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@Anonymous wrote:My husband and I are trying to buy a house and we need to raise his scores about 50 points to get this done. I have the money to pay off all of our old collections. There are 10 collections, all over 2 years old with an aggregate balance of around $2500 total. If I pay these off, will it raise his scores at all? I've read where it can actually hurt his scores. Any advice is greatly appreciated.
Paying off a third party CA will not improve your score. Paid or unpaid they are looked at the same by FICO. Paying off a collection should never hurt your score either.
The best thing would to have them completely removed.
Are the OCs also reporting on your CR for the corresponding collections?
+1 It will look better on a manual review, but like guiness says, FICO doesn't factor in paid vs unpaid. Try for PFDs, if no go, pay/settle then GW them.