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Collection Question

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Whitneyy
Valued Contributor

Collection Question

I have a simple collection question.. 

 

If you have a collection, that just started showing as collection, and you're paying on it to bring the balance down, how does that effect your score each time they update? I mean it's still a collection but the balance is going down monthly as I'm paying it biweekly. After it's paid, they will delete but they told me they will still report monthly. Are they hurting me by still reporting even though the balance is going down?

GOAL - 700 FICO across the board!
Message 1 of 4
3 REPLIES 3
gdale6
Moderator Emeritus

Re: Collection Question


@Whitneyy wrote:

I have a simple collection question.. 

 

If you have a collection, that just started showing as collection, and you're paying on it to bring the balance down, how does that effect your score each time they update? I mean it's still a collection but the balance is going down monthly as I'm paying it biweekly. After it's paid, they will delete but they told me they will still report monthly. Are they hurting me by still reporting even though the balance is going down?


Yup, FICO will continue to pick it up as new collection each month they report it.

Message 2 of 4
Whitneyy
Valued Contributor

Re: Collection Question

Well, for the next four months I'm doomed then, until they delete it! Goodness!

GOAL - 700 FICO across the board!
Message 3 of 4
Shogun
Moderator Emeritus

Re: Collection Question

There's light at the end of the tunnel.  Keep calm and FICO on!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 4
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