I could pay it, but more than likely Midland won't delete it. So I figured leave it. I was going to wait it out because it's so old. Almost 5 years, I think.
If I pay it they would definitely have to agree to delete it from my CR (they haven't so far). It has already been weighing me down I don't want it to continue to do so as a paid collection for another 7 years.
If I pay it they would definitely have to agree to delete it from my CR (they haven't so far). It has already been weighing me down I don't want it to continue to do so as a paid collection for another 7 years.
Starting Score: 563
I tried PFD- it was a no go. I'll try again, maybe I'll have better luck in 2018.
Once you get positive history (which you have) it's not uncommon to see your scores flatline; I have spent a year or more at various points of my credit build / cleanup, where the only things I could really do to make a meaningful difference were non-trivial utilization, or taking inquiries.
Whether you're at that point or not hard to say, but with 120D lates from 2017 (recent, major deliquency) you're going to be stuck in neutral until the various things come off... which include the CO aging out too.
There's no quick fixes to credit unless you're a no file and establishing credit, or getting most if not all derogatory information off... for me, well, you can see my forum registration date and I only just got clean(ish) this year as there wasn't anything I could do about a Cali state tax lien so it can be a long journey though it doesn't sound like yours will be that long from what you posted.
@vonnie5603 wrote:
Okay great! I'm crossing my fingers for a score jump when my student loans update to 0 lates. That should get me a decent rate when I refinance.
Good, I'm glad you're going to heed CGID's advice.
It is important to remember that one of the most important factors in improving your scores is.... t.i.m.e. Right now you have more than enough credit lines open. One thing you can do to boost your scores is to go through a period with no new hard inquiries, and no new accounts. If you do nothing else but pay everything down, and wait... your scores will go up.
As the auto loan balance goes down, that will give some aid to your scores. But of course once you refinance you'll lose that benefit.
wrote:
@vonnie5603 wrote:
Okay great! I'm crossing my fingers for a score jump when my student loans update to 0 lates. That should get me a decent rate when I refinance.Unfortunately there's a very good chance that your score will increase very little once your student loans become clean and those 120 day lates are removed. The reason is because you still have a collection present; major score improvements don't happen unless you remove your final major baddie. Since the collection is 3 years or so older than your 120 day late(s), your last major will be a bit older than is the case currently, so it's possible you may see a score increased based on the age difference. I wouldn't expect it to be more than 15-20 points though honestly, where when you remove your final major baddie most report a score increase in the 50-100 point range. Is there anything you can do to attempt to get that collection removed?
Good news and bad news. Finally all my lates were removed at the end of January and BrutalBodyShots was right. My score only improved slightly. Now, I have 1 collection to deal with and 1 charge-off. Both should be taken care of this month