Sunday, November 14, 2010

IF I Pay my delinquent credit card account off will that help me gain credit?plz answer my question?

i'm gonna ask a few questions so please answer all of them not just one.everytime i post questions people only answer one.


if your not gonna answer all of them then don't bother posting a answer...............................

i have a delinquent credit card went delinquent in 2007.

that credit card that went delinquent was a credit card for people with bad credit %26amp; no first i thought i had bad credit so that's why i sign up for the card.but then my sister told me that i didn't have bad credit the problem was i had no she told me i had to build up anyways one of my questions is if i pay off my delinquent credit card account will that help my credit?

i only owe $428.00?

i don't really have money to pay it sister was gonna help me pay it off.the credit card was really my fault.i couldn't make payment on time.i don't really know whats on my credit report but my sister ordered me my three credit reports so i have to wait until i get it through the mail to see what's on it.

every time i apply for mobile service i have to pay a huge deposit.

if i pay off my delinquent credit card account will that help my credit?

after paying it off will it be taken off my cedit reports?

as you can see i don't really know much about credit at all.

that's why i'm asking.

the creditor that has my delinquent account he keeps sister told him to send me a copy of the original debt to show how much i owe and what i will be paying.she ask him how much interest and he told her there's no interest.then she ask if she pays it off for me if he could contact the credit bureaus and have them take it off my credit report.he said yes but my sister ask him to send her that all in writting.he said yes.then she also ask to put the settlement we had in writting as well.but then a week later she got the letter but it didn't say anything my sister and the guy talked about.he only put that i have to pay the full 428.00 and thats didn't say anything else.he's lying to us.what should we do?IF I Pay my delinquent credit card account off will that help me gain credit?plz answer my question?
First answer: Yes, if you pay off the delinquent debt your score will increase (not by much, but it is better to have it shown as a paid collection then a delinquent one.

Second answer: If you pay it off in full, then there is really no need to get a ';pay for deletion'; contract which in most cases the original creditor will not do in the first place. They know that as the original creditor, they do not have to follow the same rules as third party collection agencies do.

Third answer: Once paid, it will move from a derogatory entry to a potentially negative one. This means it shows future lenders that even though you defaulted, you made good on the debt.

Fourth answer: Unfortunately this will remain on your credit report for 7 1/2 years from the date of last missed payment. BUT it will improve your score because you have now lowered you debts.

Hope this helps answer your questionIF I Pay my delinquent credit card account off will that help me gain credit?plz answer my question?
Yes, if you pay off the delinquent card, it will help improve your credit. It will not be removed from your credit report, but it will show paid in full. Leave the account open (if possible), and this will show you have available credit, which will also help improve your score.

I would suggest paying the full $ 428.00 if possible, and completely taking care of the debt.
You messed up.

The way to get top notch credit is to have credit cards, but pay them in full each month.

Just about anything else will reduce your credit worthiness.

Paying this off on the credit card will not improve your score.

I think this is a major flaw with the fico.

But be aware that new car lenders and some mortgage companies do not even look at your scores (like FHA).

They look at your reports in detail.

They will see that this account is paid off and give you credit.

You can ask for a pay on delete from the credit card companies when you settle.

But you will have to have the entire amount to pay immediately in full.

Ask for a settlement offer in writing with the words pay on delete.

I know other credits allow this - not sure if credit card companies do.

Do not send them a check with your checking account number - send a money order or cashiers check.

Yes, it will help to get that delinquency off your record, but it will still be there as a dellinquency, annotated to show when it was cleared. So just paying it off will not produce any increase in your current ';score.'; Your continuing proper (e.g., making regular payments of more than the minimum-due, not pushing the limit)use of credit cards will gradually improve your score. Until then (at least a year of ';good'; records) you will probably still be stuck having to pay deposits any time ';credit'; is to be extended (including renting a place to live, as well as going for loans or, as you have learned, signing up for utilities like cell phones, electricity service). But if you can't show steady income, such as what it would take to pay off past debts, that would also be a strike against you when you go to apply for credit or any kind.

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