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Paying off old collection

New Member

Paying off old collection

I have an old collection from an unpaid Comcast bill, I wont go into details on how i got this but around June 2015 it went to collections. I recently got a letter in Aug 2017 from  ERC stating i owed $86.00 for this debt. I was under the assumption that is it was under $100.00 it wouldnt hurt my score and it was best to leave be due to the fact of paying it off would make it appear new to lenders.

 

I would just pay it off but i am looking to finance something here in the next month or so and dont know what to do? Should I pay it off and risk it showing as a new debt or since ERC (different collection than original) sent me a letter this august is it showing as new anyway and paying it off would make the most sense?

 

If i dont pay it off will it hurt my chances of attaining the loan and would it have been better to pay off?

 

I have no other collections on my report.

 

If it matters, I am looking to finance an engagement ring in the amount of around 6k, Please no comments on how it is smarter to pay cash. I have the ability to pay this off in less than a year, I aquired a 2nd job for this reason specifically and i am out of time to propose....

 

 

Message 1 of 6
5 REPLIES
Community Leader
Valued Contributor

Re: Paying off old collection


Watisituya wrote:

I have an old collection from an unpaid Comcast bill, I wont go into details on how i got this but around June 2015 it went to collections. I recently got a letter in Aug 2017 from  ERC stating i owed $86.00 for this debt. I was under the assumption that is it was under $100.00 it wouldnt hurt my score and it was best to leave be due to the fact of paying it off would make it appear new to lenders.

 

I would just pay it off but i am looking to finance something here in the next month or so and dont know what to do? Should I pay it off and risk it showing as a new debt or since ERC (different collection than original) sent me a letter this august is it showing as new anyway and paying it off would make the most sense?

 

If i dont pay it off will it hurt my chances of attaining the loan and would it have been better to pay off?

 

I have no other collections on my report.

 

If it matters, I am looking to finance an engagement ring in the amount of around 6k, Please no comments on how it is smarter to pay cash. I have the ability to pay this off in less than a year, I aquired a 2nd job for this reason specifically and i am out of time to propose....

 

 


The amount of the collection is unimportant to whether or not it will affect your score; just its presence negatively impacts its scores.   Are they willing to do a PFD?  If not, then I would pay the debt just to be rid of it.  Congratulations on your pending engagement. 


Gardening till December 2019
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Message 2 of 6
Community Leader
Valued Contributor

Re: Paying off old collection


Watisituya wrote:

I have an old collection from an unpaid Comcast bill, I wont go into details on how i got this but around June 2015 it went to collections. I recently got a letter in Aug 2017 from  ERC stating i owed $86.00 for this debt. I was under the assumption that is it was under $100.00 it wouldnt hurt my score and it was best to leave be due to the fact of paying it off would make it appear new to lenders.

 

I would just pay it off but i am looking to finance something here in the next month or so and dont know what to do? Should I pay it off and risk it showing as a new debt or since ERC (different collection than original) sent me a letter this august is it showing as new anyway and paying it off would make the most sense?

 

If i dont pay it off will it hurt my chances of attaining the loan and would it have been better to pay off?

 

I have no other collections on my report.

 

If it matters, I am looking to finance an engagement ring in the amount of around 6k, Please no comments on how it is smarter to pay cash. I have the ability to pay this off in less than a year, I aquired a 2nd job for this reason specifically and i am out of time to propose....

 

 


The amount of the collection is unimportant to whether or not it will affect your score; just its presence negatively impacts its scores.   Are they willing to do a PFD?  If not, then I would pay the debt just to be rid of it.  Congratulations on your pending engagement. 


Gardening till December 2019
AMEX BCP| AMEX ED| BBVA NBA AMEX| Venture| QS| BoA Cash Rewards| Barclays Rewards MC
Message 3 of 6
Community Leader
Super Contributor

Re: Paying off old collection


Watisituya wrote:

I have an old collection from an unpaid Comcast bill, I wont go into details on how i got this but around June 2015 it went to collections. I recently got a letter in Aug 2017 from  ERC stating i owed $86.00 for this debt. I was under the assumption that is it was under $100.00 it wouldnt hurt my score and it was best to leave be due to the fact of paying it off would make it appear new to lenders.

 

I would just pay it off but i am looking to finance something here in the next month or so and dont know what to do? Should I pay it off and risk it showing as a new debt or since ERC (different collection than original) sent me a letter this august is it showing as new anyway and paying it off would make the most sense?

 

If i dont pay it off will it hurt my chances of attaining the loan and would it have been better to pay off?

 

I have no other collections on my report.

 

If it matters, I am looking to finance an engagement ring in the amount of around 6k, Please no comments on how it is smarter to pay cash. I have the ability to pay this off in less than a year, I aquired a 2nd job for this reason specifically and i am out of time to propose....

 

 


Its not old enough to make a difference IMO. Pay it - but try to negotiate a PFD if you can..

Most Recent FICO 8 Scores EX601/TU580/EQ589 12/08/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 4 of 6
New Member

Re: Paying off old collection

What does PFD stand for?

Message 5 of 6
Highlighted
Established Contributor

Re: Paying off old collection

Pay for delete, you offer the CA to pay the collection in exchange for them removing it from your credit report. It is best to get the agreement in writing.
FICO 8 Scores Eq 821 Ex 820 TU 841, 180K Available CL, 1% Util

Message 6 of 6