Collections with a balance vs Collections with a 0 balance

[dsw283]

The SOL is about to be up on one of my collections, and am curious to know how much a collection actually effects a credit score.  Will you notice a bump by removing a collection even if there are other collections?  Also, does the age of a collection not hurt as much like a late payment or does it effect the score the same for 7 years?

[guiness56]

When you say SOL do you mean CRTP?

How much they affect you really depends on everything in your credit profile.  If it is only one of 8 collections you may not see a bump until almost all of them are gone.  If you only have one and it is very new you would more than likey see a bump.

Yes they will affect your score for 7 years.

[mikie209]

Jumping on this. I have 2 collections on my report. One is paid bad reporting a balance of zero. No luck with goodwill. There other is midland for $300. No luck with PFD. If I PIF will this have any effect on my score? 2 collections with a 0 balance?

[mikie209]

Bad=and

[guiness56]

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@mikie209 wrote:
Jumping on this. I have 2 collections on my report. One is paid bad reporting a balance of zero. No luck with goodwill. There other is midland for $300. No luck with PFD. If I PIF will this have any effect on my score? 2 collections with a 0 balance?

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No, paid and unpaid collections are scored the same.

[mikie209]

Any advice on what to do with that collection? It's out of the SOL for California. I'm currently paying down my utilization on my credit cards, should I continue to pay down my cards instead of worrying about this collection right now? Not looking for a mortgage or anything anytime soon either.

[guiness56]

Yes, if it is out of SOL pay down your CC first.

[mikie209]

Ok thanks!!!