I had several charge offs, all pretty old, last year I started paying them, and got last one of these actuall deleted, just wondering what to expect on scores with Transunion as this is where most still showed, but on TriMerge report it will look better, they’re as follows : across all 3 bureaus :
Accounts : Closed Date :
Honda Powersports - Paid - 12/2011 - 0.00
First Premier - Paid - 12/2015 - 0.00
First Premier - Paid - 10/2011 - 0.00
Commercial Bank - Paid - 7/2015 - 0.00
Commercial Bank - Paid - 2/2013 - 0.00
Verizon - Paid - 9/2013 - 0.00
Had one deleted on 1/12/2018, no update, paid cc utilization to 1% as well from 25%, no updates yet.
Are any of these collections or are they all listed as chargeoffs? There's a difference.
Chargeoffs with a balance reporting hurt your "aggregate utilization" for credit cards and loans, so paying them down means you no longer have any overlimit "cards" and your aggregate utilization is correct. You may see a bump of 20-40 points most likely, but it could be less depending on what your score ceiling is.
Paid collections have no effect on FICO scoring. Just paid/unpaid chargeoffs.
If you post how much each chargeoff balance was, as well as what your credit card balances/limits are, it may help figure out how much those chargeoffs hurt your score.
Collection or chargeoff matters. If it's a collection, paying it has no effect on FICO 8 (unless original due amount was under $100). So paying collections won't raise score.
Paying chargeoffs may raise score depending on the utilization factors.