Will paying off 2 credit cards that are in collections. . .
and showing balances and that are still adding interest, even though these accounts are closed, improve our score? I am not sure if they are charged off or not, I think they are just in collections, have been for about 2 years.
Re: Will paying off 2 credit cards that are in collections. . .
No it won't increase your score, it may even drop a bit, if the CA is reporting each month. But what it will do is get the debt of your back and start on the road to recovery though.
Re: Will paying off 2 credit cards that are in collections. . .
Can you use that letter for any of your collection accounts? Even medical? And if they agree to that and it is deleted from my report will that drop, add to, or not affect my score? And btw that is a great letter. Thanks
Re: Will paying off 2 credit cards that are in collections. . .
Another couple of questions. In the letter the amount is 25.00, do you send that with the letter and is that in addtion to whatever they say you owe or what they say they will settle for? The part I did not understand is where it says that " If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty five dollars wil be sent to the collection agency. Is that all you send of is that in addition to the balance owed.
Re: Will paying off 2 credit cards that are in collections. . .
smooshiesmom wrote:
Can you use that letter for any of your collection accounts? Even medical? And if they agree to that and it is deleted from my report will that drop, add to, or not affect my score? And btw that is a great letter. Thanks
You bet.. works with any TL. The deletion should only improve your scores... there is a change your score could take a hit in the short term depending on how old the TL is. Why? Because even baddies count against the overall age of your accounts.
Re: Will paying off 2 credit cards that are in collections. . .
smooshiesmom wrote:
Another couple of questions. In the letter the amount is 25.00, do you send that with the letter and is that in addtion to whatever they say you owe or what they say they will settle for? The part I did not understand is where it says that " If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty five dollars wil be sent to the collection agency. Is that all you send of is that in addition to the balance owed.
Get them to agree in writing before you send a dime. Do not send money with the PFD letter.
