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paying off debts.

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fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



137 Magic Points

Subject: paying off debts.
 
Posted on Fri Feb 20, 2009 12:40 pm  

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.
LT



Joined: 30 Jan 2009
LT's page
Posts: 57



2345 Magic Points

 
Posted on Fri Feb 20, 2009 3:30 pm  

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.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



137 Magic Points

 
Posted on Sat Feb 21, 2009 12:43 am  

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.
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30070 Magic Points

 
Posted on Wed Feb 25, 2009 8:54 am  

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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fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



137 Magic Points

 
Posted on Sat Feb 28, 2009 10:58 pm  

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?
jim
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Subject: paying a debt
 
Posted on Tue Mar 31, 2009 2:10 am  

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.
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30070 Magic Points

 
Posted on Tue Mar 31, 2009 6:07 am  

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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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Tue Mar 31, 2009 9:50 am  

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'.
Lorrell
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Posted on Wed Aug 12, 2009 1:50 am  

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????
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30070 Magic Points

 
Posted on Wed Aug 12, 2009 12:17 pm  

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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Olivia
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Subject: medical collections debt
 
Posted on Wed May 19, 2010 7:27 pm  

i am trying to get a loan to replace my roof on my home. however i am not approved becase i have a couple of unpaid medica bills on my report if i pay them i full right now, how long will it take for them to show paid in full? i know they will not go away right away, however my question is will the show up paid in full the next month ?
Aaron

Aaron

Joined: 08 Feb 2010
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48565 Magic Points

Subject: medical collections debt
 
Posted on Thu May 20, 2010 12:07 pm  

Hi Olivia,

The negatives can be removed if you pay off the medical collections. You can talk to the collection agencies and get a payment agreement in writing. Along with the payment agreement request the collection agencies to agree to a "Pay for delete" (PFD) agreement. With a PFD, all the negatives from your account gets removed.

As for the updation on the status of your account, yes they may show up next month, though there is no such specific time within which the change may occur.

Thanks,

Aaron
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Bert Murillo
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Subject: question on my credit report
 
Posted on Tue Jun 22, 2010 11:45 pm  

I just got my credit report, and there are a lot of things I absolutely
cannot recognize,,, I do not know what these companies are, just
letters, which i cannot understand, that is what is name of the
account....

I have paid all bills that showed up, accounts i recognize, but
these others I do not know...

Any suggestions?

thanks you

robert
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: credit report question
 
Posted on Wed Jun 23, 2010 10:41 am  

Hi Bert Murillo,

You can send debt validation letters to all those collection agencies which you think have been wrongly listed. Send the letters through certified mail with a request of return receipt. If they fail to validate your debt, you can dispute these items with the credit bureaus.

You will get sample debt validation letter with this community. Feel free to use that to write one of your own. You will also get a sample dispute letter. Along with the dispute letters attach copies of debt validation proofs.

Thanks,

Aaron
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nitro
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Subject: Mortgage Loan
 
Posted on Sat Apr 02, 2011 2:27 am  

I was preapproved from a lendor and signed a contract for a house and when i went to complete my loan package I found out I was 20 points short to get PMI. I reviewed my credit report and found that the issue is I owed more then 30% 0f the credit limit on my credit cards. I paid these all off and also found Medical colections that where 3-5 years olds I paid these as well. The credit cards and the collections all report to the credit bureau the end of the month its now the 1st and I'm suppose to close in 2 weeks. Will i be able to approve my credit by 20 points to get my loan

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