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Posted in Paying Your Bills
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Question By
Miiandnai

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If I pay an apartment I owe, will my credit score improve?
My credit score is 519 & I have been rejected from 3apartments I applied for. I think it's because I owe $682 dollars to an apartment from 2014. I want to know if I pay it today, how long and how many points will improve on my CR?

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No clear answer

No one will be able to answer these questions, as we do not know everything in your credit file, and even then we could only make a guess.  As far as how long will it take that is also tough to answer.  First off I am guessing it is showing in your report/s and is in collection.  Paying it off will help a little right away, and it would depend on how often the collection agency reports to the CR agencies.  It is going to hurt until 2021 if you do nothing and it continuing to show that you failed to pay. Or it is going to hurt a little less as showing at least you paid it off, but then it might stay on your credit report until 2023. You can try to get a pay for delete (google a templet letter), but this does not often accepted buy the collection agency.

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Your rejections might not due to the credit scores. Many property managements frown upon any unpaid rent/deposit from previous landlords or any utility bills. Of course the low credit scores doesn't much help either.

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