never pay your old debts if you're tryna boost your credit score smh

[Mook]

Might cop this off the strength of that suggestion

No need. Here's what you do.

1. 6 months emergency fund.
2. Pay highest interest rate loan first while making minimum payments on the rest .
3. Do 1 year of emergency fund.
4. Invest in index funds and Roth accounts.
5. Become Rich and retire comftorably.

Personal finance reddit has Ramsey as their god.

 

[Sensitive Blake Griffin]

Stay in debt brehs

might as well call generation y generation debt

 

[Black Cac]

I owed 9k to the bank from 2008. I called them and told them my aunt was gonna give me 3k and that's all I got. I said I can wire the money thru my lawyer this week is you agree. They told me they would call me back. ...
They called me back in 20 mins and agreed. I also told them I want it in writing that they will take it off my credit report... they sent that email the next day with everything I demanded...

Ole Craig's list hustling ass nikka

 

[shynewhatts]

Here in canada the debt goes away in 7 years My credit is already fukked ill wait out the 7 . Ive worked as a debt collector before I know basically im fukked until then so fukk it . fukk blank evelopes in atms and money loans ill never pay back

 

[thaKEAF]

I owe like 700 in medical bills from 2011. I didn't give a fukk really back then and eventually it went to collections so I was like and said fukk em. I was gonna pay it off in full this year but one of my co-workers was like if your credit score is still going up with that on there, don't even worry about it cause sometimes paying them doesn't help.

Eventually I'm gonna want to buy a crib tho, so I'm not sure if I should just go ahead and dead it?

 

[Master Teacher]

the only way to boost your credit score is adding positive trade lines

the easy way to do this to get a secure loan

take 500 dollars to a bank get a secured loan

then take that 500 you got from that bank and take to another one

do this three times, and pay on time, and you will have three positive credit lines and on your way onto establishing good credit

 

[Art Barr]

Can somebody confirm to me if bush cut off the seven year debt exception all together.



Art Barr

 

[Geek Nasty]

You have to be careful playing that game. You need to check all three credit reports to make sure it's not on any of them. What I read a long time ago was after 7 years, you can write a letter to the credit agencies demanding they remove old entries on your credit report. I used to have garbage credit in the 300s until I figured out how to balance my budget. Last I checked it was 802.

Rule #1, stop digging your hole. Pay your bills ON TIME and IN FULL.
Rule #2, USE credit and pay stuff off ON TIME and IN FULL. I'd save money for a computer, get one of those 0% interest deals, then make monthly payments to pay it off while I had the money around for an emergency. Free loan and free credit. You can do the same thing with furniture, too.
Rule #3, save. Have some cash around JIK something like your car breaks down. Save for your future, too.

 

[HookersandIceCream]

Is it charged off or not?
If it's not charged off you can prevent it from becoming that by paying it off


If it is charged off what benefit does he get from paying it off? Other the underwriter/individual loan specialist that may take note that he pays back his debts, that shyt gonna remained charged off for the remaining 2-3 years whether he pays or not.

I not being argumentative I'm really trying to know because I'm trying to rationalize what I did. Because all I'm seeing is some feel-good "Its good to pay what you owe" and "this might help you down the line if you want a big loan like a business loan or mortgage" keyword = "might"

no slugs but you didn't know the difference between a secured and unsecured debt earlier in this thread and were tryna give advice...

Wtf are you talking about you fool
Your score will remain low until you pay off that debt because guess what. That shyt is on our report which when you go to apply for a loan/credit card they can see. They key is to get it deleted off your report.

If you do not plan to take out a big loan anytime soon the yes it's doesn't really matter.

And whats the fukking difference does its make of debt is secured or insecure when it comes to credit scores you dumb ass


I bet money your credit score is shyt

 

[ignorethis]

Wtf are you talking about you fool
Your score will remain low until you pay off that debt because guess what. That shyt is on our report which when you go to apply for a loan/credit card they can see. They key is to get it deleted off your report.

If you do not plan to take out a big loan anytime soon the yes it's doesn't really matter.

