When will my score increase?
Date: Fri, 04/23/2010 - 10:35
I have 4-5 accounts in collections that will be paid off by July, a deliquent loan account with Cash Call that will be paid off in August, and I am behind on my Dell preferred account by about $200... my current balance on my Dell acct is around 1200.
If I pay off all of my collections, my account with Cash Call, and start making monthly, on-time payments to pay down my debt on my Dell acct, when would I start seeing results to my credit score? I paid off a 10,000 loan in October 2009 and have no new debts. I do not have any credit cards (all accts are closed) and I have 3 student loan accounts that are all paid on time.
Just wondering when I would see a jump in my score. I'd like to see it into the 600's by next year (2011) and increase from there.
Thanks!
Your scores do not jump because you pay off collection accounts.
Your scores do not jump because you pay off collection accounts....the status of those accounts remain the same. Only current accounts and those bad trade lines falling off will increase your score.
thats true only getting them removed or paying down the balance
thats true only getting them removed or paying down the balance on any additional accounts will increase the score. Thats why most use the pay per delete becuase simply paying them doenst increase much if at all
you need to pay off these creditors once this is paid off your
you need to pay off these creditors once this is paid off your debts would go down to zero (with regards to these accounts )however if you monthly income remains the same that would automatically mean that you debt to income ration would increase ,means you would have more income and less debts so your credit scores can start increasing from there on you can also be on time with the rest of your utility bills and may be if you have credit cards still that you are on time with you can pay those off in full each month you would gradually see your scores going up and you would be back on track again
