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smchap0322

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Deleting delinquencies vs. consolidating
What is better: rehabing an account so 5 delinquencies are gone, or consolidating with others so that it's closed and a new one with 0 delinquencies is opened?

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The removal is better.

If you can rehab existing accounts with a 'pay for removal' arrangement (where they remove the deliquencies/derogatories in exchange for paying them off), you actually come out better. Consolidation ends up making you pay more, shows up as a consolidation loan, and the old accounts remain on your report (derogs and all) for seven years.

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