Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
Re: Paying off debt and FICO Score

Are you looking to buy something that you need to apply for new credit?

 

Are you just concerned about the score factor?

 

Are you just hoping it may increase your score?

 

Were the collections medical or something else?

 

What are your FICO scores now?

 

Paying off debt is always the right thing to do, but its not something we all do.

 

The reasons why you may pay off a debt varies, and if you should or shouldn't pay it off now or in the future depends on what you are trying to accomplish.

 

As far as the late payments from back then if they are 30 and 60 day lates they are not impacting your score at all. If they are 90 and 120+ days late they can impact your scores for the 7 year time frame. So if only 30-60 day lates I wouldnt bother in my opinion, if 90-120+ days I would attempt it.

Good Luck
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