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Rebuilding

Date: Tue, 08/17/2010 - 07:18

Submitted by anonymous
on Tue, 08/17/2010 - 07:18

Posts: 202330 Credits: [Donate]

Total Replies: 4


I know this may sound like a dumb question, but...

I have horrible credit, and now I have an awesome job and have been slowly paying off everything on my credit report and financing a few small things here and there. Does paying off old debts on your credit do anything to help build it?


As you pay off your debts your credit will gradually increase. However, if you make payments on old delinquent accounts making payments on those can initially lower your score by a few points. You can thus try to negotiate a "Pay for delete" (PFD) agreement along with the creditors and collection agencies (if any). PFD removes the negatives from your credit report (not all creditors agree to PFD).


lrhall41

Submitted by SC on Thu, 08/19/2010 - 04:26

( Posts: 3937 | Credits: )