Stopped paying on my credit cards, how can I get my credit score up again?

Question

About 2 years ago I stopped paying on my credit cards because I simply could no afford to anymore. Like most people, I was a young dumb kid and used credit cards to help me through college. I am graduated now and would like to get a job in the military. But in order to get a security clearance one must have good credit.

So my question is, if i paid off my debt now (about $7,000) how long would it take for my credit score to go up? Also would making a deal with my credit card companies to pay 60% of what I owe have any effect on my credit, or should I just try to pay off the full amount?

Answer 1

Since it's been 2 years the accounts most likely have gone to collections.

Get in touch with the companies and request a pay for delete agreement this means that in return for your payment they agree to remove the accounts from your credit.

Without this agreement, paying these accounts will actually lower your score because they will become new rather the old.

Paying off old accounts does nothing for your score without a pay for delete agreement.

Do not pay them a dime until you have this agreemnt in writing.

Answer 2

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