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Additional Details
Lol thanks - I'm aware of the current financial situation but I got one recently - no troubles- and need (not 'want') another for my own personally ... |
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spkmyer | What would help my credit score more? Pay off some collections, or pay down credit cards? |
I have $90 and $160 collection accounts I can pay, or I have about $3000 of credit card debt I could pay a few hundred on maybe. I am trying to pump up my low credit score within the next month or two in order to get the best deal possible on a re-fi. My score is pretty low right now its been betwee 600 and 620. Need good advice. |
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giggles
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I would recommend the collections, just make sure that they get it off your credit report immediately. Your report is usually based on the previous month, so you need to give some time for these things to change on your repot. Then start sending your credit card extra, make sure everything is on time becuase each late payment makes the report lower (a month late is what shows up). Best of luck been there done that and trying to tackle debt myself. Do everything in your power to get ahead of the game, it's worth it in the long run. I do without a lot so that I can. It's a hard climb to the top o the mountain but you need to get out of debt. I spent too many years with my head in the sand and now I am paying for it. |
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Millionster.com
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It's funny how a lot of people ask this type of question. Right now lowering your credit card debt is going to have the largest impact on your credit score.. but check this out...
When you're trying to rebuild your credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score is calculated with the following breakdown:
35 - Payment History
30 - Credit to Debt Ratio
15 - Credit History
10 - New Credit
10 - Credit Types in Use
If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.
I've got a lot of information on my blog about credit scores, and I get a lot of questions so feel free to check out any of my posts on millionster.com; I believe my articles here address many of your concerns but if they don't and you still have any specific questions feel free to leave a comment and I'll reply.
How Can I Increase My Credit Score
http://millionster.com/articles/debt/ask-1mil-how-can-i-increase-my-credit-score/
and
10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/increase-fico-credit-score/
Also be sure to check out the promotional links I've listed here to help you get a better picture of your creditworthiness:
MyFico's Full Credit Report
http://millionster.com/go/myfico
Suze Orman's Credit Report Repair Kit
http://millionster.com/go/suzekit
30-day Trial of Credit Score Tracker with Free MyFico Score
http://millionster.com/go/fico30 |
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deltronone
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You collections could be really hurting your credit. Only 3,000 dollars in credit cards is not bad as long as you make your monthly payments on time. Hope this information helps. |
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spirishno1
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You need to pay off the collection accounts and pay your credit card debt. The collection accounts will stay on your credit report for seven years regardless if you paid them or not. You might wait 6 mos. to a year, before you try to refi. otherwise you will probably pay a higher interest rate on the refi. |
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javan p
 |
Yes, make sure the collections don't stay on your credit report (wish someone would have told me that). If you just send them the money it doesn't seem like it helps too much. The collection will still show up on your credit report but will say that it is paid. What you should do instead is call up the collection company and tell them that you'll send them the money if they agree to take it off your report. Maybe calling the company that the debt originated from would be even better--that I don't really know. |
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investor
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the collections is the best thing to get rid of. But first you have to negotiate the debt with the collection agencies. These collection companies buys the debt form the company you owe for pennies on the dollar and may negotiate it down. example: You owe $500.00 to a major hospital. The hospital sells that debt to the collection company for $250.00 now it`s the collection company responsibility to get the $500.00 back and if they do they will make a 100% return on their investment . Now it is up to you to keep their return down by negotiating . Also let the collection company write you a note saying that the will remove the reports from your history before you send them the check or your write up an agreement with them saying that they promise to remove it as soon as they recieve the payments. Alot of them say they can`t which is a myth. And alot of them say they will and all they do is close the account with the closed collections still on your report. YOU WANT IT OFF!!!!!!!!!!!!!
For the credit card debt if it is less than 30% of your credit limit guess what! do not worry about it you can pay the minimum and be fine. If it is more then pay a chunk till it is about 27%-30% and bringing it lover helps tremendously. Also bear in mind all these things may take up to 3 months to show any differences in your report and score. So do it now before you have to do it later. Also if you don`t have a long credit history your score may not be raised too much higher.
Hope this helps |
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jamesPurple
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Collections first.
Keep paying the minimum (more if possible) on your credit card.
2 months to increase your score is optimistic, but for sure it'll improve if you pay the collections and lower down the balance on the card. |
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beauty s
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pay off old detb and then pay of you current bills and after that make sure u pay your bills on time.. |
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Kim R
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From self learning about credit reports, I would pay as much of the credit card down as possible. 30 percent of credit score is about the revolving credit. Since the collections is small in comparison, take the time to write your collectors and negotiate that you can pay in full upon the removal of account from credit report. Seen letters to help here online. Collection negiotiation letters on search engine is a good start. By then if your credit card is paid down you can use it to pay off the creditors. It will take time considering everything should be sent USPS and documented and certified. Definitely pay down the card to have a least 50% perferably 70% of existing credit available. Good luck. |
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stagger lee
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from a mortgage standpoint it may be better to pay down your credit cards - your score will benefit greatly if you can get your cards to have at least half of maximum credit available to you. collections can always be paid through the loan, if you can afford to pay down your cards to a 50% balance I would go that route because it will have a bigger impact on your score, especially since the collections are not very large. |
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