I have negative accounts older than 2 years. Will paying them increase my score?
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I have negative accounts older than 2 years. Will paying them increase my score?
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Markita has been called :The Queen of Mortgage Financing especially after a BK". Since 2002, Markita has been a top-producing loan officer with WestStar Mortgage located in Lake Ridge, VA. She offers her clients expert service in mortgage financing regardless of credit history. Markita's former career as a professional basketball player with the "Washington Mystics of the WNBA" has been her foundation for creating a TEAM atmosphere when dealing with her mortgage clients. She truly believes Together Everyone Accomplishes More! You can visit her website at <a>www.TheLendingAdvisors.com</a> for more information and several FREE mortgage reports that reveal lending secrets other mortgage bankers don't want you to know!
I have negative accounts older than 2 years. Will paying them increase my score?
Host: I have an unpaid collection or negative account older than two years; will paying them increase my score?
Markita Aldridge-Woods: Actually, it will, but you will be surprised that it will not increase it by very much. Again, the scoring model for credit score actually gives more weight to payments that have been made in the two last two years. So, once those accounts hit your score, even though you pay them back is not going to be a dramatic change, but we still encourage you to pay those accounts off, so that you can have a good clean history and show that you are willing to correct your mistakes.
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Host: I have an unpaid collection or negative account older than two years; will paying them increase my score?
Markita Aldridge-Woods: Actually, it will, but you will be surprised that it will not increase it by very much. Again, the scoring model for credit score actually gives more weight to payments that have been made in the two last two years. So, once those accounts hit your score, even though you pay them back is not going to be a dramatic change, but we still encourage you to pay those accounts off, so that you can have a good clean history and show that you are willing to correct your mistakes.
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Improving your Credit Score
Understanding Credit Scores
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Why are credit scores so important?
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