Estimated Fico jump after some payoffs?!?!?!?!

[wallywonka]

Fico Team, 

I am currently at a 515 across the board ( sad face ) and while this is sad, the good news is that I am about to 

come into a nice lump sum of money in the next 2-3 weeks. 

I have 2 credit cards and am auth user on my wifes CC. So three cards total. All maxed out and WILL BE PAID OFF with lump sum.

I also have 4 collection account on my credit for a total of about 500 dollars. Will be paid off same day as paying off CCs.

Outside of that all my accounts are currentand show good standing. Never been late on my CCs that are open. 

Assuming a 30 day period to see everything reflect.. what do you think I willl jump to?

is 680 and above possible?  My credit score estimator says over 700 once I do all that I outlined. 

Dont want to get my hopes up. 

[sumthin28]

not to be a Debbie downer, but paying off collection accounts has zero affect on your score. You will get a nice bump from utilization going way down, but nowhere near 200 points.

[azguy13]

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@sumthin28 wrote:

not to be a Debbie downer, but paying off collection accounts has zero affect on your score. You will get a nice bump from utilization going way down, but nowhere near 200 points.

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I disagree. Open collections will kill your score. Once the OP pays off those baddies and hopefully gets them deleted (PFD or GW), along with getting their UTI way low, the score will jump significantly. 200 points is a little high, but I do not doubt they will be in the 640s or so. 

When I paid off my collections and got the deleted, my score jumped 

[madmann26]

Get the credit cards paid down. Honestly, I would leave a $10 balance on one.

For the CA's, pay them and start the GW process to get the deleted. When the first CA posted to your account, you took the greatest hit, score wise. Couple that with the high utilization that is reporting, you score has taken  several hits.

As each, subsequent CA is posted to your CR, you take a hit but the hit is not has bad as the first; ie, each CA that posts hurts less and less. Get them deleted and when the last one is deleted, you stand to gain the most points.

But the comments about paying them are correct. Paying the CA alone will not make you score go up. It has to get deleted.

Take me for instance,

As each CA was removed from my CR, I saw 5-8 points each time. When the last one came off, I saw a 29 or 39 point bump, I can't remember.

Good Luck.