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Paying off credit cards/collection agencies???


fbcoach
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My wife and I recently paid off two credit cards for less than the full amount. After the first one was paid off her credit score went up 7 points on Equifax. We got an alert today from Equifax saying her score had now gone down 20 points after the second one was reported. The alert said that it went down due to a lack of revolving credit. Why would it go down for that reason??

I recently lost my job and we paid off her car and those two cards to eliminate monthly payments of almost $800. I'm not a financial or business minded person and neither is my wife. It seems like everything we do backfires on us in some way. I'm tired of living in rental homes and would like to buy a house. We make enough money to afford a nice home but our credit scores suck. My scores are EX 566, EQ 543, TU 545. Hers was up to EQ 613 before it went down 20 points. I've got several collection accounts that are around 4 years old. The SOL in SC is 3 years and I don't know what to do about them. The accounts we owe were opened in GA. Some of the amounts are very low but we've moved several times and never received anything from the hospital we owed or the collection agency. Any ideas?????

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First off...Welcome to the boards! :)++

Have you read any of the steps listed on this board? Don't pay anything else till you do the steps. And DO NOT pay anything thats 4years or older. It's going away in three more years anyway. To get them removed faster there are things you need to do. So read. :D

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Yes but get it in writting. This is called a Pay for Delete letter. There is a sample on this site but I suggest taking good points from the sample and making a completely unique letter that is tailored to your situation. PFDs do work, if they refuse then tell them that is the only way you will pay the debt. MAKE SURE IT IS IN WRITTING FIRST!

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