topic Re: Paying off negative accounts in General Credit Topics

Paying off negative accounts

Anonymous — Sat, 29 Dec 2007 07:21:46 GMT

I just finished reviewing my credit report and I have three accounts that have been referred to a credit agency back when I was in college for very small amounts. Now that I am aware of them I plan to pay them off immediately. How much will this change my credit score in the short term and long term?

Re: Paying off negative accounts

llecs — Sat, 29 Dec 2007 13:41:18 GMT

Greetings and welcome to these forums.

Look around to get more info, but do a PFD on these collections, as paying them off won't delete them from the CRAs.

Your score will increase greatly if these were newer and minimally if they are older (e.g. 6-7 yrs).

Re: Paying off negative accounts

Anonymous — Sat, 29 Dec 2007 19:13:45 GMT

jh7720 wrote:
I just finished reviewing my credit report and I have three accounts that have been referred to a credit agency back when I was in college for very small amounts. Now that I am aware of them I plan to pay them off immediately. How much will this change my credit score in the short term and long term?

Know your SOL

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

DV the CA CMRRR they must answer within 30 days or stop reporting!

If past SOL they usually go away because they can not file suit.

If they answer and you are within SOL or want to get rid of them off a PFD. NEVER offer a PFD without a DV first!

Re: Paying off negative accounts

Anonymous — Sat, 29 Dec 2007 19:16:47 GMT

you may also consider the facrt that paying it will cause it to update and your scores can take a dive due to recent activity on a collection account. if they are anywhere near sol i would let them die a slow death. if they are only a few months old then i would dv, pfd, or just pay.

Re: Paying off negative accounts

Anonymous — Sun, 30 Dec 2007 01:18:40 GMT

Thanks for the help and suggestions. Here is what I have and I need some help figuring out what to do next.

Account with a CA opened on 08/01/2004 for 125.00 with a status of closed

Account with a CA opened on 01/01/2004 that is on my report but was paid?

Account with a CA opened on 09/01/2005 for 54.00 with a status of closed

Account with a CA opened on 01/01/2005 for 131.00 with a status of closed

I also have a car loan with no negative history and a home loan with no negative history. There is one credit card account with a couple of 30 day marks.

I am trying to clean this all up the best way possible to increase my score. I will do whatever it takes, just looking for some guidance through all of the PDF, SOL, DV type stuff. I have gotten really good at looking up acronyms so far!

Thanks for any advice. Just looking for a place to start!