If I have 2 collections on my credit report from 2004 should I pay them to raise my credit score?

Question

I've got a cable bill and a radioshack credit card from 2004 on my credit report!!!!

Answer 1

You should pay them because you owe the money.

Answer 2

First dispute the collections, if the company went out of business than they won't respond and it will be removed from credit. If that doesn't work, call the collection agency, offer to settle for 50%. Get a terms of settlement letter from them BEFORE you pay. It will state what they agreed to settle for and is your only protection. Pay by check or money order so you have proof and once paid call and request that they send you a payoff receipt. You may need to dispute the account again if the collection agency doesnt report paid.

Answer 3

too plenty revolving debt can harm your credit. yet another selection may well be a small CD secured financial business enterprise own loan. in case you will come across a financial business enterprise that has no minimum own loan volume, then take although volume you may discover the money for and open a financial business enterprise CD. maximum banks will own loan against their own CD's no count what your credit history could be considering that is seen a funds secured own loan. to no longer point out that the activity fee would be plenty below on a mastercard. positioned the borrowed funds into an account and set up an computerized fee from that account to the own loan. Then all you will could rigidity approximately paying is what ever activity has amassed. wish this is sensible!

Answer 4

Your credit score is a number based upon your credit report. As you grow in life you will find that it is one of the most important number affecting life and finances. The higher the credit score, the better it is. A higher score can help you find loans with low interest rates and quick turnaround times for approval. The more you understand your credit score and the factors that affect your credit score the easier it will be for you to keep your financial health in order. The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.

1. Re-payment history

This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.

2. Outstanding debt

The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
Read more about it at: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score

Answer 5

Even if you pay them, your credit history will show that it was once in collections and will also show how many days past due you were on each account. So, if you look at Experian it will say:
Radioshack
Paid
Collections Acct
CCCC----CC---- etc.

The C's are for when you are current.
Pay it because you owe it and pay it because it will help a little. However, anyone looking at your credit report will still know it was once in collections.

Answer 6

YES! Pay them and kindly request that they send a letter to a credit reporting company and ask them to remove that from your credit report. Be polite and say that you were unaware of the collection still on your credit report, but you've paid it now that you know and ask that they remove it. The squeaky wheel gets the oil!

Answer 7

That's a moronic question.
You should not pay your bill to raise your credit score.
You should pay your bill to be an honest person.

You took the service, you used the service, why in the world is that not enough reason to pony up and take care of your responsibilities??????????

Answer 8

dr. is right if you pay it it will still show that it went to collections so imho your wasting your money, i work for a dealership i see about 5-10 credit reports a day

Answer 9

are you sure they're yours?

the law is that if you notify the credit bureaus that they arent your debt or if the debt shows neg and it isnt.................then you dispute it with all 3 credit bureaus to be complete....then they have to contact for example they'll send a letter to radio shack to ask them to validate the debt is yours or that it's unpaid....radio shack has to go thru old boxes or microfiche to prove it's unpaid and then mail it ot the credit bureaus within a set period of time or the credit bureaus must change it to either paid or never late or whatever it should be.

Answer 10

yes so it can show that the account is taken care of and closed . You don't want it showing kd even though it probably is already .