cancel
Showing results for 
Search instead for 
Did you mean: 

Dinged for paying off a collection?

tag
GrrrlRacer
New Visitor

Dinged for paying off a collection?

In October, I paid off a debt that was in collections. Today, Dec 22, the collection agency reported it had been Paid with a balance of 0 and my credit score dropped from 623 to 590. Is this an error, and if so who's?

Message 1 of 2
1 REPLY 1
Shogun
Moderator Emeritus

Re: Dinged for paying off a collection?

You took a hit because it updated and looks more recent.   It will fade fast and your score will rebound.  But, now since the debt is paid, it's time to GW it and see about getting rid of it.

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 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.