Getting rid of debt and repairing credit.
Here is my current situation and what I have done in the past.
I am settling with a company, Midland Financial, that has taken over my Dell account. I am settling 1350.00 from about 1950.00. I also have two other credit cards which are being handled by a financial company. I pay a certain amount each month to them which gives me a lower interest rate. One is for Express which is now at 750.00 and the other is Chase which is at 1000.00.
I have one active Discover card which is 900.00 and a HSBC department store credit card that is at a zero balance.
I plan to pay off ALL my credit card debt within the next 3-4 months. I currently have a mortgage, student loans, and a car payment which will be paid off in October. I plan to pay this one off early.
I wanted to know how quickly my credit score will improve after paying off my settlement debt and remaining credit cards or what I can do to improve my credit score so that I can qualify for a decent interest rate for a new car.
I am looking to purchase a new car to for my wife and our expecting baby :)
Thank you in advance.
Yes I do owe them. It was an
Yes I do owe them. It was an old Dell account which was defaulted. I have all paper trail and files to verify it. I live in Illinois. It is about 6 years old. It has gone into collections within the last year.
When was the date of your
When was the date of your last payment?? Your Dell account would have a 5 year SOL in Illinois.
Send this to Midland
Dear Midland...
I am hereby demanding the proof of the alleged debt you are collecting on for Dell. I require a signed contract or agreement to prove that you are indeed authorized to collect this debt. Do not send me a computerized print screen of this account...I neeed proof of the existance of this debt,
Your score will not improve
Your score will not improve at all by paying collection accounts. Midland is a junk debt buyer...have you DV'd them to make sure they can prove you legally owe the debt?? What state do you live in?? How old is this debt???