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From what I read around here, request that, if,and only IF you pay these collections off in full, would they remove it off your credit report. They probably want to know why it went to them for collection, I am sure you can give them some compassionate reason. Again, I am no expert, but I had a paid CO since 2008. When I came to myfico and learned how to remove the CO, I sprung into action and now, no charge off on all 3 of my accounts.
And since you was 21, that can help with the compassionate reason for them to remove it. Again, you may not have to get this far. If you have the funds and if they will remove it (get it in writing), do it.
If they are medical collections, google the term HIPAA process (frequently misspelled HIPPA) and read up on that. We don't get into it here, for a variety of reasons, but basically one interpretation of HIPAA is that medical privacy prevents anyone from having knowledge of your medical treatment unless they have what is called a "business reason" for doing so. You want to get the original providers (hospital + doctor + radiology + lab, whatever) to accept payments directly, instead of through the collection agency, and pull back the collections from the CA. If they do accept payment, even if they won't/ can't pull back the collection, the collection agency then no longer has a business purpose in having your treatment dates, and they have to cease reporting the collection. Note: this only works on medical collections.
If you do this, you should expect to pay the debts in full. This is not the scenario for trying to pay 80% or whatever. You want to be standing there with your checkbook, offering to pay your debt(s) completely.
This is a dreadfully over-simplified explanation of the process, but it does work.
eta: Oh, and since you posted on Credit Cards, and your original question was about applying for CC's, my advice would be DON'T. Do not apply for credit while this is on your reports. That makes no sense whatsoever. It's like going on a first date --you don't show up with dirty hair and stained sweatpants. Shine yourself up a bit first.
So sorry to hear about your score drop. I had two tiny collections to suddenly appear on my report. When i called and asked them to remove if I PIF they agreed and sent me letters stating that the accounts would be removed if I PIF by a specific date. I paid, they removed. I pray that it will work for you as well.