Help- Need 7 points on Experian- Is scorewatch simulator accurate enough?

[mmrgr]

Hello everyone.  I need just 7 more points on Experian or 19 on Equifax, for our pre-qual for mortgage. (need 640- mid score)  We have a collection from 5 years ago (still within SOL where we live)  MyFico score watch says paying off the collection, which we can afford, will give us a score bump of enough on equifax.  This debt is with the original creditor, a small local bank, and won’t consider pfd.  We’ve tried.  But they will update to paid with zero balance immediately.  My mortgage banker says don’t touch it , we will lose 25 points if we pay it off according to “CreditXpert” simulator.  What do you guys think? Will it go up or down- we are confused and don’t want to lose the house we’re trying to get.  Should we trust scorewatch simulator or advise from the mortgage banker?

[tooleman694]

Your broker is right, do not touch it. infact even with a PFD on a 5 year old collection may not even give you the 7 points you need.

What else is on your report.

What does your credit card util look like.

When was your most recent late, how many CCs do you have.

When my score was at your level, it moved up quickly monthly and then stalled in the upper 600s.

[Booner72]

Paying the collection and updating to paid will do NOTHING to your score.  Won't help, won't hurt.  Though definitely looks better as it shows you pay your debts.

You will have to look for the points elsewhere.