How much will an account sent to collections affect my FICO score?

[Anonymous]

I currently have a FICO of 678. I just got sent to Collections for $5500 by Boeing over a class I took through their Learning Together Program. How much will my score go down due to this? I am not able to pay the $5500 in full at this time, but can offer to make payments to the collection agency. Any advice/suggestions? Thanks!

[Anonymous]

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rodene12 wrote:

I currently have a FICO of 678. I just got sent to Collections for $5500 by Boeing over a class I took through their Learning Together Program. How much will my score go down due to this? I am not able to pay the $5500 in full at this time, but can offer to make payments to the collection agency. Any advice/suggestions? Thanks!

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If its gone to colelctions and you are not able to pay it off in 30 days or reach an agreeable settlement that can be paid to prevent reporting, its probably too late.  You can expect an initial score decrease from 50-200 points depending on your current credit score.  I say initial because the longer the debt remains unpaid the more the likelihood that it will be sold to another collector and each entry will hurt your report more.

HTH