How do I handle collection accounts on my credit report? Please help

[Anonymous]

I have a few collections on my report and I do not know how to handle them. For example,he CA is LVNV and they bought the debt from GE Capital-Wal-Mart.  Since both accounts are listed on my CR, are they both negatively impacting my score? Should I pay them off or wait for it to fall off my report (12/2013)? I really don't understand how this works.  If I pay the debt, can I ask the CA to remove the account?   Currently, I only have 1 credit card which is in good standing. Should I try to open another account to show good credit?  Will that help offset all the bad I've got going on with the collections?  Thanks for anyone who can help me understand this. 

[ktl72455]

Hello! welcome to the forums!

Is walmart showing a blance or 0 for a balance? That will tell us if walmart still owns the debt and LVN is just trying to collect it.

Having both on your report is impacting your score. Paid or unpaid it is a negative.

As far as LVN, from what I read they are ugly! Use the search bar above and type in LVN to see how others were able to handle them.

What else is on your report that is negative? Charge offs? Other collections? lates?

Have you pulled your free yrly credit report from annualcreditreport.com for all 3 agencies?

Do you have a blance on your current credit card?

[Anonymous]

Hi and thank you for the help.  I did try to pull my reports today but was only able to get Experians'. For some reason the security questions the other 2 agencies asked really didn't apply.  Since I had to answer no to all of them they won't let me view my reports online.  I have mailed them requests to send my reports.  As for the CR I am looking at, the remarks are: Walmart "high balance" as $1093, "recent balance" as NA and "recent payments" as NA.  The "creditor's statement" says purchased by another lender.  And, yes unfortunately I do have other collection accounts. I hit a really rough patch financially and an now suffering the consequences of not paying my obligations.  I am now in  better place financially and want to get this all cleaned up.

The cc I have has a current balance of $144 with a max available of $300.  It's a secured card through my bank.