 Credit score question? |
| I just paid off the balance on my credit card. I just want to know how it will affect my credit score if I go ahead and cancel my credit card account. Some people have told me it's better to ... |
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 If i close a credit car account in good standing does that lower my credit score? |
| my bank offered me a credit line 1500.00 w an excellent interest rate the other company i only have a 250.00 limit w very high interest rate if i close that account will that lower my credit score?... |
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 Prepaid credit card????? |
could u pls tell me if prepaid credit card build credit history?
... |
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 Credit report? |
| i owe some money to a credit company if they dont find me for six years is it true the debt is normally wrote off? and when its wrote off is the bad debt also took off your credit record?... |
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 Can you offer to pay only half of the debt to a collection agency? |
| I'm trying to clear up a couple of things on my credit report. I had a couple people suggest to just pay half of the debt. Does it work?and is there negotiating involved. Then what do I do ... |
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 Any ideas on what type of credit card is good for bad credit? |
| I was stupid when I was younger now I'm looking to open a new card to re establish my ... |
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 How can I get a loan at 18 with no credit? |
| I am an 18 years old college student. I work full time and go to school full time as well. I cannot afford to buy a car outright. But I can afford a decent car payment. How can I get a decent loan ... |
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 I lended $ 20000 to my friend. I have the loan proof.? |
| My friend have left Australia permanently and have gone to China. Can i recover the amount from him through australian courts?... |
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 Can a payday advance company send me to collections if I don't pay back? |
| A co-worker borrowed money from a check 'n go, but has no money to pay it back. She put a stop payment on the check, and has refused to answer their calls. Can they send her to collections or ... |
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 Where do you go to get a home equity line of credit for a mobile home? |
| I inherited the mobile home and have lived in it for less than a year and I'd like to get the loan for home repairs and a new/used car. But I'm not sure where to go or how to go about ... |
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 Should I get a credit card? |
I am a full adult, just have never been very credit savy.
I have been the last couple of years building up my score due to paid off loans etc.
I would like to get a credit card so I can go ... |
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 Can anyone tell me!? |
Why in this day an age, of payments and receipts being instant, that a Chq Still can take 6 days to clear?
i know checks have to be done but 6 days, surly this is just a ruse by banks to rip us ... |
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Moni | Should I pay a debt that has been charged off on my credit report? |
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Miss Know It All
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The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.
www.equifax.com
www.experian.com
www.transunion.com
Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.
Good Luck! |
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fredhh
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If you are honest and have good morals... yes.
IF it has been charged off it means the person you owe money to is no longer pursuing it.... because they think it will cost more to collect than what you owe. (or that you won't pay anyway and there's no point chasing a deadbeat)
It will improve your credit rating some to pay it off and get that noted on the credit reports. But having a debt that went unpaid long enough that it was charged off is never good. |
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Studly
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Lets give FredHH the "Studly's Moronic Answer" award today.....
For starters, anyone who doesn't pay their bills is not honest, has no morals, and is a deadbeat. Typical nonsense.....doesn't even bother to inquire the reason for the financial problems. You are simply a deadbeat!
And no, paying off this debt does NOT improve your credit score. As a matter of fact, it can actually make it worse! Why?
1) If you pay off a debt, they are only required to show "paid" on your report. But all notations about charge-off, late payments or collections is still there....hurting your score.
2) The older a debt stays on your credit report, the less important it becomes. Recent debts hurt your credit score more then old debts. When you pay off an old debt, the item now becomes a "recent" debt, and your credit score takes a big hit.
So whether you pay this debt off depends on the reason you are doing it, and how old it is. If your purpose is to improve your credit score, you need the creditor to agree IN WRITING to delete the entry once you have paid it off. But note that after 7 years, the debt automatically gets deleted. So if this is a debt 5-6 years old you may want to just wait it out.
If the creditor is harassing you, that's a different story. Either way, don't pay unless they take it off your report. |
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normobrian
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A charge off has nothing to do with the debt, except that the company is no longer reporting it as an asset on THEIR books. All open accounts are assets to the company for the purpose of determining their net worth. They consider yours worthless. You still owe it, they can still come after you, etc. |
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ang1492
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When the creditor charges it off, they basically gave up on you and sold the debt to a collection agency. If you tried to call them to clear it up, they'd probably give you the number to a collection agency, who then would give you the number to another collection agency they sold the debt to and so forth. You should just pay the collection agency and get it out of the way of your credit report. |
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?
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Charge-offs pretty much mean that the company gave up on you. I would say make it your last priority while cleaning up your credit, but still pay it. |
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Just_gone
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Make an offer in compromise for part of it if they will clear your credit. |
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Dat MrE Guy
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Its not going to help your credit, but if it makes you feel better, do it. Sears screwed me over years ago, promising to clear my card after I paid my bill, instead they cut the card in 1/2 in front of my face next time I tried to use it. NEVER TRUST CREDIT COMPANIES. |
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hesingle2000
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I think that you should talk to a lawyer |
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