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lilbitochaos

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Unusual Credit Dilemma
So, I have a low credit score in the 500s, that I am looking to improve that. I have 2 marks, 1 recent from a closed account with a few hundred dollar balance, and 1 from 2008 with a zero balance, and that's it. I was told it's not really bad credit, more of an issue of lack of credit. Now, the recent one, I am not abandoning, but my question is, one lump sum when I get it, or make payments to show activity? I've never fiddled with credit, as I've never had the need. Now, however, I would like to work towards fixing this, so I'm seeking the best viable option. Everywhere I look, the info is for large sums, which isn't the case for me, as I just have the one entry with a balance, although I'm not in a position to pay it off tomorrow, but will be over the next 6 weeks. So, for a payment under $500, debt listed less than two months, is it better to wait, or make gradual payments over a short period of time?

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What's the status on that account that was recently closed with few hundred dollars? Why was it closed, was it late, being charged-off or its in collection? Paying it or how much you pay might not make much difference, because the bad mark will most likely remain on your report. However by paying it would stop creditor from taking  further actions.

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Pay it off, in full, as soon as you can. This will prevent a collection popping up in addition to the original account. You do not get credit for making payments on negative accounts. Please, take the time to do some reading so that you can understand more about credit.

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