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Posted in Paying Your Bills
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Question By
rileyfeme

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I have 1 degoritory mark on report from old bill that is in collections
Its only for $141 and the debt is 2 years old. I'm in the process of getting a mortgage and wondering if I pay this debt off, how much will it boost my score?

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Wait the seven years and put the money you owe to the collection agency toward your down payment. In the next five years you will have saved more money for a bigger down payment and in the long run you will owe less money. You should try and get a few credit cards to help build your credit so the derogatoy information doesn't lower your score any farther. Good luck

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Who cares how many points?  It is a bill you owe that is in collections because you haven't paid it, so pay it!  The derogatory just might prevent you from getting the mortgage. Read the articles here so you can understand credit like you should. 

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