Paid Collections?

[FSUNolez5488]

Today is my first day on the forums here, been reading a lot while trying to get some work done.  My question is, my FICO is at 563...not great by any means...but today I was able to pay off an amount that was in collections...how will this affect it?  The amount was only for $97.99.  Will this be removed from my credit score?  I am a newbie to all this, figured it was time I started getting serious about getting it into shape being I would like to look into buying a house a year from now.

[guiness56]

Paying a collection does not improve your score or remove it from your credit report.

Read the stickies in my signature, lots of good information and a place to start.

Welcome to the forums.

[FSUNolez5488]

Ok...Thanks...

I was just wondering if this would have any effect at all.  Thought it may but I wasen't real sure. 

[lesse]

I would search the name of the collection agency to see if they do PFD's (they will delete because of payment ) although you already paid it doesn't hurt to call them or send them a letter and ask ...having a collection completely removed could help more than just paying it.

[FSUNolez5488]

I was thinking I would give them a call again and see if they would do a PFD on it, I suppose I should have asked about that while I was paying.  But can't hurt to call and ask. 

[guiness56]

Is it already paid or are you in a payment agreement?

[Anonymous]

Im new to this,whats a pfd

[DaBears]

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@Anonymous wrote:
Im new to this,whats a pfd

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PFD is Pay For Delete. You can click on my blue sticky lots of good info and abbreviations as well to learn

[FSUNolez5488]

Guiness,

It is already paid in full...I only owed $97.99...

[guiness56]

If it is already paid the best you can do is send a GW letter.  I certainly would not pay it again to have it deleted.  If they took your money to do that then that would be really illegal.