NY CRTP OR WAIT 1 YR TO FALL OFF

[CAnNY]

I'm in NY and the CRTP is 5 yrs for paid coll. Year 7 will be November 2014 and I'm so close. Problem is I think I can get a score boost maybe if I simply pay it and have it deleted. Plus they have started showing late as of May on my report and I am not sure what effect this has if any. It's only $200. Is it worth to pay, or should i let it fall off. Shooting for mortgage next year possibly if it matters. This is the last collection on my reports and it's only reported by Equifax.

Any thoughts?

Thanks for any responses!!!

[guiness56]

I would pay it for 2 reasons.  One, the NYS CRTP, it will be removed and it is the only way to see a score bump.  Two, if you are getting a mortgage soon, you will need to disclose unpaid debt and they may make you pay it anyway.

Oh and a 3rd reason, if it is your only collections left you will be rebucketed into another bucket without collections.

[CAnNY]

Thanks! I just read on another post that OC's that are removed can sometimes drop your score, but if I'm rebucketted it may drop anyway. Lol smh

[guiness56]

Removing an OC TL can drop your score if it is your oldest account due to AAoA.  I would much rather have a clean report than the lose of points from losing some AAoA.

You can lose points due to rebucketing or you could gain them.  YMMV.

[CAnNY]

So I went ahead and paid this coll in full. I then sent a dispute to EQ to let them know and delete the item. Hopefully this happens as expected and give me a score boost. I only opt to pay it because EQ is my mid score so I am hoping for a score boost to assist in my mortgage app next year.