if i pay it off will it fix my credit score
2007-02-21 19:57:59 · 7 answers · asked by oneandonlyness 4 in Business & Finance ➔ Credit
It will not fix your credit score. It will however look better to new creditors considering extending you a line of credit and stop further damage. Plus it's the right thing to do. You should be able to settle the debt for a percentage of what they say you owe. Start out at 70% and tell them you will pay it off but that is all the money you have and this is a one time offer. I used to work in debt collections.
2007-02-21 20:01:19 · answer #1 · answered by Enjoying Life 3 · 0⤊ 0⤋
It will definitely make your credit better, but it will not "fix" it like you're probably wanting it to.
With that being said though, there are a lot of situations involving credit that companies will "overlook." If it shows that you paid your truck off in full, then there's a strong possibility that the next time you go to buy a car, they'll overlook the repo. This is in no way a guarantee though because each company has their own corporate policies that can and will vary from one place to another.
It's important to keep in mind though, that just because it won't make your credit spotless, doesn't mean you shouldn't go ahead and pay off the debt. You'll be doing FAR better paying it off instead of just not worrying about it and using the money for something else.
I wish you the best of luck!
2007-02-21 20:14:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It'll make your credit score better than what is it now...but it won't fix the damage done by the repo
2007-02-21 20:00:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No. You defaulted on a contract agreement... then purchased another truck (even though it is the same truck) in the eyes of the law and credit reportings.
2007-02-21 20:01:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
it will vastly improve it but all will not be forgiven history and the like at least a 3 yr record of a repo
2007-02-21 20:43:18 · answer #5 · answered by havenjohnny 6 · 0⤊ 0⤋
Slightly. It will still show that it was repo"d.
2007-02-21 20:06:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No damage is done
2007-02-21 20:05:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