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Heagler870

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Improving Credit Score After Paying off Debt?
I have 8 things under collections. After paying them off does this help with being able to get accepted for a credit card? I am in the process of paying off my collections but when I apply for a credit card the reasons specifically state that I have too many things in collections. I have found the perfect card for myself through my work that will help improve my credit once I have paid off enough in collections.

I really don't want to get a credit card to help improve my credit but I am not sure of any other way and the card that I would like to apply for through my work is the best deal for myself at the moment.

I feel like I'm in a vicious cycle of paying off this debt that I got myself into through being young and too many cards and trying to get another card to buy and pay off to improve my credit. Sigh

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Careful about appling for credit

when you have things in collections. You will be denied about 99.9% of the time and it only hurts your score even more.  Never apply for credit when you know you have things in collections.  Each hard inquiry + a denial can lower your score by another 50 points. Plus it will take 2 years until that inquiry falls off your report. 

Before applying for credit pay off everything.  Wait at least 6 months after they have been paid to clear the air and allow time for the reporting to catch up and your score to stablize.  Make all your payments on time. 

The only way to improve your score is to use credit.  Credit cards are the easiest way to do that. And careful appling for credit cards "through Work".  If you aren't approved it could be a black mark on your employment history.  (a friend that worked in a bank lost her job because of "Carelessness with her own finances".  Guess they think if you can't handle your own finances they aren't going to let you work handling others)

Good luck

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