Due to losing my job last year, I currently have about $1000 in collections at different agencies. I got my 3 credit reports earlier this year and they were all correct. If I begin paying off these collections one by one, how much will it improve my score?
I fell behind on my credit card payments and my account was closed, but my bank set up a payment plan and they report payment to the credit bureaus. I've been on time with my payments for the last 9 months, will this alone help my score, even though the account has been closed? I don't think I could get another credit card and don't know if I should pay my collection debt first, or get a secured credit card?
Joined: 27 Jun 2006 carol's page Posts: 1299 Location: Los Angeles, California
Being regular with your payments alone will help improve your credit score to a good extent. If your score allows you to get a secured credit card, you may do so because this will also help you improve your score. In the meantime keep paying the debts in collection. Don't be irregular with them and do not miss any payments. I'm sure your score will look good very soon. _________________ Keep in touch
If you want to increase your credit score then first pay your all debt after that you apply for secured loan. with the help of secured loan your credit score definitely improve. _________________ Bad Credit Car Refinance
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.