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Will paying off a closdcard boost my score

Frequent Contributor

Will paying off a closdcard boost my score

Just paid off an 1100.00 closed credit card. It was closed because we went on a payment plan for it a few years ago. Will this boost my score? Still need to pay down my three store cards to 10percent utilization if these are currently open? I don't have the money to really pay down my 11,000 visa that has a 15,000 limit. This one is also closed. Also have a call into an attorney to see if my legal plan at work covers credit repair. Hoping they can get the paid off collections deleted before I attempt it myself. If my legal plan covers it I am just going to let them do it because it is free. I need to qualify for a mortgage in august.
Equifax my fico 629
Transunion my fico 669
Experian fako 663
Message 1 of 3
2 REPLIES
Community Leader
Epic Contributor

Re: Will paying off a closdcard boost my score

Just paying the debt per se wont result in score improvement.

However, your score could change depending upon whether the debt was still being reported by the OC, and being used in the calculation of your revolving percent utilization.

Upon payment of the debt, both the balance and any remaining CL still reporting are removed from your % util calculation.

 

As for your plan to use an attorney for pursuing a good-will deletion, which is what you would do to request deletion of a paid collection, I personally would not take that path.

It makes your humble request for GW appear to be a legal issue.  I would keep it straight from the consumer.  It is not a legal issue, it is a personal request.

Message 2 of 3
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Frequent Contributor

Re: Will paying off a closdcard boost my score

Thanks for the advice. I better get started on these letters then. I have three paid collections I would like deleted and one still open. Just called and offered a Pfd and was told no. I will get that letter sent out ASAP.
Equifax my fico 629
Transunion my fico 669
Experian fako 663
Message 3 of 3