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So discouraged on outlook!

Valued Member

So discouraged on outlook!

Trans:499 experian: 569 equifax: 550 I was in loads of trouble as a youngster and my credit suffered for it. I have since been paying down all my past dues. I still have a ways to go! I notice trans is posting things the other two are not. On my trans in collections it shows an account i do owe for, but under accounts it does not show. Where does that leave my charge? I have several for $250 and lower and one for 1,700. I am paying the 1,700 down right now on payments. Which would give a bigger score boost the credit card balance 1,700 or the several at $250 and lower? I need a car like yesterday and I am untouchable.
Message 1 of 6
5 REPLIES
Valued Contributor

Re: So discouraged on outlook!

You should be more concerned with establishing positive tradelines than paying off past collections.

With those scores you'll have to pay some vigorish (secured card with high fees) but it's better to spend your money on that than paying collections. Paying off a collection does nothing to improve your credit score.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 2 of 6
Frequent Contributor

Re: So discouraged on outlook!

Unless you PFD, right NewWorldMan?
Message 3 of 6
Regular Contributor

Re: So discouraged on outlook!

I would pay down the Current CCard Debt and leave the Collections for later when you can get to them. Your score may jump nice if you pay off a large amount.
Message 4 of 6
Valued Member

Re: So discouraged on outlook!

Thanks, I was just about to pay off antoehr collection in full. I paid anoter off yesterday. I did the score simulator and all 3 said that paying off the credit card woudl increae score by 30-60 points. Thanks for the info.
Message 5 of 6
Established Contributor

Re: So discouraged on outlook!



joemc3 wrote:
Thanks, I was just about to pay off antoehr collection in full. I paid anoter off yesterday. I did the score simulator and all 3 said that paying off the credit card woudl increae score by 30-60 points. Thanks for the info.


I took an approach like the one you're taking... I paid of my bad debt and PFD when I could. I had a ton removed for inaccuracy, but NWM has a great point about the "help" it lends to our scores doesn't really help unless itis removed or re-aged. In any case I feel MUCH better for having paid off all that I had screwed up. Now the TLs are my highest priority!
 
I've been on a tangent recently!Smiley Very Happy
 
 
Rob


Message Edited by FICO_Focused on 06-08-2007 12:55 PM
Message 6 of 6