Most Of My Accounts Are In Collections.

Comments(5)

• 
  peterdarr15th September, 2003

  send me your fax number or call me so i can send you some info re your credit.
  my number is 781-246-7134. My name is Peter and I work for Guaranty Residential Lending

• 
  rajwarrior15th September, 2003

  1. How will paying off this debt improve my score?
  
  Your score will improve, but probably not alot because the accounts will still be shown as collection accounts that have been paid in full.
  
  2. How do I make sure that the collection agencies report that my debt is clear?
  
  You can pay for a personal credit report thru a number of online companies now. Some even offer a yearly subscription service if you want. Don't have a lender, etc pull it as it may reduce your score. You need to allow a month or two after paying for it to show up as paid. Get a paid in full receipt from the collection agency.
  
  3.How long will it take me to reach a credit score of at least 600?
  
  That depends on a number of things: Your current score, your current active accounts, and how you pay/manage your future accounts.
  The 2 fastest ways to improve your score is 1)get a credit card, use it to buy things you would normally buy with cash (gas, groceries, etc), and pay it off each month. 2)open a CD account, borrow against it, take that money to another bank, open a CD account, borrow against, and so on. Make 2-3 payments on each, then pay them off (NOTE: you will lose a little money doing this, but you're score will improve).
  
  4. What should my post debt plans consist of?
  
  This is completely up to you. It's your life.
  
  What should i do now to educate myself?
  
  Study. You've got a wealth of free information right here. Go to the library and pull anything related to RE investing, home buying/selling, etc.
  
  Roger

• 
  alubeck15th September, 2003

  Go to www.cscmortgage.com and click THE SECRET GUIDE TO UNDERSTANDING YOUR CREDIT RATING SCORES and REPORTS.
  
  It's the most valuable 10 pages you can read.

• 
  SELF_MADE_MAN15th September, 2003

  THANKS

• 
  OCSupertones15th September, 2003

  If you really want your score to improve, and your planning on paying your debts, try to arrange a deal with the collection agency's. They can delete their collection off your record if they want to.
  
  Tell them you will pay in full if they agree to completely remove any derogatory marks from your credit (marks they are affiliated with)
  
  Then, get it in writing. Tell them you will send them the money upon receipt of their letter agreeing to delete them permenately.
  
  Brandon