Paying off old credit card collection

Anonymous · ‎03-03-2008

If I pay off an old credit card collection..will I get a boost in my score? It is currently the only collection account i have...I also have a two time late entry from a car payment, that like a fool i agreed to put a car in my name for a relative...Other than those, everything else is current...oh i have student loans too... Is it true that opening new credit cards can help? with a score of 544 can i even get a card?

Anonymous · ‎03-03-2008

A paid collection is no better for scoring than an upaid one - only boost will be with a PFD.

GW the auto loan company - can't hurt if the account is current or PIF.

Truthfully, I would attempt the PFD (DV first though if past SOL) before trying for a card. Might take you 30-60 days to ether get it off via a DV or a PFD... and probably better choices of cards as a result.

Anonymous · ‎03-03-2008

how old is the collection? what is the DOFD DOLA SOL?

The second question is a repete & is being answered on the other post.

Anonymous · ‎03-03-2008

I'm new to this and not familiar with all the lingo.. DOA - 9/04 DOL - 6/04 Opened - 4/02 Balance - $1886 So is the suggestion to pay the balance..realizing that it may not take my credit score up much?