Hello, what a great resource this forum has been. I was hoping to get input on any options I may have with paid collections and chargeoffs not reporting as paid as agreed... If that's even possible. I have 18 collection accounts that have all be paid, but 10 still report as bad debt or past due with a 0 balance.
I am currently working towards a 640 score to get a mortgage. last month my FICO was at 582 (from myfico), I have 4 small $500 limit cards opened 1 year ago with $0 balances, I also just paid off another line of credit through a tire dealer. I have not had a late in over a year reported nor any new collections. As it stands once my reports update I should have no or minimal utilization which I'm hoping will move my score in the correct direction.
Do I have any hope in working with the original collection agencies that have been paid to remove the accounts through GW letters or another means?
Thanks much, I know time is the best measure to improve my score, but I'd like to do all I can to hurry it along.
Starting Score: EQ-582 TU-602 EXP-?
@MarineVietVet wrote:
@JM-AM wrote:While paying collections is a noble and right thing to do IMO they have no impact on your scores. Charge-offs on the other hand that have been paid "usually" have a positive affect.
Since the collections and charge-offs are already paid, you are correct in making an attempt to GW them. Just keep in mind that neither OC or CA has to change correct reporting to the CRA's. Remember to be nice, friendly, respectful, and courteous. If at first you do not succeed try try again.
Good Luck
If the CO is a credit card with a balance then paying it off will likely lower your overall revolving utilization which can help you. But the late payments that probably happened before the CO and the CO itself will remain. Paying off an installment loan that is CO'ed will have no effect on your score.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
+1 for being more specific instead of my lazy way of saying usually. 
@JM-AM wrote:
+1 for being more specific instead of my lazy way of saying usually.
I am guilty many times of trying to say something in as few words as possible (probably because I type so poorly) and then realizing what I wrote made no sense what so ever.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Thanks much for the replies... I have noticed that the paid CO's have not really improved my score, but I imagine that a lender would require those to be satisfied before approving me for a mortgage.
I'm hoping that my actions this month (Nov) will be reported and I'll see a promising bump in my score. If not, there isn't much I can do but allow time and timely payments to fix my situation.
I'd love to get some of the CA's removed, but they are all valid so I can't do much with them.
Thanks again!