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

[Romell]

All you need to know is in this book

If I knew you personally I'd buy it for you I've cash flowed $25k worth of expenses in two years with under $60k income and am on schedule to pay off $42k worth of student loans in 3 years, all done following the plan in the book

That debt snowball plan

The podcast be having me like with the stories the people that call in tell. Too bad Dave ruins things with his political agenda.

 

[ignorethis]

aren't you guys in here preaching that it doesn't fall off for 7 years, what if he needs to go to a bank and get a loan? What if wants to fiance a car? Or anything else, that mark is going to show up.

Instead he could call the collector up, tell them to send a paper bill, he sends them a check, after a few weeks he calls up the three major credit score keepers equifax, experian and Trans union and have them remove that from his record

Na yall logic is keep shyt on there for almost a decade


what do you think is gonna happen in 7 years once his credit is clear and the next time he racks up a bill he can't pay? He gonna become financially responsible all of a sudden?


secure debt, unsecured debt

Y'all financial advice is everything but no debt

Except none of those 3 credit agencies can just delete some shyt off your account because you paid it.
It's just gonna be updated to a 0 balance/"collection paid", which still won't improve your score at all until it falls off after 7 years.

The only way you can get the shyt removed early is the creditor you owe in the first place has to give the credit agency the call to delete the negative mark.
You can negotiate them doing this before you pay and only pay after they give you a written agreement saying they will have it deleted after you pay (but some companies never agree to this)
You can pay and then beg them into deleting it early for you, that's called a "good will deletion" (some companies will do this but they don't have to, especially if you already paid them, they don't need shyt from you anymore)
You can blow them up with debt verification request to the point that it's so annoying that they'll go "hell we already got paid by him, lets just delete this so he'll leave us alone" (but even this might not work)

For a lot of people it's just smarter for them to ride it out. Everybody has already said in this thread that if you're going for a major bank loan like a car or house then pay it off because it can help you. But outside of that, 90% of creditors aren't going through your detailed credit report to note the difference between "Collection" and "Collection: Paid in Full". They just gonna run your score and "Collection" and "Collection: Paid in Full" have the same value to your score.

nikkas arguing just for the sake of arguing and feeling like they know better.

 

[-DMP-]

pay ya taxes yall niccas hustling backwards

 

[ignorethis]

Looks like one of the creditors I paid actually kept their word and had a negative item for $2,500 removed after I paid, it's been removed on Equifax now I just need to wait and see on the other two agencies


This was without a written agreement too, Corey at Portfolio Recovery is a real nikka
but still smarter get that shyt in writing before you make your moves

 

[newarkhiphop]

That debt snowball plan

The podcast be having me like with the stories the people that call in tell. Too bad Dave ruins things with his political agenda.

debt snowball saved my life, after I finish paying these last $33k in student loans am making that trip to Nashville

 

[Fade Runner 2049]

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

What I meant was, and should have worded better, is that yes all debts hurt your score, but if your looking to get approved for different loans, sometimes they are willing to look past the score if you don't have delinquent debts, and the debts that are paid and haven't been removed were paid in full. You can ask a creditor to remove it after u pay it all u want but there's no guarantee that they will

 

[j.smooth4]

Damn So a serious question

If my score is 720 I have collections of 170, 500, 250, and 60 I can easily pay those off they are from t mobile, gas bill and some gym bill that they didn't cancel. The only two I see on my report is the gas bill and comcast bill.

I honestly could pay all off in cash as they occurred in college when I was broke but will it fukk up my score more than 10-20 points if it's like 50-100 points off I might just take the L and wait the 4 years.

Opinions please

 

[Maschine_Man]

Damn So a serious question

If my score is 720 I have collections of 170, 500, 250, and 60 I can easily pay those off they are from t mobile, gas bill and some gym bill that they didn't cancel. The only two I see on my report is the gas bill and comcast bill.

I honestly could pay all off in cash as they occurred in college when I was broke but will it fukk up my score more than 10-20 points if it's like 50-100 points off I might just take the L and wait the 4 years.

Opinions please

make arragnements with each of them in writing that once you pay them those will all coe off your record.
Have them send you a letter saying that if you pay your debt that all collection reports will be removed from your record BEFORE you pay them.
once you receive the letter saying this, call them back and pay them off.

 

[FSP]

Bruh. I've actually heard this before. How though?

 

[j.smooth4]

make arragnements with each of them in writing that once you pay them those will all coe off your record.
Have them send you a letter saying that if you pay your debt that all collection reports will be removed from your record BEFORE you pay them.
once you receive the letter saying this, call them back and pay them off.

Yeah I'll def do a pay for delete before they get any of my money

 

[j.smooth4]

Bruh. I've actually heard this before. How though?

Because the delinquent account is moved back to the front of all the actions in your credit history. So usually you get dinged 10-50 points initially and any loan companies spot the debt.

The only time in IMO you should pay a collection is if you have the money in cash and request a pay for delete.

Any other instance you should wait it out for 7 years unless your income has drastically increased and you want to buy a house.

 

[ignorethis]

Damn So a serious question

If my score is 720 I have collections of 170, 500, 250, and 60 I can easily pay those off they are from t mobile, gas bill and some gym bill that they didn't cancel. The only two I see on my report is the gas bill and comcast bill.

I honestly could pay all off in cash as they occurred in college when I was broke but will it fukk up my score more than 10-20 points if it's like 50-100 points off I might just take the L and wait the 4 years.

Opinions please

some of those are so small if you send some debt verifications request you'll probably get them deleted.
But also depends on how old they are.
Before I started paying my big debts I literally got all my debts under $1000, like 15 of them, all deleted off my shyt just by having creditrepair.com nag them with debt verification request. My FICO score went up 95 points.

But everything that sites like creditrepair.com do for you, is shyt you can do for yourself for free. You just paying for convenience.

I would definitely see if I could just pester them into deleting it for free before I paid them.

 

[HookersandIceCream]

Breh you're giving the worse fukking advice in here and you clearly have no idea wtf u talking about.

I can 100% guarantee that you probably think if u pay off a debt that's has effected your credit score before the seven year drop off, it will help your score.

You are the idiot collection agencies love. Do some research before u come talking in here about how debts work

You have no fukking clue what your are taking about. Even if it's charged off its still a delinquent account that reflects poorly on your report. The ideal way is to pay it and have then delete it from your report. If you let it sit, when you got apply for a loan, rent a apt or get a job it will show up. Why risk For what sometimes is a few hundred dollars


You act collections are some big bad evil companies when your the dumb ass who couldn't pay their bills

 

[HookersandIceCream]

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

Your are a compete fukking idiot
If you pay it off and get it deleted it will only help. It's still a delinquent account you Buffoon, regardless of its charged off or not.


3. Deal with collection accounts, charge-offs and liens.

Accounts that have been charged off or sent to collections have a negative impact on your credit score, and you need to be careful how you deal with them.

Paying charge-offs or liens that are older than 24 months won't boost your credit score. Address charge-off accounts that are less than 24 months old first, then pay the others when you have the funds to do so.

4 Mistakes That Can Kill Your Credit Score

 

[Spiritual Stratocaster]

I got a judgement out for $2467

They threatened to garnish my check few months back but couldnt because I was making nowhere near enough.

I initially made agreement to pay $150 a month..she jumped at that offer...after research I found out that with my income they couldnt garnish me, si I didnt pay.That happened in the summer and they're just now sendinf me another judgement.

Should I make a deal with this law firm? Don't want to goto court and get fukked by the judge who could possibly make me give up my gi bill or some shyt.

Now i'm in school and my only income right now is a gi bill stipend that I can't depend on to be on time :