I must admit–I was reckless and immature when it came to credit card spending. I was living out of my means through credit cards. By 19 years old I had 15 credit cards and more than $20k in credit card debts. When I turned 20 I couldn’t keep up with the payments and it all went to collections. Now I am 24 years old and I want to rebuild my credit so I can advance in my career. I recently check my credit report it shows that the 15 credit cards are charged off and sold to another lender. Also negative are collections accts for those credit cards. My score is probably zero.
Should I pay the debt in collections? Some of these collection accounts will be off the record in 2015 (according to experian). Will my credit score start to improve by paying the collections off now? Or Even with paying off the debts my score will not improve until the collections acct are removed from my credit report? Thanks!
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