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WIll an old collection account dropping increase my credit score?

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Anonymous
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WIll an old collection account dropping increase my credit score?

Here's the situation... my brother stole my information to open up a cell phone in my name years back. He was going through troubled times so I didn't press charges however, the phone company still wanted their money of course. The total came to over $1500 and I started paying it but due to my own personal issues I couldn't afford to continue paying. When I told them what happened in hopes to work out a later payment arrangement they basically told me that since I had paid on it already it was my debt and they didn't believe my story. I said oh well and left it alone. It's not scheduled to fall off in August. My question is, once it's 7 years old... old enough to fall off, will it even impace my score at all or just make my report look better?

Message 1 of 5
4 REPLIES 4
pizzadude
Credit Mentor

Re: WIll an old collection account dropping increase my credit score?

 

Is this your only negative item on your credit reports ?  Or are there other items ?   The FICO impact of the collection dropping will vary based on what your report looks like without it.....

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 5
Anonymous
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Re: WIll an old collection account dropping increase my credit score?

I have one other collections account which is scheduled to fall off in 2014 but I'm hoping to pay it before than.

Message 3 of 5
pizzadude
Credit Mentor

Re: WIll an old collection account dropping increase my credit score?

 

If that's the case then I don't think you'll get a huge FICO gain, although you may get a some points back..... YMMV.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 5
Anonymous
Not applicable

Re: WIll an old collection account dropping increase my credit score?

ok thanks!!

Message 5 of 5
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