Raising Score from 588 to 620

Date: Mon, 08/24/2009 - 09:40

Submitted by anonymous
on Mon, 08/24/2009 - 09:40

Posts: 202330 Credits: [Donate]

Total Replies: 3

Hoping someone can help. I have 3 outstanding collections accounts on my credit report and am 180 days late on my student loans. If I pay off the 3 outstanding collections accounts (and hopefully have them deleted) and catch my student loan payments up by the end of next month, will I see an increase in my credit score and is it possible for me to have a 620 in the next few months? Thank you.

Are these accounts with collection agencies? If these accoun

Are these accounts with collection agencies?

If these accounts have been charged-off already and appearing in report as derogatory, they will continue appearing the same even after settlement. However, if the accounts are still with the original creditors you may negotiate 'pay for delete', which would have a better effect on your report.

lrhall41

Submitted by SC on Tue, 08/25/2009 - 21:16

( Posts: 3937 | Credits: )

At times 'pay for delete' also works with CAs. There is no harm

At times 'pay for delete' also works with CAs. There is no harm in trying. With all the negative entries removed your report would definitely look better.

lrhall41

Submitted by on Wed, 08/26/2009 - 02:51

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debt

Also,.....the more you bring your debt down and make payments on it (IE: making payments on a loan) your score WILL go up a few points everytime you make a payment.Why?...because when you make payments, you're 'lessening' your debt. Also....if you have 'outstanding' accounts, on your CR, the OLDER they get the 'less' they will be in 'consideration'.

lrhall41

Submitted by sdchargers_63 on Wed, 08/26/2009 - 03:11

( Posts: 1798 | Credits: )