Doesn't paying off collections help ur score?

[Anonymous]

Im sitting here reading through the posts and someone posts that paying off collections will not help your score.  Is this true?  All my negs are in collections and i have offered PFD on them.  If they get deleted wont that raise my score?   My utils are only 10%. 

[Anonymous]

Some people experience a score raise after paying off collections.... some do not, usually its the latter. If it gets deleted, thats a different story, you could gain a significant amount of points denpending on the age of the collection, etc... Plus your util is good, ideally you want to be at 1-9%, but 10% is also great!

[Myhearts]

I just had a collection from 2008 from Comcast deleted and I have not seen an increase in my score and I know that it was hurting my score.

Hearts

[Junejer]

I would say that, in general, paying off a collection w/o a PFD will not usually result in a significant score increase. Of course, YMMV.

Hearts, I am sorry to hear that. Have you broken out the magnifying glass and figured out what else is going on with your reports? And yes, you can, b/c He strenthens you.

[Myhearts]

Hey Byrdman,

It's the utilization.  I know it...  28%, something like that. Working on it though to get it down.

Hearts

[Junejer]

Hearts, 30% is one of those helping factors. Sure lower uti will help the score, but 28% isn't hurting at this point. That doesn't make sense.

[Anonymous]

Do you ever wonder if the positive things we do to our credit are accurately calculated in the score? Why should we not see a score increase if a very recent collection account is deleted. I just had one show on my file in February. It was deleted as it was a mistake by the original creditor. When it appeared last month my score dropped 36 points. When it was deleted it only increased by 5!??? Guess it could be other factors, but nothing but good has been going on with my reports as of late. I am so tired of this credit game. We make above average combined income, have paid EVERYTHING on time the past 2 yrs, have low debt utilization and still my score is in the high 500's AND we are still having a hard time getting a mortgage even though my husband's finally hit 650.

[iltph]

I recently had two DIRECTV collections deleted (one from Jun 2007 and another from June 2005) and my score went up 19 points with EQ.

[bott6698]

Someday, What I did was share with the experts here my exact full story. Meaning I looked at my reports and told them of course without personal info the exact accounts, collections, etc etc that are on my reports and how they are reporting. 30 day lates and everything. I was given such great step by step instructions by doing this that in just 45 days time my score jumped about 50+ points on each cra. I owe all of this to myfico members... I would suggest you do the same if you want to get that mortgage,

That is just my 2 cents

Message Edited by bott6698 on 03-17-2008 09:05 PM

[Anonymous]

This is good advice. I can't believe there are so many nice people willing to be so helpful! It will take me half a day to write it all....uggghgh!