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DanSkydive

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I want to buy a house, I have some open collections, How do I improve my score?
Hello,
I'm a little confused whether I should pay off old collections or not.
My credit score was on the low 500s last year, I applied for a secure credit card $200 limit, started using it, then My wife applied for a card and added me as second applicant, got approved for $1500, then I applied for another card and got approved for $800.
My credit score is currently 640 after few months, I do have about 5 open collections account totaling about $1100, they date back 2010 up 2012.
I Paid one account couple months ago, they changed the status from open to closed and that I paid less than full amount. I thought they were going to delete the information from my report.
Then I started reading about this issue and many people says that I should not pay it off and that I have to dispute to have them removed.. how do I go about that? do I pay them off and ask or dispute to have it removed?

I'm trying to improve my credit score to get a loan,
my wife's score is about 630, could both of us applying for a mortgage get approved?
Thanks.

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SnickersMom!

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Paying collection accounts does not remove it off of your credit report. Even if you pay the debt it will stay on your credit report for 7 years or more depending on the debt. I know from experience. You can sometimes ask a collection agency to agree to delete the collection from your report if you pay the debt in full. This doesn't always work but if it does ask for the agreement in writing before you pay. If you have items on your credit report that are incorrect and you dispute them a collection agency has a certain amount of time to respond. If they don't respond in that time period (which I'm not sure how long that is) it will be removed from your credit report. It will take time to improve your score. Pay your bills on time, pay credit card balances in full each month, and do not max out your credit cards. Hope this helps a little

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Oh and Blue Skies! (noticed your screen name)

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