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Information about credit rating and paying off credit card d

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

59 Magic Points

Subject: Information about credit rating and paying off credit card d
Posted on Mon Oct 26, 2009 2:56 pm  

My credit score is 542 and i have 2 delinquent credit cards will paying these off raise my score enough to get me out of the very high risk category?

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

108 Magic Points

Posted on Mon Oct 26, 2009 4:21 pm  

Before paying them off check the SOL on the credit cards if it is past send a letter to them stated it has expired and they can not collect from you. If it hasn't then you can send a pay for delete letter asking them to remove the negative item from your report once it is paid. Make sure to send the letter certified with receipt. You will have proof of the agreement. If they remove the negative items from you report then your score should go up if that is the only thing negative in your report.

Joined: 03 Nov 2007
goodnatured's page
Posts: 3931

439 Magic Points

Posted on Mon Oct 26, 2009 7:03 pm  

If they do not remove them they will stay on the negative side of your report paid or not. I do not believe that they will raise your score either if they are paid off. Only the ones in a positive status will raise your score.

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

123 Magic Points

Posted on Mon Oct 26, 2009 10:44 pm  

I have to agree with good natured here. I have seen time and again people who have paid off their debt and not seen an increase in their score. It does help when a creditor who is considering credit see you make an effort to pay but the deliquencies alone are sometimes enough to scare them off. Age of the debt sometimes helps. If the debt is older and you have some recent good credit this will help.
Definately check your SOL. Why? Because usually by the time the SOL has passed the debt has also passed through many many collectors hands..adding more and more interest...and once you pay and restart you are then liable for all of it.

Joined: 03 Nov 2007
goodnatured's page
Posts: 3931

439 Magic Points

Posted on Mon Oct 26, 2009 11:56 pm  

I paid off for of them and they did nothing for my score, in fact they stayed in the negative and showed paid in full, I got no benefit at all for paying them off, just some collection agency that bought them got paid. The only benefit is the collection calls and letters stopped so it was a relief. As far as my score, it did nothing, I still get questioned on them everytime I apply for credit.


Joined: 17 Jul 2006
Justin's page
Posts: 1238

28944 Magic Points

Posted on Tue Oct 27, 2009 5:15 am  

Hi Kim,

Well, paying off the debt will not increase your score right away since you have been delinquent on these accounts. Only positive remarks on your credit report can improve the credit score. Hence, if you are planning to pay off the debt, then send a pay for delete letter prior to settling the debt and request them to remove the negative mark from your report changing it into a positive status. This will increase your score. However, it takes a considerable amount of time to get an updated credit report and an increased score.
All the Best Smile

Joined: 13 Nov 2009
Margaret's page
Posts: 78

-137 Magic Points

Posted on Sun Nov 15, 2009 4:28 pm  

what is SOL?

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