Collections and FICO score?

Anonymous · ‎03-29-2008

If you can't get a collection off of your CR does your score get better the more the collection ages?

Anonymous · ‎03-29-2008

YES and a big jump in scores when it drops!

ngerasimatos · ‎03-29-2008

Yep, if you wait long enough and the debt/collection does NOT re-age you will see a continued increase as the debt ages.

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Anonymous · ‎03-29-2008

Thanks for all the answers. So say if I were looking into getting a home which would require me to pay any collections I had on CR wouldn't paying them update the status and lower my score?

Anonymous · ‎03-29-2008

IMO the best way to pay & get them off your CR is to wait until you are past SOL then deal with the OC and use a PFD even if you have to PIF.

Usually the creditor (OC or CA) know that they can not sue & win are more ept to accept a PFD after SOL

Some will accept before SOL also but it is risky

Anonymous · ‎03-29-2008

If your scores and reports are where they need to be to app for a mtg (ask your broker), I would not pay the CAs. The UW will tell you if you are required to pay them. If they are old and past SOL, chances are they will not affect your chances of being approved.

moodringgrl wrote:
Thanks for all the answers. So say if I were looking into getting a home which would require me to pay any collections I had on CR wouldn't paying them update the status and lower my score?