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Posts: 1
Registered: ‎02-23-2013

Old Collection Accounts / Charge Off's

Will my fico score budge if I pay some old collection accounts (4 yrs old), and if not how does a creditor know if it's paid or not if their just pulling credit and going off the score?

Just concerned because I applied for a apt and they ran my credit and it came back declined. They never actually saw the report manager say's it's based off the score.

Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010

Re: Old Collection Accounts / Charge Off's

[ Edited ]

Paying old collections can be a two-edged sword.  The balance has to update to 0, but the status date may update to make it appear more recent.  But if they are really hitting your score after 4 years the CA may be updating regularly to keep them from aging.  If you have the money to pay in full you could try offering PFD to get them off your report.


Look at the underlying account from the OC.  The CA has to fall off 7 to 7.5 years from when the account first became delinquent (the DOFD). 

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008

Re: Old Collection Accounts / Charge Off's

Paying off a collection should never impact your score.  If it does something has been reported wrong. 


On the other hand, a paid and unpaid collection is seen the same by FICO, as a collection.

Established Contributor
Posts: 760
Registered: ‎02-11-2012

Re: Old Collection Accounts / Charge Off's

Manual review however, allows the personal interjection/summary by the reviewer. Upon a manual review, a paid co or collection account will always get you more brownie points with new creditors. It shows at least that you have morals and or trying.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)

Remember the Three P's: Pay early in Full, Pay on Time, Patience

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