will pay off increase score

[Anonymous]

hi, i am building a new home and need to increase my score before final loan approval. i have collection accounts showing key deragatory, these are closed accounts. will it help me to pay of all these accounts as the balances are not to high. any help wouuld be appreciated. thanks.

[Anonymous]

Paying a charged-off account or a collection will do nothing to improve your score. Search these fora for "PFD" for a strategy that will help your credit score.

[Tuscani]

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2659

[Anonymous]

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@Anonymous wrote:
Paying a charged-off account or a collection will do nothing to improve your score. Search these fora for "PFD" for a strategy that will help your credit score.

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What if the collection debt is newer. Does that effect open UTL? From your statement above that sounds like no. Am I understanding correctly? Thanks

Message Edited by ilovepizza on 06-09-2007 04:53 PM

[Anonymous]

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newhome wrote:

hi, i am building a new home and need to increase my score before final loan approval. i have collection accounts showing key deragatory, these are closed accounts. will it help me to pay of all these accounts as the balances are not to high. any help wouuld be appreciated. thanks.

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How soon are you looking to close on the loan? I would suggest a PFD, but it ain't gonna happen overnight.