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suliman | If I clear up my delinquent credit accounts, will my score go up a little right away? |
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getta_gotta_good
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NO, it usually takes about 30 days to show up on your report. AND..the deliquent accounts will still remain on there as "delinquent." |
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Marc Chase
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Actually, there isnt enough information to intelligently answer that question. If the delinquencies are recent, then yes it will help and be updated as soon as the creditor reports again (typically every 30 days)
If they are really old, then it could hurt your score. Here is the nutshell version of why.
The amount of damage a negative item does is based on the age of the account. old debts = less damage / New = max damage.
Now, the age of the debt is calculated by the date of last activity (last time you made a payment)
So, paying a really old debt will re-age it and bring it back to "max damage". Its kind of a pro's and con's game.
If its old, and nearing the statue of limitations which you can check here : http://www.mycreditgroup.com/state.html you may be able to negotiate a "pay for deletion". Which means they will delete the account from your credit in return for payment. |
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just a girl
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as long as they report it to the bureaus....or if you do. |
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bdancer222
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If the delinquency has already been reported to the credit bureaus, the damage is already done. However, creditors look at more than just your score. They look at the whole credit report. A paid derogatory looks much better than an unpaid one.
Paying off old debt will not restart the reporting period. Negatives fall off your credit report in 7-1/2 years from the date of first DELINQUENCY. Nothing restarts the clock. This is governed by the FCRA.
People often confuse and merge the Statute of Limitations (SOL), which is the timeframe to bring lawsuit. This varies from state to state and is based on the last activity or payment. Payment, and in some cases just a promise to pay, can restart the clock.
Settle your delinquent accounts and you will still need 24 months of consistent on time payments to see real improvement on your score. |
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Meech
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It really depends on how delinquent they are. If the accounts are written off, and have been for awhile, you may actually be better off leaving them alone.
The reason sounds kind of convoluted, but accounts stay on your credit for 7 years. If you pay on them when they only have a few years to go before they "drop off", you will just be re-starting their clock for another 7 years. The account will still show up on your credit. It will raise your score a little, but it will still be under the "negative" section, and will just show "paid" rather than "unpaid".
One of the best ways to raise your score quickly is to get a small-line credit card. Charge 1 tank of gas per month, and pay it off each time you get your bill. |
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Hopeful
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No it will not go up right away..and if you come to an agreement to pay a lesser amount it is listed as a charge off and your scores go down. Pay attention to when the delinquent accounts were last reported because if you need your score to go up soon..WAIT to pay them if the report date is more than two years old. If your just fixing your pay them all IN FULL no agreements, negotiated pay offs drive your score lower |
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ManCandi
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Having delinquent accounts is never a good thing. However, showing on your credit history/report that you have cleared all of your delinquent accounts is a good thing, but it is still going to look bad that there were delinquent accounts in the near history of the credit report. My answer, probably not. It will take time for that to heal on your credit report. Only because they will assume that you are at higher risk of becoming delinquent again in the future. Good Luck. |
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montrealmarco1
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Not right away...it takes minimum 6 months and stays in your public record up to 6 years. |
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Nubbie J
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The answer to your question is yes, maybe. Typically your creditors (they must be reporting to the three credit bureaus because you see them on your credit reports!!) report every month via a system called "bulls eye" So, depending WHEN you make the payment, it can happen in a few weeks or thirty days. You have the right to ask for a "re score" from each agency referring to the specific accounts which you have paid off. Keep in mind though, depending on how old your account are and what the status is of those accounts (late 30, late 60, late 90 or charged off) you may be better of NOT paying them. For example, making a payment on a charged off account which is say a balance of 7,000.00 of 1,000.00 and knowing that you can't pay the remainder of the balance off for a few years, is pointless and a poor investment. In this case you should either NOT pay it and let the charge off age off of your credit report, or hire an attorney to negotiate a change on your credit report from the agency that currently holds the account. Again, a complicated issue. No one answer. |
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yeahyeahyeah
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Yes, it will, but for it to stay up you must pay more than the minimum payment on every account every month. You will see your score improve after a month, but you must keep it up to really see results. |
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Stephen M
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It might not go up right away take it from someone who knows, It will stay on youre credit report for years or some times months but It will start to make youre credit look better over time. and you will have less headachs. |
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Tom E
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No, it Will take longer than thirty days(my apologies to getta_go).The problem is minimum wage morons are doing the input at all three credit bureaus.I had liens I paid off in October,there still on my report,I had a house I SOLD,they have it as "not delinquent" ,but I still owed $60,000 on it.
So you see even if they sent the info,someone can still enter it wrong.The best thing for you to do is write them a letter containing your card's recent history.Write it and send it several times,to all three credit bureaus.You can also attach a reason why you were delinquent for your creditors to see. |
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blastedtower13
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Yes but the best thing to do is clear them up and stay surrent |
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☠Nazâ˜
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I heard it takes about six months to see a change.. but I'm not positive about that :) |
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texastrublu
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No, it takes a couple of billing cycles for the payments or settlements to be resolved. What would help would be to close accounts that you aren't using and have paid off. Potential lenders see open accounts as a potential to overspend. Get rid of retail store cards and just keep one credit card for daily use-pay it off monthly, and one for emergencies. Pay in cash when you can and avoid debit cards like the plague. |
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