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Credit Repair Question...


jdetermann
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Is there a rule or someone know the best way to repair you credit. I am going to Iraq next week & my wife will be paying off our bills but she does not know which bills to pay off... the current ones delinquent or the old ones. Granted we want to pay everything off but I want to help my credit score. Any help is GREATLY APPRECIATED.

JAmie

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You need to decide on specific goals. It's great that you want to pay off your bills, but if you also want to "help our credit score", these two goals can conflict with one another.

Paying off derogatory accounts does nothing to improve your credit score and can, under certain circumstances, lower your score. The largest category in credit scoring is "history". This category accounts for up to 35% of the total number. When you pay off a defaulted account, and it gets updated to PIF, the update causes the default to appear to be recent.

This is an unfortunate side effect of FICO-based scoring programs. It's often a deterent to consumers who might otherwise pay. But, this is the current reality. So, back to the drawing board. Make some decisions and let us know. The board can then point you in the right direction.

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