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tracey_43758 | Does paying off old debt improve your credit score? |
Additional Details
the debt has been handed over to collection company. one is recent the other is like 5 years old
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Barbarella
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Paying off old debt will always increase your credit score. No one knows how the credit bureaus really calculate credit scores, so there is no way to tell how much it will go up. But paying off debt always helps!! |
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Amonda
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The answers is yes and no.
I used to work for a debt management company which allowed me to understand how credit works. First, a lender will generally write off an account as a bad debt within six months after it becomes delinquent - in other words, six months after the borrower stops paying. The write-off is reported to the credit bureaus as a "charge-off." Usually, a lender will turn the charged-off account over to its collections department or a collection agency, and you'll have two entries for the same account on your credit report: one from the original creditor showing the account's status as "charged-off" and another from the collection agency showing the account's status as "in collections."
Delinquencies, charge-offs and collections all seriously hurt your score. But here's something that's really important to know:
When it comes to your FICO credit score, the one most used by lenders, what matters most is what the original creditor says on your credit report. The status and amounts owed shown on that entry will figure more heavily in your credit score than what a collection agency reports.
If the original creditor shows a charge-off with a balance still owed, you might be able to boost your score by paying off the bill and getting the original creditor to reset the balance to zero.
If the balance is already zero -- which credit bureaus say is typical when a collection agency takes over an account -- you can't improve your score by paying up, so why pay it. "If the trade line balance is showing zero, you're not going to help your FICO score by paying off a collections account.
In the past, making any payment on an old, past-due debt could actually make matters worse because the action "updated" the negative mark in the eyes of the credit-scoring formula, making it look more recent than it actually was.
"Recency," or how long it's been since you've had a negative mark, matters a lot to your credit score. The more recent the problem, the more heavily it weighs against you.
In the last couple of years, however, Fair Isaac worked with the credit bureaus to change how new payments on old debts were reported. Now, the scoring formula can distinguish between the new payments and actual new delinquencies. If you're making a payment on a past-due account that will not negatively affect your score, in itself. However you can still hurt your score by "settling" an account for less than what you owe. These settlements may get the creditor off your back, but the notation of "settled" on your credit report can sometimes be worse for your FICO score than just leaving the account open and unpaid. Settling the account can add a new element to your record at the bureau, since that element's date would be more recent than the original item, it can end up lowering the score. |
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Pravda
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Yes it does, I had a few outstanding accounts on my report and we wanted to buy a home. So, we put together a plan and pay them off. Raised my score from 485 to 687 in 2 years. Now we protect our good name and continue to build good credit. You can do it also there is a link on my answers profile that can help. |
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beauty s
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yes!!! I paid mine off last year and then had some of it removed and my score when up 80 points.. |
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Steven Colbert
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yes, thats what i did. i had a collection for a while. i payed it off and the next month my credit score went up 100 points. |
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Jill knows best
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depends how old the debt is! Is it charged off? Is it already an R9 rating on your credit report? when was the last time it was reported on your credit report? |
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iceman
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Old debt as in collections or unpaid bills?
Yes of course.
Old debt as in blances that you are holding on caredit cards but still paying on time?
Not Always. Simply having card debt does not make a score go down. In fact its proven that it virtually impossible to get your credit score about 700 without being in sustained debt at some point or another in your life. |
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tennessee
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dint pay the five year one off. it will only reage and hurt your credit.
See if they will do and GET IT IN WRITING if they will do a pay for delete. then you paid with a certified check get receipt make copy!.
They can do that if they will. They might lie and say they can. but i have had it done numerous times. and some just don't want to help . |
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avgustdiva71
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yes it does but don't close you're credit cards u make you re credit worse |
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ladybug
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Actullay it is worse for your credit. What happens is when you pay on an old debt it reactivates the negative inquiry on your report and starts it all over again. Check out credit improvement websites it will tell you the same thing. |
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dixieprayerlady
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i would have to say a REALLY BIG FAT YESSSS . When owing money on any old bill it affects buying a home , car , or even getting a loan for those much needed home improvement later on down the road for carpet in the home , painting it , and getting tile in it and the list goes on and on. so pay what you can and get that BILL EXITED OFF A.S.A.P < AS SOON AS POSSIBLE. |
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Annie Benannie
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No it will not improve your score. opening a new account and not using it for example Store credit card, improved your credit. |
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Wise Credit
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Read This! |
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FWinn3®
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Yes. It shows that you are willing to handle your business. It will not get you to the 700s but it's a start. Write letters to your debtors with your intent to pay, payment plan, etc. Keep everything you write and if any agreement is struck between you and your debtors, always get it in writing. All current debts and payment arrangements must be paid on time. Any credit cards, keep them below the limit. High balances, paying late are negatives on your credit report. |
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manda
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Yes. Go to Oprah's website and read the Great American debt diet. I found some very useful information there! Good luck. |
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mad_mike_j
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Yes, pay this off as soon as possible. The damage has already been done to your credit, but waiting any longer could cause you to incurr more penalty charges, not to mention garnishing your salary.
Pay those off first, consolidate your other debt and cut back on leisure spending until you are cause up in payments. Good luck. |
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periclesundag
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Yes I think so. I have a credit (VISA) 60,000.00 payable and I'm really destined to settle it all before the end of this year. Thats the only way we can improve our credit score. To repay promptly as stipulated in the agreed agreement. |
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Goddess Bless, Lisa
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Yes... If it is on your credit as a bad debt and you pay it off, it will then fall off of your credit report, in turn raising your score from the negative it was reporting with it on there. |
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blackartsdesigns
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Yes it helps a lot .
It shows that you are makeing an effort to keep your bill down an show some resposiblty. |
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cjam
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I would think that paying off any debt would better your credit score. however, since the debt you refer to has been sent to a collection agency, , this collection bit would seem to damage your credit. Pay that debt. and try not to charge any more. Credit cards can ruin a person financially if they dont keep the interest down. I wish my husband and I had never started using credit cards. |
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Miss Flame
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NOPE! |
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Seth R
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It's dependent on a few things. First paying off a collections account reports it as current and the immediate effect is to lower your credit score........BUT this in turn is off set by within a short time by showing a satisfied debt reporting which in turn strengthens your credit profile.
Negative debts I.E. collections, charge off's and judgements will all hurt your credit score the newer the negative the worse the effect. These negatives will "fall off" your credit after seven years and the older they become the less they harm you. One major problem though the companies you owe money too may very well sell your debt to a collections agency which then inturn rereports your debt. And YES this starts the clock all over again but this time your being hit TWICE on your credit report for the same debt.
That said ultimately you have to decide......YES paying it off will harm your score in the immediate future but will quickly payoff in raising your score with a stronger positive payment history............Or take the gamble that they won't resell your account and it will just fall off.
One good solution is to contact the credit grantors and not the collections groups and work with the people you owe. This often results in less fees for them and they will often work with you on payments and other such plans.
Good luck hope this was clearer than mud lol. |
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P.CHANDRA SEKAR
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yes |
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beeps
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Not really you have to apply to get your credit back to the Credit bureau, but it is morally correct, and gives you a piece of mind. You use it pay it back. |
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