repayment of debt collection?

Deal Score0

I mean yes, it helps I hear nothing, formerly in the collection are in the collection …. I need to know if my payment of old debt collection, if it to improve my credit score, as I am interested in the property, including my own home. Currently I have two accounts in collections … one is a student loan for 3490.00 with CIBC and the other is a student loan for 10400.00 with Canadian and Int. organization of student loans. I have a credit profile with TransUnion and both have been closed and put me in touch ├╝bertragen.Ich and see if they are willing to settle for something less, I can take a loan with Wells Fargo (i a car loan in full amount paid, so they contacted me twice and said to call if I “needed something more”) and pay my loan, that way both to improve my credit score or all is for nothing …. as I said … I want to improve my chances of obtaining a mortgage in the future

  1. Reply
    May 19, 2011 at 9:00 am

    I would recomend an safe credit counciling service such as take charge america or consumer credit counsiling. I know those to for sure are not scam companies. They talk to your creditors and lower your interest. We will be out of debt with TCA in 2 more years and it cut our monthly payments in half. It is so easy we pay them and they distribute it out to all the companies we have debt with. It is better then taking out another loan,because you can get into a never ending cycle of borrowing to pay of debt and then before you know it you are in over your head. Check them out online for more details.

  2. Reply
    Beverly S
    May 19, 2011 at 9:21 am

    First off, I have been in the mortgage business for 22 years. Student loans must be paid before you can get a good mortgage. Example if you applied for FHA loan with a defaulted student loan you are automatically declined, since student loans are backed by the government. You can try settling with them but most times they are not cooperative since they know that if you ever want a home, they will be paid eventually. Also the IRS will attach your refunds to pay defaulted student loans.
    You asked does it help to pay off- it does not bring your score up to pay a collection. However, if you don’t pay it will continue to bring score lower each month. It will also like I said halt any hopes of mortgage. Best way to raise score is to pay debt on time each month.
    Good luck!!

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