My husband and I have been paying off debt and our score is still low. When will it go up? does it just take time or is there anything I can do? Thanks!
You are saying if you have like 7 collections on your report from 2006 with balances around $100 each, paying them off won't help your credit score. It will look better though if you are trying to work towards buying a house right?
You are saying if you have like 7 collections on your report from 2006 with balances around $100 each, paying them off won't help your credit score. It will look better though if you are trying to work towards buying a house right?
Sorry, I was wondering the same thing as well.
Paid collections have the same impact on your score that unpaid collections do. A collection is a collection.
During a manual review,where the lender actually looks at your reports and not just your score, paid collections certaintly look better.
ugh! I wish I would have found this forum months or even years ago! LOL, yes they are collections and that does explain why the score isn't budging. The mortgage broker told me I have to pay the collections in order to buy but I don't think we can even pay the big one now anyway. Thanks for the advice.
mommy, unfortunately, the industry professionals don't always know a hill of beans about how FICO works, so the bad advice is very abundant. Sorry to hear that. The best course of action is to GW to see if they would be willing to delete.
Starting Score: 469