Pay Collection and Keep Credit cards open?

----- Original Message -----
From: Real Person
To: majors@oskie.com
Sent: Tuesday, May 24, 2005 9:32 PM
Subject: re:credit
I have been trying to pay all my bills on time lately. At the begining of the year I will be trying to purchase a house. I only have four active accounts on my credit 2 credit cards a car and a furniture bill. My car and furniture bill will be paid off in a month or so, the only thing I will have is the two credit cards. By not opening up any more accounts do u think my credit score will go up with just those two account. I also am paying of some old accounts collections with balances is this a goioid idea?

When I answer questions about credit I really must admit I am in the dark. I haven't seen a persons credit in most cases. I haven't taken a credit application to help me understand your positon in life, and the information I get is limited.
Make sure you have paid at least 12 months on any credit so it will be rated. Yes these will help your score.
"Old collection" sounds like a problem but not one to avoid. Yes pay them off, unless they are 5 years or older, thus redating the collection. EXCEPTION your lender ask, or the credit / collection agency promises to take the collection / slow pay off or, mark as paid in full and as agreeded.
Good Luck
Bobo Majors
931-455-6066 Work Russell Barnett KIA