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Liabby123

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will Paying off my two year old debt help my credit?
I currently have a 580 credit score. I have a secured CC that I've been making on time payments with, within 2 months my credit has went up 35 points.

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Hi Liabby123! If your debt became delinquent and went to collections, you will need to ask the creditor to remove the negative mark on your credit report. You'll need to tell them that you will pay off the debt, but in return to remove the mark on your report. Have this in writing confirming that they will do it. You can't dispute the debt if it is in fact yours, but you can negotiate to get the negative mark removed when you pay it off.

However, if you've been making minimum or late payments on your debt and it HASN'T gone delinquent, paying the balance will be the first step in improving you credit score. You'll need to continue using the card (no more than 20% of your total credit limit) and paying it off in FULL every month in order to gradually build youur credit score back up. Hope this helps and good luck!

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This is my question!! Please read this

Sorry I'm new to this I meant to

put this part as my question:

two years ago I opened a credit card with Wells Fargo. I was in debt 1000. Now I owe 750. In two weeks I plan on paying it off. I recently learned that my credit score probably won't improve if I pay off all my debt. I was told that I would have to get it disputed and deleted. I'm very confused on this progress any advice would be greatly appreciated.

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Do you have one negative account for this debt or two? If only the original account is showing in negative status without any collection accounts associated with it, then getting it paid off may prevent a collection from popping up and damaging your credit even further. If the debt is counting against your utilization then it would help to get the balance to zero. I would not expect any great help to your credit by paying it, but I think it would be in your best interest to do as most likely they are still charging you interest on the debt and you can probably still be sued for the debt (doubtful that they would sue for that amount though, but you never know). Even though I doubt Wells Fargo would accept a "Pay for Delete Agreement" a collection company may, so do some reading on PAY FOR DELETE AGREEMENTS and also do some reading on GOODWILL LETTERS. If it won't hurt you too bad financially to pay it I would probably advise that you take care of it and move forward, it also may help your scores in the long run if it has been updating regularly, by paying it off it should quit updating and depressing your scores as bad.

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