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This is just speculation on my part, but I don't think your FICO® score will improve much, if any, based on that account losing the collection status. Just my 2¢.
@jordanmedical wrote:
I have an account with them for 2007 thats hurting my scores and utilization. For awhile it was reported as both a CO and a Collection. After my recent settlement (still paying and will be paid off in a month), I noticed on their monthly reporting to the CRA, they removed the collection remark and it only says CO. I'm wondering if it being reported as just a CO is less damaging then it being reporting as a CO and a Collection?
Yeah, I think if your utilization improves as a result of paying then you might get a FICO® boost.
@jordanmedical wrote:
I'm banking on the new reported $0 balance once the account is settled to give me a score boost, but was curious if the collection removal would help once the balance is reported 0.
speaking of FP.. I closed my account with them June 18th with a positive balance... how long would it take for them to send me a check, and is there a law that states how fast they are supposed to mail me a check?
No law that I am aware of, but I would guess it will probably take 30 - 60 days for them to process the refund.
@Ralph1611 wrote:speaking of FP.. I closed my account with them June 18th with a positive balance... how long would it take for them to send me a check, and is there a law that states how fast they are supposed to mail me a check?