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kcoral06 | Can I pay debts that have been past due for 1-3 years and better my credit score? |
I have really messed up my credit by not paying a few debts that I have accumulated with the past of the years such as student loans, credit card payments, overdue bank accounts, etc, and I was wondering if paying those debts will make a difference in my credit score.
If paying my debts wont make a differece in my credit score is there any other way I can fix it. |
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Credit Guy
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Fathead is right. Contact them in writing and get a deal with them in writing to remove negative marks on your credit report once they are paid. You may even be able to negotiate not paying the full 100% of the debt you owe.
The reason you want to get this is writing is because once an account is negative on your credit report it stays negative. Even if you pay it off, it is still a derogatory account and will stay on your credit report for 7 years. That's why you want to ask for removal of for them to change it to "paid in full" or "paid as agreed".
If they don't agree to this, don't pay them. There is no reason to. |
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fathead
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Contact each of your creditors and make a deal with them. You will pay off your debt on a payment plan and at the end of that time they will put a positive notation on your credit history. Don't accept a verbal agreement though. Tell them that as soon as you get a letter stating this you'll begin payments. Tell them the letter must be signed by a vice president. |
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Casey C
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You need to break it down in order of importance. You need a copy of your credit report so you can see what's going on here.
1. Any accounts that are still open and active need to be caught up first. If you can catch them up, you can repair your relationship before they close you down. Never pay them late again. Start with your bank account... without one, you are nearly powerless... banks talk to each other so don't think you can run from one and open a checking account at another.
2. Some of your creditors might have turned your account over a collection agency and 'charged off' their account with you. Any collection accounts or charge offs less than $2500 and last reporting over 2 years ago should not be settled, paid or disputed. No matter what you do with these accounts, the credit bureau sees this as a negative account. If you do anything that requires data to refresh, your 2 year old delinquency will be fresh again.
3. Any account that is charged off with a balance over $2500 needs to be negotiated as the above people mentioned.
4. Student loans are tougher to negotiate down, but also need to be worked out.
5. Any delinquency that last reported in the last 12 months needs to be negotiated or paid up to date as it will continue to report delinquent and hurt your credit. get it fixed today and stop the delinquency.
These steps should be taken in a 6 month to 12 month plan. Do not negotiate with a lender or collector unless you have the money to pay within 30 days. No collector will give you a payment plan or a settlement good for much longer than 2 weeks.
Dispute anything that is incorrect on your credit.
Finally, enroll in some sort of money mangement course in a nearby community college so you can teach yourself how to take care of finances wthout credit. |
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Angie
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It doesn't matter if it betters your credit score. Don't be a deadbeat - pay your debts. It's the right thing to do. |
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dolly blaine
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5 not to miss things for a good credit score
1. Use the credit card only when absolutely essential. Pay your regular expenses by cash or a debit card. This will help you budget and not go overboard with credit card debt.
2. Follow repayment schedules like religion. Don't miss out and invite late payment fees, increased APR rates and blocked reward programs.
3. Don't stick to the monthly minimum payment. Pay the maximum you can afford and get that outstanding debt cleared as fast as possible. By just paying the monthly minimum the credit card companies reap the maximum rewards while, as a consumer you pay the maximum interest.
4. Get rid of multiple credit cards. Although this might sound difficult, but if you are struggling to repay on time and, juggling with the repayment dates is causing you to default- it's time to think. If there is a genuine need to keep multiple credit cards, then try to automate their monthly payments. This will ensure that you don't default unwillingly and face the negative consequences. Read more from: http://www.credit-card-gallery.com/article/264,5_not_to_miss_things_for_a_good_credit_score |
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Johnny N
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Yes it will but I also recommend that you negotiate with them. Many of those old creditors WILL ACCEPT THIS! |
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supercreditguru
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Speaking as a nationally known credit score and mortgage lending expert (book, radio shows, newspaper columns, etc.)...
Yes and no!!
When you pay an old, past-due debt you are moving the "date of last activity" to NOW. So credit scores are calculated on a now-paid bad debt vs. an OLD unpaid one.
On the other hand, collection companies continue to hit your credit with NEW collections.
I advise getting letters from old bad debt collectors (if you can) saying they will delete the collection from your credit reports if you pay a specific amount--and get that in WRITING--or don't pay. Why should you? If you pay and don't get that promise in writing, you'll almost certainly worsen your credit.
Good luck--collectors are a pain to deal with. And they won't keep verbal promises in nearly every case. |
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SKY
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It will better your credit score but is going to take sometime before it comes in your credit score I guess is like a punishment. |
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Bettee62
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IT WOULD BE A START AND YOU NEED A START |
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Rick B
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Of course paying your debts will help your credit score. |
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