i know that I need to pay down the two Credit One and the Capital One Cards to $100 each....which way is best?

Thank you for your help 


You should try for the PFD route for the collections,

 

 you need to get your utilization down.  As soon as you do that your scores will go up.  Even a $100 balance is high on a $500 CL.  Pay everything off in full each month if you are able.

Message 2 of 7
RobertEG
Legendary Contributor

Re: What is my next move? Pay or Play?

Are the collections within SOL?

If so, they might still bring legal action seeking a judgment.

 

Additionally, as long as the debt remains unpaid, it could be basis for declining future credit, such as a mortgage loan.

 

 

 

Message 3 of 7
Anonymous
Not applicable

Re: What is my next move? Pay or Play?


@Anonymous wrote:

@Anonymous wrote:

Here is my credit profile....I would like the advice of the knowledgeable members of this forum as to which way to go next?  

First I will give my profile

 

EX 604   EQ  612   TU 614

 

BoA (secured)        $500  Limit   $46 owed        26 months old   perfect payments 

Cap One                  $750  Limit   $600 owed    18 months old  perfect payments

CreditOne                $550  Limit   $400 owed   17 months old  perfect payments

Express(Comendity)   $500    0

Cap 1  QS1          just approved for it on 12/20/2014.....$500 limit

 

Collections   medical    $178    from 07/12    

Collections   medical     $348   from  07/12

 

  • Do I pay the medical collections or do I leave them?  I saw an educational video today that said, DO NOT pay the collections because "the damage is already done and they can't hurt me any further."  Is this accurate or eroneous advice?  
  • If you guys think pay the collections, do I go the PFD route?  
  • i know that I need to pay down the two Credit One and the Capital One Cards to $100 each....which way is best?

Thank you for your help 


You should try for the PFD route for the collections,

 

 you need to get your utilization down.  As soon as you do that your scores will go up.  Even a $100 balance is high on a $500 CL.  Pay everything off in full each month if you are able.


I'm sure the utilization is holding the OP back than those medicals.

Message 4 of 7
Anonymous
Not applicable

Re: What is my next move? Pay or Play?


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Here is my credit profile....I would like the advice of the knowledgeable members of this forum as to which way to go next?  

First I will give my profile

 

EX 604   EQ  612   TU 614

 

BoA (secured)        $500  Limit   $46 owed        26 months old   perfect payments 

Cap One                  $750  Limit   $600 owed    18 months old  perfect payments

CreditOne                $550  Limit   $400 owed   17 months old  perfect payments

Express(Comendity)   $500    0

Cap 1  QS1          just approved for it on 12/20/2014.....$500 limit

 

Collections   medical    $178    from 07/12    

Collections   medical     $348   from  07/12

 

  • Do I pay the medical collections or do I leave them?  I saw an educational video today that said, DO NOT pay the collections because "the damage is already done and they can't hurt me any further."  Is this accurate or eroneous advice?  
  • If you guys think pay the collections, do I go the PFD route?  
  • i know that I need to pay down the two Credit One and the Capital One Cards to $100 each....which way is best?

Thank you for your help 


You should try for the PFD route for the collections,

 

 you need to get your utilization down.  As soon as you do that your scores will go up.  Even a $100 balance is high on a $500 CL.  Pay everything off in full each month if you are able.


I'm sure the utilization is holding the OP back than those medicals.


I can pay the two cards down right now? I will do that first....

Message 5 of 7
Anonymous
Not applicable

Re: What is my next move? Pay or Play?

Okay, 
I was thinking about my next move for the last week or so...and I wanted to make a move that would be of the greatest advantage to my credit.  After the advice of you guys, I just went online and paid the Cap One and the Credit One cards COMPLETELY off!  I know that my utilization was out of whack...so I am glad this was the move to make...thanks 

 

I will keep you posted as to how things unfold over the next few months.  Smiley Very Happy

Message 6 of 7
cartwrna
Valued Contributor

Re: What is my next move? Pay or Play?

I would definitely pay your cards down, reducing your utilization is the quickest and easiest way to get a score bump. Judging by the age of your medical collections they are within SOL. I would use the HIPAA method to get those removed. We are unable to speak of it here, but a quick Google search will net you the answers and route you need to take next. I used that method to remove 2 medical collections from my report in 2013, so it does work. I would not opt for any more credit cards, but instead garden with the ones that you have. Make payments higher than requested, DONT charge to close to your credit limit and carry the balance, try not to carry a balance on more than one card. Those are all reasons why my wife was just denied CLI on several of her cards. Once you do that for awhile and get the collections cleared up opt for CLI so you have more available to you. Your score will start to increase in no time, it won't be over night of course, but your report looks pretty good from what you have posted here (aside from the minor collections of course). Good luck!
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 7 of 7
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