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No luck with anything trying to rebuild. So frustrated :(

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hippychic823
Regular Contributor

No luck with anything trying to rebuild. So frustrated :(

Just need to vent. I'm about to give up even trying, wondering what's the point. I have 3 accounts in collections with PRA. I called the OC's of all to try to PFD with them but I keep getting the same answer, they just refer me to PRA and tell me they no longer own the account and have no access to my info. When I call PRA to try to PFD they say absolutely not. Then I read that paying collections does nothing to improve your score unless they get dropped or age off. So now I'm just frustrated and wondering what's even the point of trying to pay all this off if it isn't gonna help my scores until they all fall off in 2021. Other than avoiding getting sued what's the benefit in paying off collections if it doesn't even help your score Smiley Sad
Message 1 of 7
6 REPLIES 6
Pway
Valued Contributor

Re: No luck with anything trying to rebuild. So frustrated :(

Paying off collections help with future approvals.  Especially when a lender does a manual review, they can see that one has taken care of their previous credit obligations.  2021 is a long time to wait to have them drop off your reports.  

 

Getting sued as you have mentioned.

Wage Garnishment/ Having your bank account frozen.

Difficulty to gain/obtain new credit.

 

Just because a collection company does not offer or willing to do a PFD , does not mean that one should not take care of the debt.  Please remember that not all collections companies and OC offer PFD.  

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.
Message 2 of 7
JayTee1
Frequent Contributor

Re: No luck with anything trying to rebuild. So frustrated :(

I can testify that paying off collections is worth it.  You may have luck with deleting them later, although PRA is not known for that.  Still, paid collections affect your report, over time, much less negatively than they do if they're unpaid and open.  They can also be updated regularly if they're open, thus dragging your score down continually.

March 2014: Abysmal, low 500s


April 2015: TU 607 | EQ 599 | EX 608
March 2019: TU 717 | EQ 727 | EX 727
Message 3 of 7
Anonymous
Not applicable

Re: No luck with anything trying to rebuild. So frustrated :(

Don't give up. This is a very slooooooow game. If the debt is yours, pay it. As the above poster said, it will help future approvals especially paid collections that age.

You don't want these collections turning into judgements. Then you will have the OC, the CA and judgements all reporting at once.

Message 4 of 7
hippychic823
Regular Contributor

Re: No luck with anything trying to rebuild. So frustrated :(

Thanks guys Smiley Happy I'm going to continue to pay off all my collections simply because it's the right thing to do but it's frustrating knowing that it won't help my score. I'm just so disappointed in myself honestly for even getting to this place in my life. I was sitting nice with a high 700's score and then 2014 (the year from hell for me)happened and I missed all my CC payments trying to keep my house from going into foreclosure, ended up losing the house anyways and all my credit and now I'm sitting with a sub 500 score Smiley Sad and no chance of it getting better anytime soon. Just discouraged. But thankful for this forum. It gives me hope Smiley Happy
Message 5 of 7
Anonymous
Not applicable

Re: No luck with anything trying to rebuild. So frustrated :(

As has been said, having active collections can inhibit your ability to get new credit, which is a key part of rebuilding. 

 

Not to mention many CAs report the debt montly, which contirbutes to your "overall" debt, so decreasing that number helps too. 

 

As has also been said ... it's a long game ... not a quick sprint. My credit has gone up 100 points across all three bureaus since February through a combination of new credit and paying off old debt

Message 6 of 7
Anonymous
Not applicable

Re: No luck with anything trying to rebuild. So frustrated :(


@hippychic823 wrote:
Just need to vent. I'm about to give up even trying, wondering what's the point. I have 3 accounts in collections with PRA. I called the OC's of all to try to PFD with them but I keep getting the same answer, they just refer me to PRA and tell me they no longer own the account and have no access to my info. When I call PRA to try to PFD they say absolutely not. Then I read that paying collections does nothing to improve your score unless they get dropped or age off. So now I'm just frustrated and wondering what's even the point of trying to pay all this off if it isn't gonna help my scores until they all fall off in 2021. Other than avoiding getting sued what's the benefit in paying off collections if it doesn't even help your score Smiley Sad

It may not improve your score, but it improves your PROFILE, and THAT is what credit approvals are based on - the score is only one component of your profile.

Message 7 of 7
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