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Credit Tips For My Borrowers (Stuff You NEED to Know)
Credit tips for my borrowers, by Mike in Tucson, mortgage lender
The question:  "I want to improve my credit.  Should I pay off charge-offs and collections?"
How the system works:
Take a look at that yellow piece of the credit pie on the right.  Length of credit history is 15% of your overall credit score.
Among the data tracked by the Credit Bureaus is this little gem:  "date of last activity."  It shows on your credit report as DLA.
Let's say that you've come to me for a purchase money mortgage because your agent referred you.  Let's say further that you did some dumb things six years ago when you were in college, and you know that a few derogatory accounts are going to show up from that time.
The old beater you had in college was repossessed by the car dealer whose billboard still reads "NO CREDIT?  NO PROBLEM!  The dealer sold the car at auction, and sent you a bill for the difference.  The bill was for $580.  You didn't pay it.  The car dealer sold the debt to a collection agency.
Your credit report today says "DLA 11/2004."  If you do nothing, this derogatory collection account will fall ... more

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