Reply
Established Member
Posts: 86
Registered: ‎03-11-2012
0

Paid Off Collection, Score Went Down

We paid off a collection from a Utility Co and now my husbands score has gone down ALOT. LIke 30 points. I have heard that paying of debts can make your score go down but didnt expect this. Is this something that is going to stay down, or is it going to go back up? Is there something we can do to make the score go up?

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Paid Off Collection, Score Went Down

 

In some cases I believe that yes, paying a collection can lower your FICO score.   I think it has something to do with one of the dates being updated to make the collection appear more recent.    

 

Have you asked them to GW remove the collection ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Member
Posts: 86
Registered: ‎03-11-2012
0

Re: Paid Off Collection, Score Went Down

Im not sure waht GW means?

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Paid Off Collection, Score Went Down


faiths13 wrote:

Im not sure waht GW means?


GW is Goodwill.   It is a request to a creditor to remove derogatory information, such as late payments, collections, charge-offs, from your credit reports.

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Member
Posts: 86
Registered: ‎03-11-2012
0

Re: Paid Off Collection, Score Went Down

No we didnt. I will try to see if they will, but now that we paid they prob wont care.

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Paid Off Collection, Score Went Down

 

GW success varies by creditors.   You have nothing to lose by trying.   And if they say no you can always try again.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.