@crissy1207 wrote:I paid three small collections and my score went up like 2-5 points with the 3 bureaus. I get a scorewatch today with FICO and it shows the collections are paid but my score droppped like 8 points for paying these.
daily reports do not show the full in depth reflection to your cr. once that reports on your monthly cr you may or may not see a big increase,you have to also understand,eve though you paid the balances of those derogatory marks,they will show up unless you contact the lender or whoever was in charge of that collection to have it removed since you paid them off.basically what i am trying to say is,yea you paid the balance but the negative marks are still there showing on your report,without those being removed your score will not budge,NEG. items on your report weigh HEAVY on your SCORE,settle that and i am sure you will see a difference.
@mojobones89 wrote:
@crissy1207 wrote:I paid three small collections and my score went up like 2-5 points with the 3 bureaus. I get a scorewatch today with FICO and it shows the collections are paid but my score droppped like 8 points for paying these.
daily reports do not show the full in depth reflection to your cr. once that reports on your monthly cr you may or may not see a big increase,you have to also understand,eve though you paid the balances of those derogatory marks,they will show up unless you contact the lender or whoever was in charge of that collection to have it removed since you paid them off.basically what i am trying to say is,yea you paid the balance but the negative marks are still there showing on your report,without those being removed your score will not budge,NEG. items on your report weigh HEAVY on your SCORE,settle that and i am sure you will see a difference.
+1
Paid collections do not improve your score. whether paid or not, they count as derogatories.
My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
@crissy1207 wrote:ok but because I paid them my score drops even more? That does not make any sense.
a positive account paid off compared to a negative account are not the same.
regardless if you paid it off or not it is still a derogatory mark on your credit.it looks good that you paid it off but it is still considered a knick on the boot by having that on your report.if you didnt pay it you would have two things,an unpaid debt(collection), on top of that marker of a collection on your CR.look at it this way..having that account open in a bad way kept it open an outdated,so it hit you and left it at that status but once you paid it off you also paid for that penalty....meaning that the full consequence of that mark was split in two...kind of like a wake up call.
BTW just to let you know crissy1207 since you have accounts in collections we will hit you with a bat to make you aware of this issue(your score takes a dip)
oh thanks crissy1207 for my money,now here you go take this in return(your consequence of letting this mistake happen)
basically they hit a you with a minor hit to get your attention in hope you respond to avoid any further damage than the damage that is delt and will continue to deal to you if you do not pay.
LOL i hope im not beating a dead horse here by overkilling this,ANYWAYS,work to get those debts removed and hopefully you will see your score jump(unless it has been a very long time those accounts have been in the bad area).
@crissy1207 wrote:I guess I still don't understand. I mean these collections are over 6 years old and altogether were like 230.00. I gues I should have never even paid it and just wait let it fall off in Dec.
Paying it now looks good if anyone does a manual review of your credit. They can see if it is paid or unpaid. When I applied for a Barclay credit card, I had to call in and spoke with a nice lady who did the manual review. She explained to me that I really needed to pay the one account I have in collections that still has a balance. It was also several years old, but she said yes, it does look better when applying for credit if it is paid.
@crissy1207 wrote:I paid three small collections and my score went up like 2-5 points with the 3 bureaus. I get a scorewatch today with FICO and it shows the collections are paid but my score droppped like 8 points for paying these.
Does Scorewatch tell you the reason for the score drop if the accounts getting paid?
