Will this hurt my credit, if so how much?

Question

I have alittle above average credit score. My income to debt ratio is alittle off which seems to hold me back from purchasing a new vehicle without a co-sign. But I have recently had a run in with T-Mobile and Direct-TV. I closed both accounts and in my haste of frustration did not pay the cancellation fees on either account. I got letters from both saying they have sent them to 1 or more credit bureaus. Does this affect my credit and if so how much will it affect it? T-mobile I owe $400 to and Direct TV about $350

Answer 1

Have you paid these collection accounts ? If not then ask for pay-for-delete deals so that they will delete these collection accounts and you will pay the bills. Make sure you get the deal in wrinting before paying them. The economy is not doing well and the car dealers would give a good deal new cars.

Answer 2

Yes it's gonna hurt

pay it and then since they already put in in you credit report you will need a credit repair company to take it away from your records.

I did not pay a medical bill because my insurance was supposed to pay it and my credit report is been flagged. this took about 50 points off my score.

even when i already paid, the red flag is still there showing that I was late on a payment

Answer 3

Yes, it will hurt, especially if you do not pay it back.  Even if you do pay it back, it will still hurt, because it was not paid back on time, but will not hurt as much as if you do not pay it back at all.

Answer 4

These are derogatory items which will remain on your credit file for 7-1/2 years unless you get a delete for pay agreement.  Yes, they will seriously damage your credit score.

Answer 5

It depends on how long it appears. Any derogatory marks will damage your credit but the longer they go unresolved, the worse the impact. The marks will appear on the bureaus for 7-10 years, but if they are paid and report as such quickly creditors will take that into consideration.  They will also consider the total dollar amount owed.

Pay the balances in full as soon as you can to avoid any further damage.

Answer 6

yes it may hurt your credit, I personally think there is too much hype over this credit score c**p. This is exactly what the credit card companies wanted. I would rather have no credit score and be able to buy everything off in cash example a car than to be the person who has a 750 credit score and dreads going to their mailbox to pay back all the loans and payments they made!