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Two Credit Card Payment Strategies

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Joined: 10 Oct 2009
kim09's page
Posts: 22

59 Magic Points

Subject: Two Credit Card Payment Strategies
Posted on Sat Oct 24, 2009 5:58 pm  

I am trying to improve my credit score and figure out which method is more effective. Is it more credit damaging to have 5 small collections or one large collection on your credit report i.e., five $1000 collections or one $5000 collection? Just trying to determine if I should pay the big one first, or pay the smaller ones to have less things in collections and then do the big one.

Joined: 24 Oct 2009
reneea's page
Posts: 7

68 Magic Points

Posted on Sat Oct 24, 2009 9:00 pm  

I think (based on what I have been reading/learning here) that you should try to keep the account that you have had longest. That would be the one on which I would focus. Good luck!

Joined: 10 Oct 2009
debranewell2008's page
Posts: 591

108 Magic Points

Posted on Sat Oct 24, 2009 11:22 pm  

Hi Kim,

I'm like renee I would keep the one that you have had in collection the longest because it will come off first. Just make sure to send a pay for delete letter certified with the ones you pay off asking them to remove the negative item from your report once it is paid. Because if they don't then it is still listed as a negative item and can still affect your score for a total of 7 years. Maybe not as bad since it is paid but it still does. Your score should come up some because then you won't owe as much so your debt to income ratio will be less. Have you checked the SOL on the debts to make sure they haven't went past the collection stage? If not I would check that first if it has run out you need to send a letter to them letting them know they can no longer try to collect on the debt. Then you may even want to send a debt validation letter certified asking them to send verification that it is your dept. I have read on here that some collection agency can not provide proof so if that happens then you can send the letter with the receipt to the CA asking them to remove it. So I wouldn't pay anything until you do these steps first. Because if you do pay and the SOL has past it will start all over again.

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