Collections Paid

Anonymous · ‎04-11-2008

Am I doomed? I just had my last two credit cards go to Collections. One I paid off immediately and am told it will be marked Collections Paid. The other one I have worked out a payment plan after a sizable (for me) downpayment. I have yet to get the payment agreement from the second company. Do I have any room for negotiation to get it removed or listed more favorably once I pay it off? My score was pretty low to begin with, but my husband's was between 600 & 700 and now I am afraid to look at what it is after this. Is it a good strategy now to get a couple of the more easily obtained credit cards (I don't use them, the above debts are from several years ago)as a way to increase our scores. I am not trying to dodge the money I owe, but I am not a bad person, either. I have looked online and in the phone books for credit repair counselors, but not sure if they can help or are legit.

Anonymous · ‎04-11-2008

Try sending a GW letter for the one you paid.

Send a PFD letter to the company you are making arrangements with or send a letter and ask if they will modify the agreement and if they will remove the account once paid in full.

Anonymous · ‎04-11-2008

Hey i have a closed account , I agreed that I would make monthly payments I did and my score went up 50 points frm Dec07-Feb so I would say pay small amounts and check yr scores a month later this worked for me ! Its an Aspire card no annual fee and 300 CL but its closed then after that I got preapproved for Orchard Bank 9.9 apr and 300 CL AF is 49 bucks :but I had an old charge off they must love me lol......... I wux never later for almost 2years and my husband lost his job! Good Luck

EQ???(need new update) TU-585 EX-565 on my way to 600 club

Anonymous · ‎04-12-2008

mrsanderson wrote:
Hey i have a closed account , I agreed that I would make monthly payments I did and my score went up 50 points frm Dec07-Feb so I would say pay small amounts and check yr scores a month later this worked for me ! Its an Aspire card no annual fee and 300 CL but its closed then after that I got preapproved for Orchard Bank 9.9 apr and 300 CL AF is 49 bucks :but I had an old charge off they must love me lol......... I wux never later for almost 2years and my husband lost his job! Good Luck

EQ???(need new update) TU-585 EX-565 on my way to 600 club

Was it a charge off account being figured into your util?

Anonymous · ‎04-21-2008

Hey Sidewinder its not a charge off its a closed account ! but I decided to pay on it! and what ya knw my points increased dramatically! Hey i was checking my reports an noticed i had a public record on it ! well i called my local circiut court and they gave me the online website I checked the status and its paid as of 2003. It was reported in 2001 which its still reporting bc i called Transunion and they said if its unpaid it remains indefinetly wow which i didnt knw tht but if u pay it ! It must be removed how much should tht impact my score bc i knw public record is a major derog! the amount was 64 bucks I was angry tht just bc i made good money on my job I owed the state an i was a single parent of 2 at the time !

Anonymous · ‎07-07-2008

I have two accounts that went to collections. One I paid off immediately and the other negotiated payments. I have written both the Good Will letter asking them to remove it from my credit rating (once the second one is paid off, of course) and have received no response. I also returned the payment agreement unsigned asking them to add my account number to the agreement and again to respond to my request to remove the item. Can I ask for an account verification once I have paid an account off? On the second one, I have been making the payments like clockwork, but am hesitant to withhold payments as a means to getting them to respond. Any suggestions as to how to proceed.

Anonymous · ‎07-07-2008

mrsanderson wrote:

Hey Sidewinder its not a charge off its a closed account ! but I decided to pay on it! and what ya knw my points increased dramatically! Hey i was checking my reports an noticed i had a public record on it ! well i called my local circiut court and they gave me the online website I checked the status and its paid as of 2003. It was reported in 2001 which its still reporting bc i called Transunion and they said if its unpaid it remains indefinetly wow which i didnt knw tht but if u pay it ! It must be removed how much should tht impact my score bc i knw public record is a major derog! the amount was 64 bucks I was angry tht just bc i made good money on my job I owed the state an i was a single parent of 2 at the time !

Sometimes an account will still be figured into util, when reported by the OC. That could be part of the reason for your increase. Whatever, the reason congrats. Increases are always welcomed.

On the public record........was it a judgment?

I am not sure what the TU rep was referring to. Public records have certain time limits the can report under certain conditions. Paying it does not mean it gets removed immediately, to my knowledge.

Child support judgments: Remain seven years from the date the judgment is filed.

Civil and small claim judgments: Remain seven years from the date the judgment is filed.

City, county, state, and federal tax liens: Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain seven years from the paid date of the lien.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=2689

Anonymous · ‎07-07-2008

sees wrote:
I have two accounts that went to collections. One I paid off immediately and the other negotiated payments. I have written both the Good Will letter asking them to remove it from my credit rating (once the second one is paid off, of course) and have received no response. I also returned the payment agreement unsigned asking them to add my account number to the agreement and again to respond to my request to remove the item. Can I ask for an account verification once I have paid an account off? On the second one, I have been making the payments like clockwork, but am hesitant to withhold payments as a means to getting them to respond. Any suggestions as to how to proceed.

FDCPA does not state that the collection must be unpaid in order to send a DV request.

RobertEG · ‎07-07-2008

Payment or nonpayment of a CA is irrelevant to FICO scoring. A CA is legitimately included in your CR for 7 1/2 years from the date of the delinquency on the original account. It has nothing at all to do with whether the account is charged off or put into collection by the creditor, whether the account is now open or closed, or if subsequent payments have been made by you.

If you did not secure a PFD from the OC or CA, then it is a legitimate albatros that will remain for 7 1/2 years from the deliq. date.

Anonymous · ‎07-08-2008

How does it work on a credit report when both the OC and the CA are reporting the same account? Do both both count as adverse actions and are both items or records taken into account in the computation of your FICO score?

Thanks.