Credit repair

How long will it take for result of my credit score

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

hogc1

Joined: 07 Oct 2008
hogc1's page
Posts: 2

58 Magic Points

Subject: How long will it take for result of my credit score

Tue Oct 07, 2008 3:19 pm

I'm trying do improve my credit score. I have one charge off account. I'm in the process of trying to do a lump sum settlement. Which would result in them reporting my account as paid in full and removing any negative important. How long would it take for my score to improve..

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 417

10874 Magic Points

Fri Oct 10, 2008 9:23 am

Hi Hogc
Normally, a charge off listing can lower your credit score by as much as 100 points. Even if the credit report lists it as "paid in full" after you pay back the debt, it will not improve your credit score. But if you don't pay it back, the creditor can bring judgment against you to recover the debt. So it is always better to pay it off. However, before you pay it off, you should try and make the collection agency agree to list the charge off listing as "paid as agreed" instead of "paid in full". This "paid as agreed" listing may help you to improve your credit score.
_________________
Best Wishes
Justin

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 324

8704 Magic Points

Fri Oct 10, 2008 9:42 am

Generally, the impact of the charge off listing on your credit score starts reducing from the time the Statute of Limitation in your state gets expired. However, the listing will stay in your report as negative for seven years as said by Justin. Now, if you want to improve your credit score, all you need to do is to repay back new debts on time and build up a good repayment history. You can make purchases or make utility bill payments with your credit cards, and make timely repayments to build up a good credit history
_________________
Where there's a will, there's a way !!

Credit Solution

Joined: 15 Oct 2008
CreditSolution's page
Posts: 17

328 Magic Points

Subject: How long will it take for result of my credit score

Thu Oct 16, 2008 12:13 am

Nobody know...... tipycally credit report agency they have their own formula to determined your score. Justin sorry but your are wrong.

AMG Consulting Group Inc.
Guest

Subject: Paying off old debt

Sun Oct 19, 2008 1:37 am

How the account impacts you depends on the other accounts on your credit report as well. One late payment can lower you 70 points, but in someone elses case it may just be 20. It just depends.

If you want to pay off your debt and get it off your report you can. It doesn't need to be just reported as paid. You can negotiate with them.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 891

2654 Magic Points

Subject: debt

Fri Oct 24, 2008 1:35 pm

What if the debt goes to a CA? Is it better to try to pay your debt with the OC or the CA? Would it 'look better', on your CR if you have it paid in full by the OC?


Page 1 of 1

*Email:
*Password:
*Display Name:

	* denotes required field

*Email:
*Password:

	Forgot password?

*E-mail: