- May 6, 2011 at 8:13 am #207467
I had 5 credit cards go into collections, I have paid off all 5 and wonder how many points that will increase my credit score.
- May 9, 2011 at 2:45 am #269256
Paying them off won’t have an immediate bump in your scores, in fact they could actually dip a little, since you’ve made the “date of last activity” more recent.
What you need to do now is dispute all the collections, and try to get them deleted or removed. There is bound to be some inaccuracy you can argue about, or just say it’s not yours. If the collection is paid, most collectors won’t bother responding to the dispute. And it goes away.
- May 17, 2011 at 10:10 am #279099
I have to disagree with those who say it won’t raise your score. It might not raise it fast, but…
I have made my way out of debt and had to pay some collection agencies. In one three-month period, my score (through equifax) jumped up 30 points. All that I had done recently was make timely payments to one agency and pay off another.
Over the period of a year, it increased about 60 points, with me making regular, timely payments.
That’s just my experience.
- May 22, 2011 at 12:31 am #283022
It won’t increase your score. The only things that do are 1) paying your bills on time and 2) reducing your overall debt.
Once accounts go into collections, the damage is done and paying those off will not raise your score. Sorry.
- June 10, 2011 at 4:27 am #692706
Lock it in. Rates are rising.
- June 10, 2011 at 4:27 am #692707
I would lock it in. Often if it goes down, they will give you the lower, but at least it won’t go up for you if it does go up.
- June 10, 2011 at 4:27 am #692708
Flip a coin.
- June 10, 2011 at 4:27 am #692709
Lock it in. Remember since you have a fixed rate, you can pay extra each month which would cut down on the interest. On the first 15 year on a 30 year mortgage, you pay about 70%. That’s how most banks make their money.
- June 10, 2011 at 4:27 am #692710
Lock that rate.
- June 10, 2011 at 4:27 am #692711
My husband and I did this two years ago, and this year not only did our house payment go down, but we got money back from our escrow account.
- June 10, 2011 at 4:27 am #692712
From what I have read and heard from people in the banking industry, interest rates are not expected to change in the next 60 days. So, I would just spare yourself the anxiety and lock it in now. 5.6% is a good rate.
- June 10, 2011 at 4:27 am #692713
Since that rate is quite a bit more than I locked for in April, I’d say grab it. Make sure you know if there are fees to lock a rate for longer than 30 days though, or if it’s like my rate, that because they’re taking so long to process, they just keep renewing my rate at no cost to me.
- June 10, 2011 at 4:27 am #692714
Lock in. You can re finance in 6 months if you don’t make any late payments.
You must be logged in to reply to this topic.