Don Groff | REALTORÂ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | email@example.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
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(214) 763-4629 cell/text/nights/weekends(Really!!)
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then it will hurt, but not as much as not paying them.
Sometimes you can negotiate that they will put a more favorable notation on the record; "PAID IN FULL".
Accounts reporting activity within the last 6 months carry the most weight on your credit scores.
The next tier is accounts reporting activity within the last 24 months.
And finally, accounts reporting last activity outside of of 2 years have the least amount of impact on your credit scores.
Check the "Date Last Reported" on the collection account.
If the collection's "Date last reported" is over 2 years, paying it may decrease your credit scores. The reason is that although you have lowered the balance to $0 and updated the status to "PAID" (which are all positive things", the collection's "Date Last Reported" will refresh to the current date and cause it to have a higher impact on your credit score than before. Thereby lowering the credit scores.
But, paying an account which is already active within the last 6 months will help you to increase your credit scores.
So, here's a little cheat sheet for you;
Active within the last 6 months - Pay Collection
Active within the last 6-24 months - Depends on a few variables. Speak with a credit consultant for the best possible advise.
Last active over 24 months ago - Don't Pay Collection
It honestly depends on how old the collection is. If it is less than two years old, more than likely not. Anything more than 2+ years, more than likely yes. Have you two thought about going through a credit repair program? If you two need a few credit repair referrals, I will be happy to email those to you. Please feel free to contact me at your convenience. I look forward to hearing from you!
Make it a Great Day!
Tamika A. Goree
Broker | Owner
The DFW Property Shop
BHGRE Gary Greene
It should help, but have someone look at the entire report for you. Other items that you could pay (such as brining down a large balance on a credit card) may help you more and also save you money.
A local loan officer can help you if your ultimate goal is to get yourself in position to get a mortgage. Be aware of those companies you pay to assist you. Most of this can be done yourself.
Bernstein Realty, Inc.
Joe Cano - Realtor/Locator
All the best,
VP of Retail Sales
Toll free: 800-359-1996 x551
NMLS ID: 387922
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