I wasn't really expecting anything except moral satisfaction when paying my old CO's off. I have 3 from 2005-2007. I wanted to go ahead and started getting those cleaned up now and build time between them and for my next mortgage in appro. 2-2.5yrs. Well i decided to go pay one off in full for $401. It just reported today, and bumped my score up 8pts. I have another one that is also around $400, then a larger one around $6,800. I'm hoping by paying these off it will just continue to boost my score b/c i was under the impression that paying old CO's didn't do anything for my score.
-John
Learning from my past and rebuilding..
BK discharged 1/10/17 scores: EQ 659 | TU 630 | EX 659
What is referenced when people state that paying a CO does not, in and of itself help, is that the impact of the derog remains under your payment history scoring.
If the acct balance was affecting your % util, paying it down would improve score in the separate util of credit category.
this was the only thing to have reported (so far) this month. it was a CO from a really old installment loan that was not part of my util and showed as a closed account on my CR. i honestly think it just went up for paying it.
Learning from my past and rebuilding..
BK discharged 1/10/17 scores: EQ 659 | TU 630 | EX 659
Starting Score: EQ FICO 588 EX FICO 587 TU FICO 588
