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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?
@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.
Well, for the next four months I'm doomed then, until they delete it! Goodness!
There's light at the end of the tunnel. Keep calm and FICO on!