topic Do little collections effect FICO? in General Credit Topics

Do little collections effect FICO?

Anonymous — Fri, 11 Apr 2008 15:36:38 GMT

I owe a college 20 bucks. I owe a doctors office 15 bucks. ....Letters came twice from both places...ha.....effect anything? NOTHING was reported - warning letters!

Re: Do little collections effect FICO?

MidnightVoice — Fri, 11 Apr 2008 15:39:49 GMT

bad news - a collection is a collection is a collection

Re: Do little collections effect FICO?

llecs — Fri, 11 Apr 2008 15:40:11 GMT

$0 or $1,000,000, the effects on your score is the same. DV them in response to their dunning letter ASAP and be prepared to PFD. If you agree to the amount, then a call to the OC may be in order to negotiate a PFD and to figure out who owns it.

Re: Do little collections effect FICO?

Anonymous — Fri, 11 Apr 2008 15:53:49 GMT

NJ___Jon wrote:
I owe a college 20 bucks. I owe a doctors office 15 bucks. ....Letters came twice from both places...ha.....effect anything? NOTHING was reported - warning letters!

I'd send DV's to keep them from reporting until they validate.

Then I'd offer to pay if they DON"T report it. Get the agreement in writing.

Maybe combine a DV/Pay for not reporting letter all in one.

The amount of the collection is irrelevant........the fact it is a collection is what hurts.

Re: Do little collections effect FICO?

Anonymous — Fri, 11 Apr 2008 16:29:08 GMT

As the other posters have said, the amount owed does not matter :

I have a 7 year credit report, perfect payment history with one negative - a 120 day late which turned into a collection. Amount owed 16 dollars.

It initially dinged me down to 611 and 2 yrs past the original DOFD I'm now at 640.

Re: Do little collections effect FICO?

MidnightVoice — Fri, 11 Apr 2008 16:34:47 GMT

henryshes2 wrote:
As the other posters have said, the amount owed does not matter :

I have a 7 year credit report, perfect payment history with one negative - a 120 day late which turned into a collection. Amount owed 16 dollars.

It initially dinged me down to 611 and 2 yrs past the original DOFD I'm now at 640.

When my only baddie, a 6.5 year old collection for $60 bucks dropped off it was worth 50+ points

Re: Do little collections effect FICO?

Anonymous — Fri, 11 Apr 2008 16:41:37 GMT

What stinks is I have to drive to both these places. No over-the-phone payments. Stinks.

Re: Do little collections effect FICO?

Anonymous — Fri, 11 Apr 2008 16:46:26 GMT

Mail in a payment. Those 2 collections will be like a mini tank buster bomb landing on a scooter. Very very serious.

Re: Do little collections effect FICO?

Anonymous — Fri, 11 Apr 2008 16:50:21 GMT

@Anonymous wrote:
I owe a college 20 bucks. I owe a doctors office 15 bucks. ....Letters came twice from both places...ha.....effect anything? NOTHING was reported - warning letters!

This response concerns me. "...ha.....effect anything" Yes it does for the next 7 years of your life.

Re: Do little collections effect FICO?

Anonymous — Fri, 11 Apr 2008 17:00:32 GMT

Call the college & get a PFD. Even if you have to drive it over, a tank of gas will SOO be marginal in comparison to 6+ years of inflated interest rates for every purchase you make...