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Everybody knows the dice are loaded....

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Anonymous
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Everybody knows the dice are loaded....

Question...
Some of my paid off closed accounts are reporting as just closed... showing a -0- balance...
BUT...
Some are reporting as "Closed (Paid)"...
Anyone know if this difference in reporting makes a difference in my FICO OR FAKO Score?
Message 1 of 4
3 REPLIES 3
Anonymous
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Re: Everybody knows the dice are loaded....

any collection account is going to cost you on your score, paid is always "better looking to lenders- notice  I say lenders" but it doesn't make any diff. to Fico if it is paid or not in the scoring- that is what the typical consensus is. 
 
I know, it doesn't make any sense, you want to do the right thing and pay them- but just because you pay a collection does not always help. Again, as I said- it looks better to lenders.
 
A paid collection looks better to lenders than an open collection- and a paid collection looks better than a charge off collection. Anything over a 100 dollars is a sticky situation cuz the CA may try to sue you.  A paid looks better than settled to lenders too if the amount was settled for pennies on the dollar but the lenders really won't know that unless they research it.
 
I am going to pass this on to the mods cuz colllections get sticky- you have to know the SOL and older colls. do not hurt your score as much as recent collections.
 
Bottom line- I had 2 med colls. that because of "principles in 2005" because of what I tho thought was unfair billing I let them go to coll. Wish I had never done it now. They are really stupid amounts- like 116 and the other a little over 100.
Message 2 of 4
Anonymous
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Re: Everybody knows the dice are loaded....



Myenemysenemyismyfriend wrote:
Question...
Some of my paid off closed accounts are reporting as just closed... showing a -0- balance...
BUT...
Some are reporting as "Closed (Paid)"...
Anyone know if this difference in reporting makes a difference in my FICO OR FAKO Score?


To answer your ? you ALWAYS want those you paid to say "paid or paid as agreed." You dont' necessarily want them to just say closed cuz it might make lender perk their doggie ears up.
Depends on the  entire situation.
 
What are you trying to do? Just clean up your reports? Or are you looking to buy something? Need more info- cuz also if SOL and t hey are due to fall off you may be best leaving them alone.
Message 3 of 4
Anonymous
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Re: Everybody knows the dice are loaded....

These are the good accounts... paid in full satisfactorily. Now I know NOT to "close" accounts.  Example below...
Wondered if it makes a difference?
Wondered if FAKO OR FICO deletes points for accounts which do NOT show "PAID" after the remark "closed" (Not happening on just TU but all... this is just one example from truecredit)   ORRRR if the 1 after the I or R is the "only" important score for account in question?
 
Concrete Blonde INC.  ----
Account No.:        XXXXXX                      XXXXXX                      XXXXXX-
Condition:            Closed                        Closed (Paid)              Closed (Paid)-
Balance:               $0                                                                    $0 -
Type:                    Credit Card                                                     Credit Card  -
Pay Status:          Current                        Current                        Current
Message 4 of 4
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