WLTHYlady

3 Contributions 10 People Helped

Member Since: February 2012

Most Helpful Contribution

What is the best way to handle accounts in collections?

Jun 16, 2015
Contact, Get in Writing, or wait!!
Helpful to 9 out of 11 people

Get an arrangement or settlement IN WRITING and REVIEW IT before making any payments by first contacting the ORIGINAL creditor first to see if they are willing to work something out, if not then the collection company. Be sure to keep any copies of paperwork for your records.  Also IN WRITING, have them agree to remove the derogatory item once agreed settlement or payment arrangement has been met. If neither will assist you, then wait it out and work on securing your financial furture.  Best wishes!!   

Activity (3 Total Contributions)

What is the best way to handle accounts in collections?

Jun 16, 2015
Contact, Get in Writing, or wait!!
Helpful to 9 out of 11 people

Get an arrangement or settlement IN WRITING and REVIEW IT before making any payments by first contacting the ORIGINAL creditor first to see if they are willing to work something out, if not then the collection company. Be sure to keep any copies of paperwork for your records.  Also IN WRITING, have them agree to remove the derogatory item once agreed settlement or payment arrangement has been met. If neither will assist you, then wait it out and work on securing your financial furture.  Best wishes!!   

The do’s and don’ts of closing old accounts

Mar 07, 2013
Helpful to 1 out of 1 people

My daughter's credit score was decreased by 15 points after she paid off her car loan early as well.  I totally agree you should be rewarded for managing your credit appropriately and paying loans off early.   

Quick Tricks for Improving Your Credit Score

Jun 16, 2015

I am a stickler for paying ALL bills on and before time each month to help maintain and keep a good to excellent credit score.  Just be careful to check the when the billing cycle ends to advoid a double payment of your credit card bills when paying early because you might end up paying twice during a bill cycle, especially if you have lots of credit cards with different due payment dates.