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 Posted: Sun Jul 16, 2006 1:28 pm Subject: Pay off a bad debt |
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Do you know how many points I will recieve if I do a rapid rescore and paid off a bad debt from my credit report? I have 3 accounts i paid in full and I am wondering if I do the rapid rescore if it is worth it. Please advise. Thank You
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jazzmatazed
Joined: 16 Jul 2006
Posts: 1
Debtcc Points: 41
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| Posted: Mon Jul 17, 2006 7:19 am Subject: |
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You will definitely earn some points when a bad debt is paid off and updated in your credit report. However, before you consider paying it off. Check the status of this account. You need to think twice if the account is past the SOL period. Credit scores are severely hurt when the accounts are in collection status. Even though you can try in every way and pay off the accounts, its positive impact will appear in your credit file after updates are done with the bureaus.
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GunsNroses
Debt Samaritan
Joined: 08 Jun 2006
Posts: 495
Debtcc Points: 7991
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| Posted: Mon Jul 17, 2006 7:22 am Subject: |
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Each credit bureau has a different way of computing the credit scores. It is not known to anyone how much scores can be earned when a specific account is paid off since the calculation is done by a software. The account details are inserted in the system and a three digit credit score comes out as an output for the consumer. This three digit credit score evaluates his credit worthiness in the long run.
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Justme
Debt Samaritan
Joined: 19 Jan 2005
Posts: 502
Debtcc Points: 8026
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| Posted: Mon Jul 17, 2006 7:28 am Subject: |
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What is a rapid rescore?
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Register today to encash debtcc points.
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Guest
Debtcc Points: 100
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| Posted: Mon Jul 17, 2006 8:38 am Subject: |
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Guest, if you are having a bad credit, you can improve your credit standing by paying off most of the accounts. Start improving by giving priority to those that have a small balance. Once the account is paid off, use that money to pay off the next debt account. The creditors will update your files with the bureaus and hence, your credit scores will rise. See this page for some tips on how to improve your credit scores quite effectively.
http://www.debtconsolidationcare.com/forums/credit-check.html
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Justme
Debt Samaritan
Joined: 19 Jan 2005
Posts: 502
Debtcc Points: 8026
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