what will this do to my score?

Anonymous · ‎09-01-2009

I am set to pai off 5 or 6 old collection accounts.. ive bene hitting a brick wall about getting those PFD actions.. regardless, our score as of aug 18 was me 611 and my husband 587. the collections are split so like 3 for me, 3 for him.. all 3-5 years old.. whats paying them off with the settled or paid in full status going to do to my score? any rough estimates how much it will drop?

llecs · ‎09-01-2009

One of two things will happen. Your FICO score will either drop or stay the same. If it drops, the drop isn't all that bad. Look at the DOLA, reported, and assigned dates. If the CA updates any of those from an old date to a new one, I'd argue you'd lose a few (low double digits). If you happen to pull at least one of your two FICO scores before and after, post back the results.

Anonymous · ‎09-01-2009

the free credit report i can pull, will that post scores as well?

Anonymous · ‎09-02-2009

They offer scores but they are FAKOs. The only place to get FICO is on this site. The consumer can no longer get their own EX FICO.

Anonymous · ‎09-02-2009

so do I need to subscribe to score watch to access my scores frequently?

Anonymous · ‎09-03-2009

I do not know anything about scorewatch and whether or not they offer FICO. As far as I know you can only get FICO scores here on myFICO.

haulingthescoreup · ‎09-03-2009

You can get your EQ and TU FICO scores here at myFICO.

You can get your EQ FICO from Equifax directly, as long as it's just the FICO score and not part of a 3-in-1.

You can get your TU FICO from www.transunioncs.com <--note the "cs"! The regular Transunion site will happily sell you FAKO's.

You can't buy your EX FICO anywhere, although you can get it if you app for a mortgage or if you belong to PSECU (Pennsylvania State Employees Credit Union.)

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎09-04-2009

hey bobnraven, i don't know about how this will effect your score (for me it did nothing to my actual score) but in case you didn't know, be aware that if you settle with the for less then full, you prob will get hit up by the IRS down the road. They consider the amount not paid as income and you will adjust your taxes for that year... i didn't know this, never got a 1099-C from the collector, and two years later got a letter from the IRS showing the adjustment and the amount i now owed (was like $450).