Kensington22

These questions are answered by other Credit Karma users, not the site. But applying for any kind of credit will usually result in a hard inquiry which could potentially lower your credit score ( depending on existing number of credit inquiries) Increasing loan amounts and overall potential debt could also be debilitating. You can check to see the effects any offer may have with the credit calculator before participating or applying for any onsite/offsite offer. Good Luck.

There is a delay between credit karma's reports and and actual balances. Your credit card company reports once a month. If your balance was paid off since your last statement it may take a few weeks to show a zero balance.

Wait two years. Stop applying for credit.

No. In fact closing your oldest line of credit could have the adverse effect. Just pay off the balances and close any cards with high interest rates and short lifespan (keep your oldest accounts open!)

Wait seven years or contact the company and work out a deal. It will usually require payment in full on the outstanding balance. Make sure you get any deal for removal of negative reporting in writing before you send the payment.

On time payment history. Loans and revolving credit especially.

It will be on your report for 7-10 years. It should be listed as zero balance or paid in full. if not contact the lender and they can update it.

Credit cards are revolving credit. If you use a card monthly, even if it is just for a small purchase paid off immediately (before 30 days when interest will accrue) it shows your ability to pay off debt. It is not necessarily a "c" in real life as apposed to credit karma's letter grades but lenders will tend to favor someone who uses and pays their credit off according to the scheduled agreement.

Stop applying for credit. A hard inquiry (usually from a lender when you apply for credit) takes two years.

Credit scores may differ between the three reporting agencies. It depends on which one the loan agency checks.

it depends on why your score is low.

Credit cards report monthly. The card will still be listed on your report. The balance should be listed as zero though.

which loan has a higher interest rate? It will be cheaper in the long run to pay off the debt with the higher interest rate first.

Yes. Canceling will not negatively effect your credit if you have a longer standing card. It is important to keep the card with your oldest line of credit open.

You may be able to settle the debt for less, but there is a good chance it will be listed as "settled in full." But yes negotiation attempts should be made before paying off the balance. After the acoount is paid or closed you have no leverage. Remember make sure you get written documentation of any deals tendered by the creditor! Otherwise you will have no proof if the do not live up to their end of the deal!

You would have had to make the deal to remove the negative reporting before the payment was made. Most times they will agree to remove the late payment when you pay in full. You can call the lender directly and ask them, but you may be stuck with it. Next time made the deal with the lender first, and GET IT IN WRITING!!!

Call the company that issued the charge off when you can afford to pay the debt in full. Most times they will agree to reverse the negative reporting if you agree to pay the outstanding debt in full. Make sure you get it in writing first!!! If you cannot afford to pay in full you may be able to settle the debt for a lower amount which will release you from further obligation and it will be reported as "settled in full" but will remain on your credit report as such.

Call the lender and talk to them directly. If they agree to reverse the negative reporting make sure you get it IN WRITING!!! Do not send the payment without getting it in writing first or you will have no leverage and may be stuck with the negative reporting.

The original charge off will be removed after ten years of the closing date of the account (whenever the charge off, last payment, or last contact occurred) The collection agency may report a separate outstanding balance but it is very rare. If you pay the balance or settle through the collection agency they will amend the original account holders report (either paid in full after account closed/charge off or settled in full after account close/charge off) which looks better than an outstanding balance. It will remain on your report for ten years after the amendment. The collection agency may make hard inquiries on your credit score periodically, as long as the balance is outstanding, which can negatively effect your score.