To pay or not to pay?

[Anonymous]

Hey everyone!
I have 1 collection account on my file for a medical bill for $775. It shows as opened in July 2017. Current Fico 691. We will be looking to buy our first home after the new year. Is it beneficial for me to pay off the collection account or should I just let it be?

Thanks in advance!

[Anonymous]

If this is your only derog, getting it removed via PFD (pay for delete not just pay) can easily push your score to upper 700s if not more.

[Medic981]

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@Anonymous wrote:
If this is your only derog, getting it removed via PFD (pay for delete not just pay) can easily push your score to upper 700s if not more.

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@I am with @Anonymous on this. PFD would be your best bet. Contact the original creditor if your debt has been sent to a collection agency and see if they will agree to recall the debt and agree in writing and delete the derogatory if you pay in full.

[Anonymous]

You can also PFD with the collection agency if the original creditor refuses to touch the issue, just remember the payment is your leverage for the deletion, we get posters asking for options after having already paid, at that point the only option is to BFD, Beg For Deletion.

[Anonymous]

Very good information from those above.  Simply paying the collection won't impact your scores, as the collection will still be visible.  You want it removed and doing so would likely land you around 100 points on your FICO scores, putting you easily into the top-tier for the best mortgage rates come the new year.

[Anonymous]

Thanks everyone for the input! I think I will definitely push for PFD. Is it okay to offer to settle for a lesser amount when asking for them to remove it, or should I pay in full?

[Anonymous]

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@AnonymousThanks everyone for the input! I think I will definitely push for PFD. Is it okay to offer to settle for a lesser amount when asking for them to remove it, or should I pay in full?

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I mean, you can try for a lesser amount, but that will only lessen your chances.  If you have the money, it just sounds better to state, "Hey, I'm prepared to pay this in full today..." as you're then only asking for 1 thing (PFD) and not 2 things (PFD + a deal).  I'd just be careful about trying to bargain as it could rub them the wrong way and turn them off to the removal of the negative, which is your ultimate goal here of course.

[Anonymous]

Agree with everyone...PFD!  Get that collection paid and off of your report if at all possible.

[Anonymous]

Perfect! That’s what I was thinking, but just wanted to verify. Thanks!

[AverageJoesCredit]

Apart from what everyone has stated, if this debt is truely yours, best to pay it in full, if able, in at least you can say you did pay your responsibilty.

As i was rebuilding an unexpected collection popped up on me dropping my score like 50 points. I was po'd but after a moment i did realize it was my fault , hsppened when i lost my job and couldnt pay my cell.luckily debt was somehow back with original creditor i paid it bia cc, lol go figure, and thankfuly it was deleted. Good luck