06-28-2007 02:43 PM - edited 06-28-2007 04:35 PM
I have a collection that only appears on my EQ CR. It is an individual account, unpaid, with a balance of $648.00. The date of 1st delinquency is 11/2000. I would like to buy a home within the next 6 months. Should I pay the balance on this collection or wait for it to fall off my CR? My concern is how the owned balance affects my credit score. If I pay the balance will my score increase? or will my score lower because the collection will appear to be newer than it really is?
06-28-2007 03:00 PM
06-28-2007 03:15 PM
06-28-2007 03:25 PM
06-28-2007 03:27 PM
06-28-2007 03:59 PM - edited 06-28-2007 04:36 PM
Personally I agree with you. Pay it off and get it out of my life, but I am afraid of opening a can of worms. I am curious though, why will it remain for 7.5 years and not just 7. Also, is paying it off as simple as mailing a check to the CA? (Do not know who the original creditor is) or do I have to go through the PFD routine?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.