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It does not necessarily mean that paying your old debt will improve your credit score

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Laura

Laura

Joined: 21 Jun 2007
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36626 Magic Points

 
Posted on Sat May 03, 2008 4:04 am  

It does not necessarily mean that paying your old debt will improve your credit score, instead it may in fact lower your credit score. However, you can always negotiate with your collection agency for deletion letter request while paying back your old debt.
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Laura.
fireyone



Joined: 26 Feb 2008
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132 Magic Points

 
Posted on Mon May 05, 2008 10:58 pm  

Laura How does paying a debt lower your score. I am not saying that it doesn't I was just wondering how it worked out like that.
elle
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Subject: deletion
 
Posted on Wed Aug 20, 2008 1:17 am  

Do not allow anyone to "delete" an account - paid or not. Any party can come after you again and you will have no credit entry to support that you paid or that you owe a certain party. Repeat - do no allow deletion.
Been there - I know.
goodnatured



Joined: 03 Nov 2007
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543 Magic Points

 
Posted on Wed Aug 20, 2008 3:39 am  

That makes sense, never thought about it that way, at least you have proof that you paid it then.
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fireyone



Joined: 26 Feb 2008
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132 Magic Points

 
Posted on Wed Aug 20, 2008 7:15 pm  

Wow that was a really great point. I still don't know what good the pay for delete really does anyway. I asked this on another post and didn't get an naswer.
Nicegirl
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Posted on Sat Aug 23, 2008 3:45 am  

Deletion should still work though. Proof is as simple as the letters that you negotiated with from them and receipt from money order or check, right?
erb1953



Joined: 31 Dec 2007
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-100 Magic Points

 
Posted on Sun Aug 24, 2008 1:51 am  

Should be that simple.
fireyone



Joined: 26 Feb 2008
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Posts: 4246



132 Magic Points

 
Posted on Sun Aug 24, 2008 2:23 pm  

But iss it ever?
erb1953



Joined: 31 Dec 2007
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Posts: 547



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Posted on Mon Aug 25, 2008 12:08 pm  

Nope
fireyone



Joined: 26 Feb 2008
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Posts: 4246



132 Magic Points

 
Posted on Mon Aug 25, 2008 12:10 pm  

Gotcha
mel
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Subject: 2 months behind on credit card
 
Posted on Wed Mar 31, 2010 5:49 pm  

Hi , I fell behind on cred it card payments ($5000 total). I called credit card co., they lowered rate to 10% and agreed to payments of $50 per month for 6 months. Of the $50 only eight dollars went toward the total bill. After 6 months my financial situation did not improve and I was faced with either buying my kids food or paying my credit card. I had decided to stop paying since food and shelter are more important. I had agreed to auto payments for 6 months, but noticed they kept widthdrawing from my acct for at least 3 months after the 6 month period. Now I stopped the payments, they are calling me night and day. What should I do? My my mother in law said she would loan me up to 1,200 for a settlemnt with them. Any help would be greatley appreciated!
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: reply
 
Posted on Thu Apr 01, 2010 6:32 am  

Hi Mel,

Your query has been answered at http://www.creditmagic.org/card/delinquent-payment.html#44030 .

If you have any other query, you can feel free to discuss that in the forum.

Thanks,

Aaron
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