Will paying of a deficiency balance improve my credit?

Credit and mortgage advice Forums Consumer Credit Improve Credit Will paying of a deficiency balance improve my credit?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 5 years, 6 months ago.



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    Anonymous

    I am 19 years old, I bought a car when I had a good job going for me. I ended up losing my job, my phone, my apartment and have to move back home in another state with very low job opportunity. I ended up losing my car as well. They now have told me I owe a balance of $ 2,600. He said I can pay it off in 24 months and once my account is closed they’ll report it to the credit people. Will this improve my credit? Also, he said if I dont make my first payment they will turn it over to collections. My mom is my only parent and has no knowledge on this so Im asking here. Will my credit be improved, and what happens when it turns over to collections? Thank you.



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