Will this fix my credit?

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Hey everyone--

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Will this fix my credit?

I am 19 years old and just recently checked my credit score. I have nothing on it except one colection agency balance. It is a balance I owe from 6/1/2004 for $125. My credit score is very low 568. Will paying this off fix my credit score?

rhlkale

FIRST OF ALL IF YOUR ARE ONLY 19 AND THE DEBT IS FROM 2004 YOU WERE UNDER AGE, DISPUTE CHARGE WITH CREDIT AGENCIES.

onMAMAZ

paying it off and maintaining no debt it will

Anjell

Just paying it will only show up as 'paid ' on your report. What you need to do is negotiate a 'pay for delete' with the creditor before you pay them. Get this in writing so that when you pay off the $125 they'll delete the item from your credit report.

Mind you the score will take a few months to self repair, but the collection item will be gone.

Marysue

Credit is something you build over time. Your credit score shows how you manage debt. Yours looks so bad because the only thing in your history is a negative thing. (Think of it like a GPA, where the only grade you have is a D.)

Pay off the collection item. Get a credit card, use it each month, and pay it off each month. As you build credit, you can get more credit like a car loan. Basically, any debt that you can take on and pay off (within the terms & conditions of the loan) helps improve your score. You can get too much available credit though, and that will hurt you because it makes you look like a huge default risk.

Bart M

You never said whether the collection was for something you owed. Paying things you owe, as you incur them, will improve your credit.

niquey

it's a start

Steve D

It will not fix it (it may improve it somewhat). Since the bad debt will just show paid, the bad rating will remain on your credit report and since it is the only thing there, you have nothing to pull up the credit score.

kermit_frog_rocks

Yes, you need to pay it off. The negative information will stay on your credit report for several years...buying a car and making regular payments would improve your credit score greatly, but if that is not an option, get a credit card and spend about 50 bucks a month and pay it off each time. If you do this consistently, you will begin to build credit. Don't go crazy when you get a credit card, but charge something each month and pay the balance in full.

scoutma53

Can't hurt.

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