Reply
Contributor
Posts: 80
Registered: ‎09-02-2009
0

What should i pay first

Hello again, I have been working on my credit for over a year now. I just received a bonus and was wondering what I should pay first. I am looking to get a used truck before the next year.

 

what should i pay

 

1 closed CC low 200s cl 300

1 co 800s cl 2300

 

or CA for 1500

 

I can pay the 2 ccs entirely, or the oc on the ca and have it deleted. but i cannot pay both right now.

Thanks again for your continued help and support


Starting Score: 470
Current Score: 610
Goal Score: 600


Take the FICO Fitness Challenge

Epic Contributor
Posts: 20,904
Registered: ‎03-19-2007
0

Re: What should i pay first

That is extremely  hard to answer.

Fron your post, ti appears that you have one closed CC with a debt of around 2/3 of your prior CL

Then a charge-off of unpaid debt of $800

Then a collection that has a debt of #1,500.

 

First, and foremost, payment of one or all wont result in any deletion from your CR

That would requrie a prior PFD deletion agreement, in writing, from each creditor.

 

The closed CC coiuld escalate to a charge-off, then maybe to a collection, and then maybe to legal action

The charge-off could escalate to a collection, and then also to legal action.

The collection couild escalte to legal action.

 

Who to pay first? The one you perceive as the most-likely to forther blemish your CR by escalatted action.

 

 

 

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: What should i pay first

Ditto to Robert. My answer would vary based on the balances and CLs of your other CCs. Paying off those two CCs can actually increase your score or even decrease your score. It all depends on how it reports and what else is reporting.

 

Paying off the CA will never help your score, but if you have a chance to get a PFD accepted, then that's something to consider too.

 

 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.