10-16-2007 01:49 PM
10-16-2007 02:08 PM
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.
I have 2 collection accts.with the following info:Collection Agency 1Report date: 3/06 Date opened: 1/05 High credit: $357 Balance: $357 Status: CollectionNo date of last activityCollection Agency 2Report date: 4/04 Date opened: 7/03 High credit: $343 Balance: $343 Status: CollectionNo date of last activityThe 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?