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collection accounts closed want to pay off and rebuild credit

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  • Dec 3rd, 2017 1:44 pm
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[OP]
Newbie
Nov 29, 2017
2 posts

collection accounts closed want to pay off and rebuild credit

hello there are few accounts that have been closed rogers capital and royal
and i have a few in collections rogers cash money
for some reasons rogers shows up 2x in collection and also by themselves

1st question should i pay off these accounts that are closed and also those that are closed and in collections
2nd question how do i go about rebuilding my credit which secured cards should i get i am a td bank customer

ultimately i would like to boost my score, lower my mortgage rate, and get with a A or B lender

PLEASE help

thanks
1 reply
Sr. Member
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Jul 9, 2016
671 posts
274 upvotes
Toronto
ello1979 wrote: hello there are few accounts that have been closed rogers capital and royal
and i have a few in collections rogers cash money
for some reasons rogers shows up 2x in collection and also by themselves

1st question should i pay off these accounts that are closed and also those that are closed and in collections
2nd question how do i go about rebuilding my credit which secured cards should i get i am a td bank customer

ultimately i would like to boost my score, lower my mortgage rate, and get with a A or B lender

PLEASE help

thanks
whether its better to pay it off or just wait depends on how long they have been closed. if its been 5 years then ignore it, in another year everything will fall off the report and be a fresh start, if it was just last year, then you could either pay it off, as a paid collection sometimes looks better than an unpaid, though paying doesnt actually boost your score, or you could just leave it and know you wont be getting traditional credit either way until they go away or its at least been several years since they were reported.

capital one secured
peoples trust
home trust
refresh visa

are all secured cards with practically guaranteed approval, im not sure about capital one for you since you owe them money, but i've seen people get approved for the secured mastercard with prior debt to capital one before.

you set the credit limits on most based on how much you deposit with them, with the exception of capital one who can sometimes give up to a $3000 credit limit with as little as $75 deposit, but you wont know with them until you apply.

canadian tire unsecured is also a pretty lenient lender that you can get with a pretty low score (600ish) with a low limit and they are pretty good at increasing limit/lowering interest regularly if you keep account in good standing.

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