credit report old collections questions? delete items after paid will they do that????

Question

i owe 700 to apt complex for damaged carpet
300 electric company
100 to gas company
170 to phone company

i will have this paid off by the end of the year. i have 1 credit card in good standing that i pay off each month. How long will this take to increase my score. can i request to have them delete the item on my report all together. I already starting making payment arrangements with the debt for 700 to apt complex. can i ask them to delete it after I already started to pay them...i hope this makes sense? if anyone has any helpful advice to give me that would be great.??? I want to buy a house within 2 yrs is that possible???

Answer 1

You can ask the creditor to remove the negative but it's a 50/50 shot. Just having all the negatives marked paid will make a big difference. Plus you have two years to build a good payment history.

For some reason a few folks here insist that carrying a balance helps your credit. It absolutely does NOT. Credit cards show up the same on your report whether you pay in full or carry a small balance. The difference is, you don't pay interest if you pay in full.

Also, your credit card company will automatically increase your credit limit sooner if you pay in full every month.

One more thing, the negatives will fall off your credit report in 7 years and 180 days from the date of last activity (DOLA) which is the default date. Paying it off does not restart the reporting period.

Answer 2

Items can actually be deleted before they are paid! Most of the time, if the item is over 3 yrs old, you have a pretty good chance of that item being removed from your credit file. The credit card you have in good standing will help reestablish credit for you, so keep it. The best thing to do would be to validate the debt, if they can't, the item will be removed from your credit file. You must validate the debt with the credit bureau's first.

I have had over a 50% success rate removing collections from credit files.

As far as buying a house, you can, as long as you establish a solid credit history in the next 2 yrs. Don't carry a balance over 9% of your available line of credit on a credit card, and don't miss any payments. One credit card won't do the job, you would need at least 2 more cards. Start with secured credit cards if your score isn't enough to get an unsecured card. More information can be found at my website, www.rayscredit.com

Answer 3

You can ask the apt complex, electric company, gas company, and phone company to remove these items from your credit. It does not mean they will but I would advise calling them telling them that you are trying to clean up your credit and would like to pay in full the amount that you owe them and in return you are asking them to remove the bad debt from your credit bureau. You need to get a letter in writing on their letterhead if they agree to remove the debt once they receive your payment in full. Tell them you wish to receive this letter so you can turn into the 3 credit bureaus. This will protect you because if they agree verbally and do not remove once you pay you will not have any proof of your verbal arrangement. There is a form that these creditors can submit to the credit bureaus to take this off your credit but in case they don't you have the letter you can submit to get them removed. Now, if they do not agree to this then if these are old collections they fall off your report in 7 years. As crazy as it may sound if you pay off the old debts it will change your last activity date to recent if you pay them which will restart the 7 yr time frame and actually hurt your credit. IF the sole purpose is to buy a house, I have worked with a client that my underwriter required the collections to be paid off before she would give an approval. My clients did this and they are now approved. If you want to apply for a home now you could try that option if that is your sole purpose of trying to pay off these debts. Good luck.

Answer 4

To raise your score, you want to pay off the accounts that are most delinquent first. Those are the ones reporting as 60,90 days past due. And it does look better on your credit when you pay the account in full. And if a credit card offers you a settlment, dont take it because it reports to the Credit Bureau as settling for less than the balance in full and that is a major bad mark. Almost as bad as bankruptcy.

Answer 5

I don't think it can be "deleted" but just paying off these debts will increase your credit score, especially if you have current credit lines (like your credit card) that you use and pay in a timely fashion.

Answer 6

They do NOT delete info just because it is requested .
They only delete info you can prove to be false .
Paid on not , the legit / true info stays on for 7 years from the date of the last payment activity .

>

Answer 7

once the collection qccounts are at a zero balance, it takes 7 years for them to come off the credit report. They will not automatically be removed

Answer 8

do not pay off your credit card every month..its ok to carry a small amount..shows you are paying your bill...you would think it would be best to pay it all of no balance..but you actually hurt yourself doing this...get all the stuff paid off then watch your credit report make sure they report it within 2 months...it may fall of more than likely it will be on there for a certain period of time..go to annualcreditreport.com for your free credit reports from all three credit bureaus..you get it once a year..