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Credit Score in Baltimore : Real Estate Advice

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  • Home Buying238
  • Home Selling29
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Activity 3
Thu Oct 23, 2014
the740agency answered:
I know this is an old question but in case someone else comes across this...

Paying off old debt can in some cases decrease your credit score.

In this particular case, before paying anything make sure they offer a Letter of Deletion otherwise known as a delete for payment. Be sure that they not only send the Letter of Deletion into the Credit Reporting Companies (which by the way are NOT government agencies) but to the original creditor so the debt isn't mistakenly resold to another debt collector then put on your credit report yet again.

Deleting the collection will improve your credit score. Also, keep in mind that your score isn't the ONLY thing mortgage companies, etc look at. They tend to go through the report so one less collection item is an improvement!

If you have anyone has questions about how this works, please don't hesitate to contact me.

Hope this helps!
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Sat Jul 12, 2014
Audrey Felts answered:
Were you able to have someone co-sign on your lease? I have worked with renters who have bad credit before. There are a few options I can discuss with you.

Feel free to contact me, ... more
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Sun Oct 3, 2010
Monir Mamoun answered:
Mstrong, you will get a lot of advice about paying off high-interest cards first. This is true for saving interest. However for credit score purposes you actually want to prioritize a slightly different goal, which is to make sure that your credits cards are ALL at least 50% paid off. If you use more than 50% credit on any card it is a negative. Try to get them all down to 25% utilization. That helps. For more tips check out my 10 part blog series, Top 10 credit myths. Link below. Good luck!

p.s. if you can use a good agent in Baltimore, let me know. I have a great colleague there.
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