Since I am paying entire credit card balance is there a chance to get my credit status returned?|||If you pay it off in full it will return to R1 Status within two years.|||If you are not in default (current) on your cards....sure you can get your former status back. If your cards are defaulted/charged-off, it becomes more complicated. Simply cutting checks to your creditors after a charge-off will not magically redeem your credit....The charge-off notation will remain...it will be updated to "paid" but the damaging charge-off notation will remain just as if you have never paid.
If you are in a position to pay off all defaulted debt at the original amount....You need to do what is a called a "Pay for Delete," where your creditors remove the negative notations when they are paid....Get the terms IN WRITING FIRST with each creditor that they'll delete the negative notation upon payment. DO NOT wait till after you pay them as they have no incentive to do anything for you. If you're dealing with collection agencies, this can be tricky...so be careful...Insist on getting agreements with supervisors with confirmed real names for any agreements with collection agencies.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment