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Credit question?

Ok my credit score is in the low 500's and i have like 5 things to pay off, when i pay all those off, How much will it make my credit go up and how long will it show up on my credit that ive paid it off?

Answer Question

Asked by Anonymous at 9:42 AM on Jan. 1, 2010 in Money & Work

Answers (3)
  • Go to & purchase your 3 credit scores. There is also a simulator that will estimate the changes to your scores depending on what you pay off. As soon as you pay your debts off, report it to the bureaus yourself. This will speed the process of updating your credit scores.

    Answer by motherofhope98 at 10:37 AM on Jan. 1, 2010

  • Are the accounts with balances in delinquency or collections? If they are, they will fall off your credit report 7 years after the last account activity. If you have not paid on them in (for ex: 6 years) they will fall off next year and your score will increase when they fall off. If you make a payment tomorrow - you have 7 years till they are gone. I am not an advocate of not paying what is owed - just pointing out a way to get your score increased. Re: the simulators mentioned above... I have found them not to be accurate. I brought my score from a low 500 to 700 in 24 months. I did so by reviewing and removing inaccurate data - and paying all bills on time in full - I did open 2 store accounts (khols & Macy's) paying off my car and getting a mortgage. Mortgage accounts will boost your score.

    Answer by Anonymous at 1:38 PM on Jan. 1, 2010

  • I had a medical bill in early 2002 which went to collections. I didn't pay it (long story) and it was put back on my credit report in 2009. They can do that and they did it to me. I no longer have the papers explaining why I didn't pay it so I can no longer present my side. The old debt was resold and started again as new 7 years after the bill first went into collections. My credit is wrecked and lesson learned. If you can, pay your bills.

    Answer by Anonymous at 3:40 PM on Jan. 1, 2010

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