never pay your old debts if you're tryna boost your credit score smh

[ignorethis]

I just paid 5k worth of credit and loan debts back from when I was in college, just to find out since the accounts were "charged off" paying the debts off won't help my credit score in anyway pretty much.

shyt could only benefit you in a possible case like I'm trying to get a home mortgage and an individual loan specialist may look and say "Oh you paid you debts in full good job, I'll take note of that ". But @ 23 I'm nowhere close to being in that scenario.


And outside of that, it doesn't do shyt, I would have been better off just ignoring the debt for 5 more years and telling any debt collector that called "I don't know what you're talking about, eat a dikk", because if you make a payment toward the debt or even acknowledge it you run the risk of resetting the 7 year countdown for the debt to be knocked off your credit.

At the same time the companies won a judgement against me and that shyt allows them to do a lot to get their money back, so it's not a complete L, but if you have a debt and haven't had a legal judgement won against you, SAY "fukk THE DEBT COLLECTORS"

I've heard of people harassing the debt collectors into deleting the negative items, after they paid. I might have to try that. If you are thinking about paying, try an negoiate a "pay for deletion" agreement, where they promise to delete the negative item after you pay, get that shyt in writing, record the phone call.

Focus on adding positive shyt to your credit report because that negative shyt most times is gonna remain there for 7 years whether you pay them or not.

Don't learn the hard way.
I wish somebody had put me on game before I made my move

 

[PeridotPuss]

It's good you paid and paid your debt off.

To increase your score manage your credit lines (which you've begun to do) and keep your cc utilization around 9% at all times. Meaning 9% of your total credit limit is the ideal usage for the highest score.

Also figure out when they are doing your reporting to the credit bureaus and show lower balances during that time of the month/quarter.

 

[ignorethis]

It's good you paid and paid your debt off.

To increase your score manage your credit lines (which you've begun to do) and keep your cc utilization around 9% at all times. Meaning 9% of your total credit limit is the ideal usage for the highest score.

Also figure out when they are doing your reporting and show lower balances during that time of the month/quarter.

my CC utilization stays at 10%
but still, paying my debts was useless in boosting my credit score.

I would have been better served taking that money and opening a bunch of secured credit cards, and making timely payments on them

 

[PeridotPuss]

my CC utilization stays at 10%
but still, paying my debts was useless in boosting my credit score.

I would have been better served taking that money and opening a bunch of secured credit cards, and making timely payments on them

Yes, for the short term gain of the improved score but paying your debt is smart, long term

 

[newarkhiphop]

Stay in debt brehs

 

[feelosofer]

No you did the right thing paying your depts also keep in mind it won't reflect in your score immediately.

 

[ignorethis]

Stay in debt brehs

my debts were pretty big so the creditors took it to court and won the judgement because I didn't even show up.
But for most people if your debt is below 2,000, most collectors won't even take it to court because court fees are too expensive just to collect that amount.

If you don't have a judgement against you, you have no legal obligation to pay them back. And there is a statue of limitations on how long a creditor can take to try and get a judgement.
If you are pass that limitation, then all they can ever do is call you and bother you about that debt. You can block their numbers, or tell them they have the wrong phone number and never hear from them again.

After 7 years that debt won't affect you in anyway outside of possible debt collection phone calls, nikkas just gotta decide what they're willing to put up with. I know there are a lot of people that would happily keep $2000-3000 for having to block a phone number every once in a while.

I didn't know this, hope somebody else can be informed of it before they make a big payment toward their debts in hopes of improving their credit.

 

[Frankie Wallace]

Should have spent one stack on a strap.

 

[newarkhiphop]

my debts were pretty big so the creditors took it to court and won the judgement because I didn't even show up.
But for most people if your debt is below 2,000, most collectors won't even take it to court because court fees are too expensive just to collect that amount.

If you don't have a judgement against you, you have no legal obligation to pay them back. And there is a statue of limitations on how long a creditor can take to try and get a judgement.
If you are pass that limitation, then all they can ever do is call you and bother you about that debt. You can block their numbers, or tell them they have the wrong phone number and never hear from them again.

After 7 years that debt won't affect you in anyway outside of possible debt collection phone calls, nikkas just gotta decide what they're willing to put up with. I know there are a lot of people that would happily keep $2000-3000 for having to block a phone number every once in a while.

I didn't know this, hope somebody else can be informed of it before they make a big payment toward their debts in hopes of improving their credit.

Idk where you getting your info from about it not affecting you, I just bought a house 5 months ago and when they ran my credit they asked me about defaulted student loans (which I eventually paid off) from 13 years ago

You have a debit pay it off is my motto, save cash buy everything cash, you don't need a high credit score to buy a house. Staying in debit is not the way to go, just think about that cycle, the only way you can borrow money is by owing money?


Dont worry coli financial advisors will come in here soon enough agreeing and bragging about there fake reward points

 

[ignorethis]

Idk where you getting your info from about it not affecting you, I just bought a house 5 months ago and when they ran my credit they asked me about defaulted student loans (which I eventually paid off) from 13 years ago

You have a debit pay it off is my motto, save cash buy everything cash, you don't need a high credit score to buy a house. Staying in debit is not the way to go, just think about that cycle, the only way you can borrow money is by owing money?


Dont worry coli financial advisors will come in here soon enough agreeing and bragging about there fake reward points

Student loans are different, that's usually a secured debt. that shyt is gonna follow you for life, plus you defaulted.

Credit cards and shyt are usually unsecured, meaning that unless you lose a judgement they get purged from your credit after 7 years and the collector can't garnish wages or place property liens to get their money, they can just pester you to pay.

Learned all this shyt in the past day.

 

[The Mad Titan]

I was gonna type up something but instead I'm just gonna summon up my girl @Rawtid

 

[hoodheronova]

FAM IF YOU WANT TO INCREASE YOUR SCORE ALL YOU GOTTA DO IS PAY A COMPANY A FEW G'Z AND YOUR SHYT WILL INCREASE EXPOENTIALLY

 

[DatBoiHawk]

FAM IF YOU WANT TO INCREASE YOUR SCORE ALL YOU GOTTA DO IS PAY A COMPANY A FEW G'Z AND YOUR SHYT WILL INCREASE EXPOENTIALLY

Explain....

 

[th_412]

You have a debit pay it off is my motto, save cash buy everything cash, you don't need a high credit score to buy a house. Staying in debit is not the way to go, just think about that cycle, the only way you can borrow money is by owing money?


Dont worry coli financial advisors will come in here soon enough agreeing and bragging about there fake reward points

Tell me more about getting out of debit breh

 

[El Bombi]

You still didn't have to pay that company after they won a judgement against you tho.