02-02-2013 02:45 PM
Yet another one for the pros.....
Is there a "threshold" for number of collections on a report that 1-2 more or 1-2 less would make almost no difference to a score?
Specifically, I have 6 collections on EQ. 2 of them are small (36.00 and 60.00) that I intend to PFD (both past SOL). Id assume that removing 2 would have alot less of an impact leaving 4 still there vs them being the only 2 listed and leaving none.
The other 4 will have to wait for drop off (2-3 more years). They are more than im likely to be able to pay (can always cross fingers but doubtful).
Any guesses as to if going from 6 to 4 (or 5) will have much of an effect at all? I havent been able to find any simulators out there that will let a user get that specific.
This is more credit education for me than anything else. Im attempting the PFDs anyway.
As always, thanks!
02-02-2013 06:00 PM - edited 02-02-2013 06:01 PM
That is a good question and I think it may be hard to answer.
My daughter's CR contained all negative information, 8 collections and COs. Everything was newly reported, less than 2 years old. Nothing positive on her account and a very short credit history. She still had a 578 FICO.
My CR had 14 collections and COs, many of them older, like at 7 years. I had 24 accounts in good standing, some paid and closed. 12 year credit history. My score was 404.
To this day I still don't get it lol.
I do know, the higher your score the bigger impact negatives have.
02-03-2013 05:30 AM
WOW lol thats crazy.
Oh well, paying those 2 for under 100 bucks total with or without an accepted PFD is worth it just for the GW possibilities. Especially since they would be pd at 100% and not settled. I doubt very seriously they would fight me much for those amounts if I hound them like im a CA (haha). Ill just GW them every 2-3 weeks after PIF until they get tired of me.
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