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Credit scores are calculated based on ALL the information in your credit file when the score is requested. Without extensive information about what your file contains, it would be impossible to guess the impact or the time frame. In general, paying off collection accounts causes them to be updated. The update (recently reported zero balance) or "status" date is the factor that impacts your score. So, if your collections were updated in January, 2005; then 13 months later, in 02/06, the deductions to your score would lessen. Once again, it would depend upon all the information used in the scoring calculations. Do you have any positive, ongoing accounts to offset the derogatory items. Auto financing can be obtained with very low scores, even in the 500's. So having current, positive, accounts MAY make it possible for you to purchase a car on credit even before 13 months. Good luck!
What else can I help you with?
If you are buying a home paying off collections will only hurt you instead of helping you?
The answer to this type of question depends on SO many factors. Paying off collection accounts will not necessarily raise your credit score, which is what most consumers believe. The variable is the date the accounts were last reported (or updated) on your credit report. The date last reported, or "status" date is the date that causes collections and charge offs to impact your credit score. Anything, including legal items, late payments and collections/charge offs, updated within the last 12 month time frame, falls into the "history" category. This category accounts for 35% of your credit score. So, if you have old collection accounts which have not been updated recently; paying them off will cause them to be a paid collection as of, well, NOW. If, on the other hand, your collection accounts ARE being updated to within the last 12 months (regardless of the last time you used the account), then paying them off will probably not cause deductions to your score and MAY raise it. Certainly, 12 months from now, any collection account that is paid is better than an unpaid collection. The best scenario is to offer creditors a pay-for-delete. THAT would benefit both you and those whom you owe.
What is the IBAN number for a US bank account?
The IBAN number is not used for US bank accounts. Instead, US banks use a routing number and an account number to identify accounts for domestic and international transactions.
Do American banks have IBAN numbers?
No, American banks do not use IBAN numbers. Instead, they use a system called the routing number and account number to identify bank accounts for domestic transactions.
What is the IBAN for a US bank account?
The IBAN (International Bank Account Number) is not used in the United States. Instead, US bank accounts use a routing number and account number for transactions.
What is the IBAN number for my US bank account?
The IBAN number is not used in the United States. Instead, US banks use a routing number and account number to identify accounts for domestic and international transactions.
What did President Truman do instead of invading Japan and why?
Dropped the Atomic bomb because it saved time, money and American lives
Have xbox360 pro's gone down to 99.99?
no they have not. the pros cant be found any where now because there obsolete and haven't made in a month instead the price of the elite dropped to $199.00 and arcade has been dropped to $99
Did Walt Disney go to school?
he dropped out of high school and Chicago art Institute at 16 to join the army. Because of his age he was not accepted so he joined the Red Cross in France instead.
Why do you think the planets keep orbiting the Sun instead of each other?
It is because the sun accounts for approx 99.8% of the mass of the solar system.
What are YouTube channels?
They are accounts made by people on YouTube. They just call them channels instead of accounts because think what it would sound like it someone said, " Watch my videos on my account". It would sound weird!
What does it meant by in Lieu of tax collection?
In place of, Instead of.
Can a ticket be dropped if the cop didn't ask me to sign but asked another person to sign instead?
No it can't be dropped so stop trying
What year did Walt Disney drop out of school?
He dropped out at age 16 to serve in the army. However, he was rejected because he was underage so instead he worked for the Red Cross.
Is The box of blocks were dropped correct?
The correct phrase would be "The box of blocks was dropped." This is because "box" is the subject of the sentence, which is singular, so it requires the singular verb "was" instead of "were." The phrase "of blocks" acts as a prepositional phrase and does not affect the subject-verb agreement.
Where could I get free windian Maplestory accounts other than free Maplestory accounts?
Instead of getting free accounts, you could just make on of your own or play on a private server.
If you are buying a home paying off collections will only hurt you instead of helping you?
The answer to this type of question depends on SO many factors. Paying off collection accounts will not necessarily raise your credit score, which is what most consumers believe. The variable is the date the accounts were last reported (or updated) on your credit report. The date last reported, or "status" date is the date that causes collections and charge offs to impact your credit score. Anything, including legal items, late payments and collections/charge offs, updated within the last 12 month time frame, falls into the "history" category. This category accounts for 35% of your credit score. So, if you have old collection accounts which have not been updated recently; paying them off will cause them to be a paid collection as of, well, NOW. If, on the other hand, your collection accounts ARE being updated to within the last 12 months (regardless of the last time you used the account), then paying them off will probably not cause deductions to your score and MAY raise it. Certainly, 12 months from now, any collection account that is paid is better than an unpaid collection. The best scenario is to offer creditors a pay-for-delete. THAT would benefit both you and those whom you owe.
Is the Bombay Palms Collection tropical?
The Bombay Palms collection isn't exactly tropical. It comes in walnut, which has a rich foresty feel instead.
