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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Subject: paying off debts.
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Fri Feb 20, 2009 12:40 pm
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| I want to go pay off all my credit card bills. I am not closing the accounts (there are three of them). How will this effect my score? Will it go up? If so how long after paying the accounts in full will I see a change in my score? Sorry for all the questions but I am trying to get the best score possible. |
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LT
Joined: 30 Jan 2009
LT's page
Posts: 64
2178 Magic Points
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Fri Feb 20, 2009 3:30 pm
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| Your credit score will go up, never close paid in full credit cards. It could take a while to raise your score. I would suggest; as soon as the cards are paid in full send the credit agencies a letter stating that the cards are paid in full. This will ensure the credit card companies report the paid in full in a timely manner. The credit card companies sometimes try and wait to report updated credit cards that are paid in full in hopes that you will charge the account again. If you are looking for a mortgage you can request the mortgage company do an express credit score change, which they can do. This practice is done to help people who needed to pay off items to get a loan and then needed their credit score higher. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sat Feb 21, 2009 12:43 am
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| What I am trying to do is get a car. I would have the money to get one but I thought it was a wiser move to pay off all the existing bills that have higher interest rates. This would save in monthly payments since the cc bills would cost more monthly than a car loan. Our credit is good as it is but I was thinking with the economy it may be harder to get a loan and I want to make sure our (hubbys and I) credit looks great. I can get pay off notices by going to the store and pay the debts in full. There are only a couple of them but they equal quite a bit. We had to rely on them to get through a really tough period. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Wed Feb 25, 2009 8:54 am
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Your score can go up only if your debt is still with the OC and you have come to a pay for deletion agreement with the OC. Once you come to a PFD agreement with the OC, the negative item will get removed from your report if the debt is paid in full. Now, if the debt has already been sold off to a collection agency and you come to a pay for deletion agreement with the CA, then only the CA listing will come out of your credit report, but the OC listing will stay there in your report for seven years from the date of your last payment towards the debt.
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Carol |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sat Feb 28, 2009 10:58 pm
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| None of my bills are with bill collectors. All the debts are current and on time. I was just wanting to see how long it would take to show up on my creditr report and what effect it would have on my score if I paid off the existing bills and then got a car loan for about half of what I was paying out. I know debt to income ratio also plays a factor in determoning a score to right? |
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jim
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Subject: paying a debt
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Tue Mar 31, 2009 2:10 am
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I am currently trying to puchase a home and have a low middle credit score. One of the things on my credit is a medical bill my work didn"t pay off.
my work is willing to pay this a soon as possible. How much will my credit score change after this is fixed. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Tue Mar 31, 2009 6:07 am
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As far as I know, paid medical collection can be removed from your credit report if you can make the hospital agree to remove it before you pay off the debt. However, if they does not agree to remove the item from your report, you can later dispute it with the bureaus after paying it off. If you can get the medical collections removed from your credit report, your credit score will increase.
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Carol |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: credit
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Tue Mar 31, 2009 9:50 am
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| JIM.......now-a-days you have to have REALLY good credit to buy a home. A friend of mine has EXCELLENT credit ( upper 700's) and she can't get financed for one. Also,..I think banks/finance companies are looking at the income more closely now, making sure consumers aren't falsifying information. I'm not saying YOU would do this...I'm just giving you my 'point of view'. |
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Lorrell
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Wed Aug 12, 2009 1:50 am
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| I have a really low score from I think a utility bill if I pay this off how long would it take for my score to go up???? |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Wed Aug 12, 2009 12:17 pm
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Credit scores take time to build. However, this should not discourage you from paying off your bills. Creditors look at more than your credit score. Your report reflects your intentions with borrowed money, whether you have the will to pay them back or not. If you take the pains to pay back your debts regularly, your score is bound to improve.
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Carol |
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