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rucker_jackie · Joined: 21 Apr 2009 Posts: 9 3.37 Dollars($)

iif i pay off my credit debt will that raise my credit score because the company closed the account because i stop paying them

gmakerley · Posted: Thu May 07, 2009 7:58 am Post subject:

yes. and the opposite also applies. if you continue your non-payment, your score will decline.

SSPINGARN · Posted: Thu May 07, 2009 10:54 am Post subject:

pay them off and you credit will bounce back in no time

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

HI yes it will help increase your score but not overnight but in the long run it will help increase your score. And your saying the account is closed? This will affect your score in a negative way as it is closing your credit limits.

SSPINGARN · Posted: Thu May 07, 2009 11:45 am Post subject:

yes but if they are in collections its better to close them instead of keep on going late

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Yes absolutely pay those account off and close them either way its not going to change your score overnight. But you are taking a step in the right direction to help raise your score.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Just cut the credit card. Pay your balance. Do nto close the account.

When you close your account you are reducing your borrowing power.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi i think hes saying the cc company closed the account for non payment.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

rucker_jackie

This will give you some good insight in to how your payments will help your credit report. Since Your credit score and report is based on the following

35% is based on payment history,30% Amount you owed ,15% length of history ,10% New credit ,10% on types of credit

As you can see 35% is payment history, as you are making payment on time now, it will help you to improve the score quickly and the next 30% is how much you owed. As you keep making payment it will reduce the amoutn you owed helping again to improve your score and report.

15% is length of credit history. So if you have credit history for more then 3 years you have good chance of maintainigna good score. But it will get better as your length fo histroty increase with time.

Good luck and feel free to ask.

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