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Ok my credit score went up 78 points in 14 months which is great but not good enough now I am a High F instead of a low one :) I have a secured CC that I have purchased one thing a month and paid off and my mortgage now direct debits and has been on time for that time which I credit the score increast BUT I just printed a new copy of my report and want to start tackling getting some of the old debt off. I need to know which ones are worth doing. I know they can only stay there seven years so do I only tackle stuff less than three years old? And if I call to make a settlement offer do I call the number to the collection agency or try to find a number for the original debtor? IF there are some small ones under $200 that I can just pay once its paid will they take it off or do I have to request that it be taken off by showing the payoff reciept to the credit agency? mississippi I have a car that my parents paid off in 2003 and its a zero balance of course but still on there is that right? Thanks in advance !
Lets take one question at a time 1 Your old debts never really go away, maybe they will drop off your report but your score will remain low. 2 All debts are worth repaying 3 When a debt is bought by a collection company, (they purchase a debt for pennies on the dollar) the debt owed is theirs. The original company has been paid and wrote the loss off. Now, SOME companies will let you settle with them, pay back the collection agency but the fact you had collections stays on your report weather paid for or not. When those drop off, no one will be the wiser. 4 If your parents bought you a car, it will not show on your report unless they co-signed a loan for you. Then it will be there. 5 There is no letter scores in your FICO, some people will refer to ABCD&F but it has more to do with a score range and would only pertain to their needs at the time. C FICO would be a F it was pertaining to a home loan. 6 Work on your score till your back up to 700+ it can take years but you will have a much happier life.
Stuff stays on your record fo r7 years and most collection agents/lenders are reluctant to take it off even when paid (nor do they have to). Also, there is no statute of limitations on the debt so even though it's not reported and you may not be faced with court action, you will still owe the debt as long as it isn't paid. As for who to call, if you are serious about paying things off, contact the collection agency, since they probably have bought the debt and you would negotiate with them. You might also want to try to get an unsecured card now - try a local department store as they tend to be a little more lenient. Keep the secured card but only use the new card (the same way) if you get it. This will automatically increase your score, since your debt to available credit ratio will now be lower. In any event, if you decide to pay off some of the smaller accounts, even if they don't take the debts off your report, the fact that they will show up as paid (and not open) should be positively reflected in your score.
Taking the equity out of your home to pay off old bills isn't wise. First, your going to have a problem getting a bank to cooperate with your plan, mainly because of a poor credit history. If they agree you will be paying bocue interest and that alone should deter you. Why not use the entire amount you were paying for rent and put that on the old debts until they are satisfied. Getting money out of any bank today is like pulling teeth. Good luck!
STAY OFF THE PHONE! You write and ask if they will accept such and such as a pay off of the debt. 50-60 percent of the due is kind of standard. You might also ask if you can pay the entirelty, on the small ones, if they will delete the info from your reports some will most won't. Send two copies of the letter, in your own words, and ask they they accept your offer by signing and returning one copy to you. NEVER give them access to your account and DO NOT discuss your letter with them over the phone. The credit bureaus can not take the info off before the negative reporting period of 7.5 years is up but the collection agencies can.
Start with the newest ones first...especially anything less than two years old. Get written Pay for Delete agreements PRIOR TO PAYING THEM. Never accept verbal promises about settlements over the phone. You might want to call the debt collectors from a pay phone rather than your home phone lest you want to trigger aggressive collection activity.