Will paying off closed accounts and accounts that are marked as charge-offs improve a credit score?
964754
Paying off old accounts used to hurt your score rather than help it. This flaw in the credit scoring system was fixed during 2006. That being said, you are still better off fixing your most recent bad debts and leaving your older ones for last.\n\nOften times, an old debt falls off your credit report before you ever get to it. Hospital bills generally can be paid last, since they have the lowest impact on your credit score.
434783
You need to study the file very carefully.  It may say paid, but if it also says "Charge-off," "Repossession," "late notations", or "Collection", (just to name a few), it's still a negative item on your report, and will effect your credit score.\n\nItems on your report will stay for 7 years from the date of first default.  \n\nThe bad part is that once the creditor has your money, they generally won't give you the time of day.  That's why it's recommended you get an agreement that they remove any negative information, in writing, before you pay off the debt.  \n\nNow that you have lost all leverage to do that, all you can do is politely ask them to remove the listing.  Not likely im most cases I have counseled.
224348
That zero balance is a good thing its called a PIF (paid in full) it says that you have made a payment on an account and will actually help to increase your credit score (depending on the type of account)\n\nhope that helps
335845
Since we do not know why the credit rating is low, here are a few tips to assist in getting your credit score up. \n1) If you have any charge-offs and judgments against you, you need to pay those items off. Once you have done that, you need to request a letter of satisfaction. You will want to hold onto this letter for at least 7 years, just in case they fail to update your file as paid.\n2) If your current credit card balances are 50% more than your credit limit, pay down the balance to 50% and continue to pay the minimum monthly payment.\n3) You need to have 4 active trade lines in most cases that have a history of more than 12 months. So cutting up and closing your accounts might harm your over all credit recovery. \n4) If you do not have credit, your going to need to establish credit by obtaining secured credit cards. Even though your interest rate will be crazy high, we're not trying to consolidate your bills to reduce your monthly debt obligations. Establish at least 4 secured cards and utilize only 50% of the credit allowance. \n\nUnfortunately you not going to be able to get a high credit score fast, however these steps can help you in correcting your credit and re-establish your credi profile. Hope this helps..
978354
Your credit score won't be affected unless you make late payments.  You're okay.\n\nGood Luck!
388468
They count 7 years from last activity.\n\nBut, just so you know things like minimizing inquires will raise your credit score, closing any unused accounts, and minimizing balances owed will raise your score.  I had bad credit a long time ago  By the time 5 years came up my      credit score raised up from other factors to a point that those negative marks on my credit didn't weigh as heavy.. I was able to buy a house with a 590 credit score so, you still have hope.
338466
Perhaps instead of a debt consolidation your in need of a credit repair company, as these old debts have been charged-off already.?
850440
Pay the smaller cards off first and then work on the larger one using power pay method.  Then close three of the four cards you paid off and be sure that they note when you close the cards that they are closed at the request of the customer.  You will have reduced  your ability to jack up your revolving debt the the limits on the three cards that you closed out and paid off and that will also help your credit score.  Your debt to income ratio is only one part of your credit score, so the outstanding balance will be the same regardless of where you apply the money and will not effect your ratio either way.  Your ability to go further in debt (available credit) on open cards will effect your score as well.
235578
If you were paying the payments on time then paying off your loan will probably have very little effect on your credit score, positive or negative.\n\nYour question is about Credit Reporting Lag, the time from when you pay off(down) a revolving account or pay off a loan to when it is reported on your credit files. The time frame can be from 30-90 days with the average being about 60 days.\n\nGood Luck
845335
It will definitely make a difference. Most loans have a lower interest rate than credit cards. Most experts say to keep the credit cards open, but don't use them after they're paid off. This way you will show a good "Available Credit" ratio.
1082533
Getting additional credit and making the payments does not necessarily improve your credit score.  Generally, you will want to pay off credit and reduce the amount you borrow to improve your credit score.  Also, it depends on how you make your payments between now and March 2007.  If you make your payments, and do not take on any additional credit, your score could improve.....I would need additional information on your existing credit situation to be sure though.
1010925
whatever you do don't pay it off. something that old no longer has any effect on your score so just leave it and be thankful. charge offs look bad on a credit report bcuz it shows that not only did you not pay on time, you barely paid at all and the only result was to charge off your account in hopes of retaining some money back. should you decide to pay off the card think about this. once you pay off that balance, the bad credit history from that point up until now will come with it. You will actually lower your score drastically by paying off your old debt. leave it alone a nd move on.
758008
If it's paid off that's a good thing & can only help your score based on satisfactory accounts, so why do you want it off?  \n\nEither way, all your credit accounts, bk or not, will always be on your credit report.  BK will show "discharge" and your student loan will show "paid".
1007792
if you have alot of credit cards then close a couple... too much credit is just as bad as not enough credit.....      if you only have a few credit cards then keep them open.......  it raises your fico score....
654811
Depends on your definition of less than perfect credit. If you have judgments or charge offs, you need to address them. Most lenders will require that you address those concerns. Once you have paid them, you need to secure a letter from the creditors stating that those accounts are paid. You will need this if they fail to update your account in a timely manner. You going to want to research FHA and state bond programs. Normally, those will be more forgiving on credit issues as long as you have paid the debt and re-established your credit. Going that route is a little more work for you, however you will get a better interest rate with a lower score than a sub prime lender. Hope this helps...
1147107
Ordinarily, the open account would be better.  Closing an account puts a little ding in your credit score.  On the other hand, if you have too much available credit and you try to get a major loan, they may see that as a negative.
268916
Not if you close the old account.  If you keep it open, it will add to your "available" credit and lower your score.