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bellarubia18 | If you pay a credit card debt in full instead of accepting a settlement, is your credit score higher? |
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Anjell
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It is better to pay a debt in full rather than settle because future lenders will see that you ultimately made good on your debt.
However a delinquent debt will already have adversely affected your credit and you won't be rewarded for paying in full because all your credit score knows to calculate is good debt versus bad debt.
It'll take a few months for the score drop to recover.
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chadidle
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Depending if it went to "credit debt collector" status. If its already in that status, it really does not matter, your credit is already affected, and not for the good. Yes, your credit report WILL sometimes show you took a settlement....so later on in the next few years you might be denied credit for the settlement you took at an earlier time.
My suggestion is to just do what you can to get out of debt if you are in it, even if it means to take a settlement. Getting out of that status is healthier for your credit score. |
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bdancer222
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Paying derogatory items won't help your credit score at all. The damage is already done and paid, settled, or unpaid, the item will remain the balance of the 7 year reporting period.
However, creditors do look at the whole credit report, not just your score. Paid old debt always looks better than unpaid. "Paid" is only very slightly better than "settled". Many creditors will look at "settled" the same as "paid".
Be sure to get any settlement/payment agreement in writing and keep it, along with your payment proof, forever. Do not give collectors direct access to your bank account. |
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ramall1to
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Yes and no. Yes it will help some to keep it from going down but no, it will not make it any higher either. Your score is based on how you pay your debts over time and how much you have. It is a complicated system that is dependent on you being in debt and how you manage that debt. If you pay the debt in full, it will be a good mark toward a better score but will not make it any higher in the long run unless you do other things to change your habits. If you accept a settlement it is a bad mark on your credit but it will be gone within 7 years anyway. Learn to handle your funds better and how to get out of debt so you don't have to worry about a debt score. Check out www.daveramsey.com and do a class either online or at a site near you. It will be the best thing you ever thought of doing. |
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dennis t
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Paying back what ever you owe is always good idea. You might want to negotiate the payment with them . if you are in settlement, you credit is already bad. Either of them doesn't make you credit score higher. if you want to get credit higher, you might want to stay away from debt for quite long. |
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src50
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Somewhat. But it doesn't erase a history of nonpayment or collect debts. |
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brady.jim55
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YES, IT IS HIGHER |
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infinite crisis 247
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somewhat, but the fact that settlements typically don't happen until the debt is in collections means that you have already been delinquent. that being said, usually if you had the full amount to pay, you wouldn't be in that mess in the first place. if they offer you a settlement, take it to get out from under things...but make sure that you get the settlement in writing, negotiate the settlement (don't accept the first offer). a paid settlement is always better than an open collection. plus, you won't have to worry about a sword of Damocles hanging over your head. keep in mind though that that settlement will be there 7.5 years. |
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miss_h_kool_g
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not neccessarily. If you make sure that the credit card companies send you the credit fix in writing. Tell them you want it to say "debt is satisfied and there are no longer any delenquencies on this account." Something positive in writing! They can fax it to you. Anyway, it's very important, because you can't read there remarks and that can have an impact on your score. As long as the debt is taken away, and in it's place it says." Debt has been satisifed" or something positive. You are good. Ask for it in writing! And ask them what it will say before you hang up the phone because, they will send it to you in writing saying something like. "Delinquent account was paid off for less then full debt"
See why you have to ask? Now be strong on the phone, and don't piss them off unless theywont take no for an answer, ask for their supervisor. |
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ellie
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i should think so, im not sure, but good question! |
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