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Established Member
sunflowersky
Posts: 16
Registered: ‎06-09-2009
0

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?

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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

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
Established Member
sunflowersky
Posts: 16
Registered: ‎06-09-2009
0

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.

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

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

[ Edited ]

 

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
Established Member
sunflowersky
Posts: 16
Registered: ‎06-09-2009
0

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

ok thanks!!


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