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ryhk

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Is it possible to improve my score overnight by nearly 200 points? (Unusual situation)
I have recently returned to the US after about 10 years overseas, with occasional stays in the US. There are three dings against me - 2 accounts worth exactly $256.40 each (I think they are the same AT&T Wireless that got duplicated somehow) that went over to collections 3-4 years ago and my single US credit account is maxed out at $4500. Am I to understand that paying off the two accounts in collection and the balance of the credit card to $0 essentially improves my credit score by nearly 200 points overnight, from 540 to 730? This is affecting my ability to purchase a car and rent an apartment. If I can pay everything over the weekend, does that mean I can apply for a car loan on Monday with a score of 720, not 540?

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it will NOT,  I repeat,  will NOT  Happen over Night,  or over the weekend.   Or for the next month or next 2 months. 

anyone telling you different is blowing smoke. 

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As already said, paying these accounts are not going to improve your credit any time soon. Understand that paying negative accounts usually does little to help your credit unless you are able to obtain a "pay for delete agreement" before hand to get the negative accounts completely removed from your reports in exchange for your payment. I advise that you do some reading about credit before you take any action on anything, be patient and after you've done some reading you should dispute the duplicate collection account right away.

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