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New Member
Posts: 4
Registered: ‎09-19-2007
0

Where do i get the most points????

I have 2 collection accts.with the following info:
 
Collection Agency 1
Report date: 3/06  Date opened: 1/05 High credit: $357  Balance: $357  Status: Collection
No date of last activity
 
Collection Agency 2
Report date: 4/04  Date opened: 7/03 High credit: $343  Balance: $343  Status: Collection
No date of last activity
 
The balances owed on both collection accts. have been paid off.  Will I get more points by having both collection accts. updated to reflect the "0" balance and a "PAID" status which would probably update the date of last activity to the current date.  My fear in this scenario is that the credit bureaus will consider this like a new collection acct. because under the date of last activity there will be a current date which would result in a new hit to my credit scores.  I am not sure how much of a hit this will be or how many points I may gain by a "0" balance and "PAID" status as opposed to leaving things the way they are since one collection acct. has aged 4 yrs. and the other 2.5 yrs.and i have already taken the hit on these accts.  What kind of input can I get on this? 
Moderator Emeritus
Posts: 16,385
Registered: ‎03-12-2007
0

Re: Where do i get the most points????



frontratio wrote:
I have 2 collection accts.with the following info:
 
Collection Agency 1
Report date: 3/06  Date opened: 1/05 High credit: $357  Balance: $357  Status: Collection
No date of last activity
 
Collection Agency 2
Report date: 4/04  Date opened: 7/03 High credit: $343  Balance: $343  Status: Collection
No date of last activity
 
The balances owed on both collection accts. have been paid off.  Will I get more points by having both collection accts. updated to reflect the "0" balance and a "PAID" status which would probably update the date of last activity to the current date.  My fear in this scenario is that the credit bureaus will consider this like a new collection acct. because under the date of last activity there will be a current date which would result in a new hit to my credit scores.  I am not sure how much of a hit this will be or how many points I may gain by a "0" balance and "PAID" status as opposed to leaving things the way they are since one collection acct. has aged 4 yrs. and the other 2.5 yrs.and i have already taken the hit on these accts.  What kind of input can I get on this? 


FICO scoring doesn't reward you points for a paid collection. Paid or unpaid your scores get tanked. I know it stinks. These collections will remain on your reports for 7 years after they charged-off. You can try writing a GW letter and ask the CAs to remove them. No guarantee but it's always worth a shot. Here are some helpful links.
 
 
Credit Profile - FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 27 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: TU 1


Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring World Mastercard ~ Chase Freedom Signature Visa ~ CITI Dividend World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Member
Posts: 4
Registered: ‎09-19-2007
0

Re: Where do i get the most points????

Thanks for all the info.  I'm going to try that GW letter.
 
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