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Posted in Paying Your Bills
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pollyogirl

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i owe around 3,000.00 in medical bills and other things
im on social security disability and have a limited income now. can i get a loan to pay off these bills to improve my credit score? any sugestions

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Paying off medical bills does not increase your credit score. You just need to prevent medical collections from going into collections because then it will hurt your score. If you already have the medical bills showing up as collections on your report, then you should try to get them removed. Paying them off will not remove them, you would have to get a "pay for delete" agreement with the collections company to remove them. If they are not in collections now, work with the medical facility that you have the debt with to set up a payment plan that you can afford (no interest this way). Yes getting a loan and paying it on time will help increase your score, but if you have a limited income you may not want to have a loan payment every month. Also you did not say what your credit is like now, but you said it needed improvement, so even if you could get a loan, it would be a high interest loan and it would be easy to turn the 3k of debt into 5k worth of debt due to interest payments. If you further explain, whether these accounts are in collections, etc, etc. people on here may be able to provide you with some better advice.

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