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Paying off collection effect on score

Frequent Contributor

Re: Paying off collection effect on score

I paid off 4 collections (With settlements) in 3 months.  All my scores increased between 49-81 points.  So YES.. your score CAN go up by paying off collection/charge-off balances.  YMMV, depending on how much the total balances are.

 

My total balances owned was $27,000.00 between 4 accounts.   Got that down to 2000.00 owned on one account.


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 753 TU, 764 EQ, 766 EX on 02/17/2014
Goal Score: 720-740 Across the board


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