26 Mar 2010 @ 7:45 AM
My husband has 8 negitive things on his credit report in all totaling about a whooping $400 dollars. Most are so old they are going to fall off in the next year. He has 4 accounts in good standing. So my question is if he pays these debts off with a pay to delete agreement, will this improve his credit and his score dramatically or will it not have much effect, right now his score is only 572.
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You know you should probably just dispute them .
Go get your free credit reports
annualcreditreport.com
And dispute all the negative information on line…Some may get deleted. Than for the accounts that are still on there try to get a pfd or don’t give them a dime! And the ones that are about to fall off don’t even bother paying them just wait! (unless you can pay and get them deleted ) if you do make sure you get that agreement in writing:)
Yes ,his score will go up automatically!
If he can get the pay for delete he should see an improvement immediately…. check your state rules first for SOL and when items re-age.
If it is only 400$ and they will accept a pay for delete then do it. It will improve his score. However these accounts are probably stale so you may get a 50 point increase. Just make sure all your credit cards are below 30 utilization. i.e. your credit limit is 1000 you should never use more than 300 of the credit available. This and on time payment will dramatically improve his score. Also if he doesn’t have any cards he should have at least two. Use them for small purchases and pay them off in full. This will show he is able to handle payments and will also in time improve his score. You can find some great credit cards at http://creditcardwarehouseonline.com Another great way to get a credit score boost is to go to your bank and take out a 500$ six month personal loan. Or $1000 if you can afford it. You will more than likely have to secure this loan with a bank cd but in six months you will also see a good bump in your score. Just be sure that your bank reports to all three bureaus.
Unless he is planning on financing something like a car or a house in the next year, it’s best to just let them fall off. As these accounts get older they have less and less effect, so getting them removed will have a relatively small effect on his credit.
He should probably focus on adding new, positive credit. New credit cards (even if they are secured) and things like that will do more to improve his credit then removing these old debts.