And whats the fukking difference does its make of debt is secured or insecure when it comes to credit scores you dumb ass


I bet money your credit score is shyt

The insecure/secure debt comment wasn't for you it was for dude who was arguing that negative items don't fall off your credit report after 7 years because his student loans were still popping up 13 years later.

And nikka the debt falls off your record after 7 years regardless if you pay or not, so if you don't plan to make any big purchases before it falls off it's smarter for a lot of people not to pay period and put that money else where. Paid or not after 7 years it's not a factor anymore to majority of creditors, I don't know what you're trying to argue?

You can try to get it deleted earlier but a lot of creditors aren't too keen on doing you that favor after you've already paid them. They don't have to do shyt for you anymore, that why I said if you're gonna pay a debt get a "pay for deletion" agreement first so you can make sure it gets deleted immediately. Because I paid my debts in full and now there is no guarantee I won't have to wait 7 years for it to fall off just like I would if I hadn't paid.


If I pay off a collection account will my credit score improve? | Credit Karma

The first suggestion is a very slow and long waiting process. The second suggestion is must faster.

Suggestion 1

1. If the debt is old for example 4 to 5 years old and if you are not planning on purchasing a car/home in the near future, let the credit stand and run its course of 7 years. It will be removed from your credit report.

• It is important to remember that you can not contact the creditor or acknowledge the debt with the creditor. (Especially when they call you.) When you do this, the time clock of 7 years does start over from the most recent date of acknowledgement.

I exercised suggestion 1 with a credit card that I closed years ago. Although I closed it, they continued to charge me interest on my balance. They are not supposed to do this. So, I went from $5000.00 balance to $20,000.00 balance over a a span of 5 years of none payment. I refused to pay them until they corrected my account. They wouldn't do it, I didn't pay them. I would have been stuck paying the $20,000.00. I didn't acknowledge them when they called or sent correspondences. I wasn't planning on purchasing a home/car, so I rode it out. It's been removed from my credit 5 years ago now. Thank You Lord.

Suggestion 2

1. You must not only pay off the debt in collections, but you must also have it removed from the report all together. This will help you gain 20 pts. (Paying off the debt in collection alone will NOT improve your credit score)

• To have it removed, write a letter of appeal to the creditor/collection agency requesting that they expedite the removal of the credit off of your report. Eventally it will be removed in 7 years, however, who's trying to wait 7 years if you're trynig to buy a house, car, etc....
• When writing your letter of appeal, it is very helpful to add a brief summary as to the reason why you defaulted on the credit item, notate that you are currently practicing a debt reduction plan and state your goal. Also state your request that it is removed from all three credit agencies.

 

[DaddyTime]

No you did the right thing paying your depts also keep in mind it won't reflect in your score immediately.

Nah breh, he's right. These companies know they'll have SOMEONE in debt to them so their finances are insured before you even go into debt to them, then they SELL that debt off to debt collectors. They've already made the money back, your credit has already taken a hit by that point, and debt collection agencies simply make money by collecting on debts they've been "sold the rights" to... Him paying these debts off means nothing unless he made an agreement to have the notes deleted from his reports, and in some cases they won't even do that, they'll just add another note saying "paid in full." If they cut you a deal and say "hey, just pay us ____ of the debt," they can note it as "paid in partial" and have you thinking it's all good, but all that shyt is taken into account. Credit is fukkkery lol

@ignorethis

 

[BantuKnotz99]

My credit score is 670..and I keep getting denied loans because of short line of credit, because my oldest account is only a year old, if I were to piggyback off my grandmother's credit card, which is over 10 years old and in good standing, plus her score is 820, would it report on my credit report that I "now" have a long line of credit because of her card

 

[ThugLife]

 

[Bboystyle]

Making arrangements to only pay half of a debt you may have reflects bad on your score, paying in full is better

Umm bullshyt. Once your debt goes in collection it reflects your score regardless if u let it sit or pay it off. What u just said is 100% complete bullshyt

 

[Bboystyle]

That's just stupid
Your score will continue to be low as hell for another 4 years
Your gonna pay more in interest for everything until it clears off

Your score will still be bad regardless if u pay it off or not. Wtf Makes u guys think if u pay off an old debt it will increase your score?




Some of u nikkas is just randomly shytting out false info