Question about credit report???

Question

Ive got two marks on my credit report that im curious about.

1. A credit card i didnt pay off that got turned over to collections. I then payed an amount less then the total to have it closed after a call from a collection agency. It appears on my report and says "revolving account". Im not sure what that means? Can i do anything to make this appear better? For example paying the rest of the total amount?

2. This was a loan i had and payed every month on time for awhile. One month i was late then the following month i payed it off early. Does this look good? Does it look bad? If it looks bad can i do anything to make it look better?

Thanks for any help!

Answer 1

It should be upadated stating that the account has been satisfied for less than the balance.

Answer 2

There's nothing you can really do about either of these at this point. If the credit card company agreed to settle, they can't take anymore money from you. ANY credit card you have or had will show as revolving credit, because that's what it is. Anything marked "collection" "charge-off" etc is bad. It will just take time paying everything on time to get your credit score back up. Also, try not to incur anymore debt! The below link has some useful info as well.

Answer 3

Any time you go for a loan or anything that looks at your credit, they should be able to see that the amount has been paid.

While it won't help your credit score, it might help when trying to secure a lower interest rate - or a longer term loan like a mortgage.

There are places that help you scrub your credit report, but they charge money to do so. The bad marks will go away over time - but hopefully you learned a lesson about paying credit card debt (and hopefully learned to avoid credit cards whenever possible).