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Part 2: 3 things in collections on my credit report, totalling $1700, since '03. Should I pay it off? |
Will paying off bad debt help me get approve for credit cards to rebuild my credit? More likely than not, the creditor has already written this debt off. Even if you pay it off now , the delinquency will still show on your report. A great first step that demonstrates your personal integrity. Go for it. You are an honest person. If you don't pay it off, you will never be able to get credit in the future. If you pay it off, your credit score will improve in time and the time will come when you can finally get approved for a credit card. Here in UK, Capital One are most likely to accept you (for a Visa card) when other providers have refused you Most items stay on your credit for 7 years, since these are 5 years old you could go on for 2 more years with them as a negative aspect on your credit or pay it off. If you pay it off now, expect another 7 years of it on your report, but it will show as paid. It depends what you need to do with your credit in the near future. Depending on what type of collections they are. If it is medical, offer a settlement. If not medical you can still offer a settlement but it would be at a higher rate than settling on medical accounts. I have 17 yrs in credit and collection industry. If you wait 7 years you have to write to the credit bureaus all 3 of them and ask them to remove it. They just don't automatically take things off your credit even if it is past the statue of limitations, you must request them to be removed. I myself, would try and settle and I would low ball them like 25 cents on the dollar and work my way up. I would never settle for anything more than 65 cents on the dollar. Unly exception would be for buying a house. You credit score on a house loan caould make a orbreak you. I'm talking interest wise. If you need anything else answered please let me know. Rob It shows your initativeness to try to repay the debt if you repay it. I think it could only help you by paying, it shows you're not trying to get a free ride. Try applying for a debit card, or open a bank account and get debit card. You can run a debit card as a credit sometimes, and this should also help your credit out. Some debit cards have credit repair on them. if it is yours. (something you caused) the right thing to do is pay the debt. People should think of it as if they were the ones lending the money. |
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