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I have 2 collection on my credit score. If I pay it off how much will that help my credit?
My current credit score is about 597 and iam abou to pay off 2 of collect collection on my account. How much will it improve my score. I only have 2 more charge off on my account in total of $200. If i Pay that off how is that going to help my credit? I just really need to increse my credit asap. I ca not open a credit account because of my credit score. I dont have money for a secure credit card. Is there anything else that I can do so I can increase my credit?
Asked by
marlonguarin
1 year ago
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Short-term, it will not help much. However, by ridding yourself of the collections debt (e.g. considered paid in full or settled), your score will improve faster over time than if you do not pay it off.
There is no magic fix to improving your score significantly in a short period of time. Even if you get a new card, it takes 12 months of on-time payments before it can have a significant positive impact on your score.
There are many factors to a credit score, and unfortunately, it takes credit to build credit.
Paying off the collections accounts may or may not bump your score up some immediately, but it will help your score rise faster over time.
phnxangell 1 year ago
Short term paying off the collections will have a massive affect!!! phnxangel stop providing inaccurate information and un logical opinions. Opening a new credit card will have an immediate effect on your credit score after your first statement,not 12 months; however marlonguarin it would be best to wait a few months before applying for a line of credit as the lender will look at how recent you cleared a collections account. There isn't anyway to give you an estimate on how much your credit will go up after buying off your collections, but it will.
diggsb4477 1 year ago