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dodingdebt

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Is it beneficial to pay of debt in collections to boost credit score
If I pay off all of my debts owed, about 1,500 worth, will that boost my credit out of the low 500s to something in the 6 or 700 range.
I have a car that I never missed payments on.
A U.S govt student loan, that I have missed payments on.
Outside of these two things, I have things in collections, that I plan to pay off completely.
Now my goal is to move to a new apartment, but is it better to just tax that 1500$ and pay the landlord in advance for the next few months in order to secure that apartment, or is it better to pay off the 1500$ in debt, and than wait for my score to boost?

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Your first action should be to read the articles on this site so you can learn how credit really works and how to build a good score, which you don't have now.  After doing some reading, you may learn about the statute of limitations on collections and how to negotiate a "pay for delete" agreement which could remove some currently reported accounts right away instead of having to wait the- normal 7 years for them to fall off your credit report.  Then you have to get busy paying the debts which are going to have a bad effect on your credit until you become credit smart.

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Paying off collections does little to help your score UNLESS you are able to get them removed. Do reading on "pay for delete agreements".

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