collections all worth the same?

[Anonymous]

I have 14 collections, all from the same place, but for different amounts. I am trying to pay them and have them removed. I started with the lowest one, which is only $54.00. Anyway, my question is.....if it falls off, does it have the same point value on my score as say a $1000 collection, or does it go by the amount?

[Junejer]

Hey groovy, $ amount for a collection is immaterial. The thing that matters is recency and status. All things being equal, a $10 collection would hurt just as badly as a $10,000 collection.

[llecs]

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ByrdMan wrote:
Hey groovy, $ amount for a collection is immaterial. The thing that matters is recency and status. All things being equal, a $10 collection would hurt just as badly as a $10,000 collection.

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And to add, a $10,000 collection is just as bad as a $0 collection. Well, sometimes $0 can be worse (to your FICO).

[Anonymous]

Thank you. That is great news if I can get them to remove them. I am trying one at a time, because I can't pay them all at once.

[Junejer]

Good move. If past SOL, make sure you DV to ensure that they are the correct people who should be collecting from you.

[Anonymous]

There is no point in paying them off, according to info right on this site it stays on your record even if you pay it off. 

[llecs]

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plasmatorch wrote:
There is no point in paying them off, according to info right on this site it stays on your record even if you pay it off. 

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OP could actually DV. If validated, then offer a PFD and if accepted, the CA will remove it from the CRs. BTW, OP, I know you aren't ready yet, but if these are medical then consider the HIPAA process first.

[smallfry]

If FICO points are your only reason to pay these off remember that you might see no points at all even if they are all deleted. They might be helping your AAoA. Your reports will look better but you might get declined for new credit with a couple of collections the same as if you had 15. 

[Anonymous]

I am not paying them just for points. I am really doing it because it is the right thing to do. I owe the money. Also, I want a clean report and they will not drop off until late 2011. If I get them deleted, thn they won't hurt as much as leaving them. I want them gone!! They are not medical. Thank goodness, I have never had any medical bills.

[valley_man0505]

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@smallfry wrote:
If FICO points are your only reason to pay these off remember that you might see no points at all even if they are all deleted. They might be helping your AAoA. Your reports will look better but you might get declined for new credit with a couple of collections the same as if you had 15. 

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I didn't think collections had any affect on AAoA.  I thought this was only OC accounts that factored in here.