Asked by ashley  |  Submitted March 26, 2017

I have derogatory marks on my credit, is it best to pay those off first to increase my credit score?

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  Answers  |  1

April 13, 2017

Derogatory marks remain on your credit report for up to 7 years. Therefore, if you have items that are not scheduled to be removed it's best to pay those off. If you can pay them off without making monthly payments, it's possible to negotiate approximately 50% of the amount due. For example, if you owe $500, you can offer to pay $275 in cash. If accepted, be sure to get a letter from the creditor before submitting the payment.

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