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Also will my credit rating go up at all after it being satisfied? If so how much?

2007-11-29 01:46:59 · 4 answers · asked by Dresta 3 in Business & Finance Credit

4 answers

Paying off a judgment will only change your credit report by stating the balance is $0 and/or its satisfied.
Legally, no accounts can be re-aged, but judgments and liens are completely different animals in the credit world. They can (legally) stay on your report for 7 years AFTER the date it was paid. Most collections or delinquent accounts fall off 7 years after the date it was delinquent...this is a major difference.
Your score will not increase. If increasing our credit scores was as easy as paying old debts, we'd all be well into the 800s, no? The only two ways to increase your scores are 1) to pay your bills on time and 2) to reduce your debt ratio.
Paying off negative information does not raise your scores.

I hope that helps!

2007-11-29 03:52:39 · answer #1 · answered by YSIC 7 · 1 1

No and no.

If you pay a judgment, the only thing that changes it it reads as paid with a $0 balance.

It will continue to show on your report until the 7-years time table is up but paying it will not affect your score.

2007-11-29 09:54:04 · answer #2 · answered by ? 7 · 2 0

If it was a civil judgment and on file with a court, then once the judgment has been paid, it will be removed from your credit report by the courts. Your score will increase, but not by much.

2007-11-29 09:54:19 · answer #3 · answered by Sgt Big Red 7 · 0 2

activity date is going to change to current and thats going to make score go down happened to me 20pt down

2007-11-29 10:04:52 · answer #4 · answered by dede d 2 · 0 0

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