How much of an increase can I expect?

[Anonymous]

I am in the process of rebuilding my credit after my husband battled cancer and our finances plummeted. I am paying off two charge offs and one collection account and am lowering my utilization on the only credit card I have still active and bringing the payments current. 

I was wondering how big of a boost I should expect? I know paying them off alone will not improve my score. I am getting them removed also. 

Thank you!

[Revelate]

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@Anonymous wrote:

I am in the process of rebuilding my credit after my husband battled cancer and our finances plummeted. I am paying off two charge offs and one collection account and am lowering my utilization on the only credit card I have still active and bringing the payments current. 

I was wondering how big of a boost I should expect? I know paying them off alone will not improve my score. I am getting them removed also. 

Thank you!

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Welcome to the forums!

Impossible to say unfortunately.

Paying the chargeoffs possibly good (probably likely if they have reported balances since they count against revolving utilization if they were originally revolving tradelines and that's an ouchie to be sure) paying off collections doesn't help from a pure scoring perspective except on the very recent FICO 9 which hasn't been widely adopted yet.

I'd suggest posting the salient details of your derogatories over in the Rebuilding forum and see if anyone has better information in terms of addressing the individual creditors involved.  Might still be able to negotiate a deletion of the collection potentially even if you've been making payments on it already.

[takeshi74]

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@Anonymous wrote:

I am paying off two charge offs and one collection account

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You really want removal of these.  Carefully research in the Rebuilding subforum.  When possible you generally have a bit more leverage if you have not paid them off.

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@Anonymous wrote:

I was wondering how big of a boost I should expect? I know paying them off alone will not improve my score. I am getting them removed also. 

We can't tell you that you'll get X points for one and Y for the other.  Derogs like that tend to have a significant impact.  Paying does not provide as much of a boost as removal.  That's about all we can say.  You'll have to monitor your reports and scores to see the impact.