Pay for delete auto loan

[Anonymous]

I have a $1200 auto loan collection effecting my credit and ability to get a new lease on an auto. The collection company has agreed to delete it off my credit report if I pay it in full.

I want to know, how much will this effect my credit. $1200 is a lot so is it worth how ever much it will raise my credit score?

Thanks for your help!

[p-]

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@Anonymous wrote:

I have a $1200 auto loan collection effecting my credit and ability to get a new lease on an auto. The collection company has agreed to delete it off my credit report if I pay it in full.

I want to know, how much will this effect my credit. $1200 is a lot so is it worth how ever much it will raise my credit score?

Thanks for your help!

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If that is your only derogatory account, and they are willing to completely delete it will have a large effect.  How large probably depends on what else is on your report.  If you have otehr good tradelines, it will be a big jump.

[Anonymous]

My equifax fico score is 563 and i have school loans that i am paying off. So yes there are a few other collections but that is the highest balance one besides my school loans.

So you think it's a good decision to pay it?

[p-]

If you have the money, and they will delete, yes.  Try to do the same thing with the other collections that you have, too.  Make sure you read up on the DV and PFD process here.

[p-]

You need some good accounts on your history too...  Consier opening up a secured or student card with a low limit, and using it very carefully to give yourself an account with good history.

[Luscher]

Get it in writing!!!!