Collections on credit report

Anonymous · ‎06-20-2017

I have recently began rebuilding my credit I have Victoria secret $250,secured visa $500,these two 8 have had 1 year within the last 2 months i have received walmart $500 and TJMAX $300 credit karma states that my scores are 611 both Equifax and Transunion. I DO HAVE SOME items in collections and I was wondering if I paid these off or at least the majority of these would my score increase? Or would I have to ask the company to remove the paid debt once paid, in order for my credit score to increase,the debts are 3-4 years old.what's the best way to handle these old collections,need advise

Anonymous · ‎06-20-2017

I would check out the Experian credit bureau website, I have learned alot from their education section. I hope that helps in some small way. I do not work for them I just found their website helpful with some questions I had and they had a great education section for learning about credit.

Shogun · ‎06-20-2017

No, just paying them off would not help your scores. It would still be a major derogatory on your report. The only time paying these off helps is if it is from the OC and is factoring into your util. I would start with a PFD attempt and then go from there.

Best of luck.

Starting Score: 504
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.

Anonymous · ‎06-20-2017

Thanks for your advise I think I will send out a few PFD letters, these collections are not from the original creditor,although one collection is bank account related but only a small balance is owed.

Anonymous · ‎06-20-2017

Thanks I'll look into it

Anonymous · ‎06-20-2017

I can definitely recommend trying to do the PFD. It's quick and simple! Either they will say, yes or no. It just doesn't hurt to ask and there are way too many people who don't and I have done that myself.

But since being on here I've learned and got stuff removed now!

rmduhon · ‎06-21-2017

CK uses Vantage 3 scores which very few lenders use. I suggest getting the 7 day trial for $1 from creditchecktotal.com to see what your actual Fico 08 scores are.

Brickbybrick · ‎06-21-2017

Does asking for PFD restart SOL?

5/27/17 Experian: 679 Equifax: 628 TransUnion: 630
Cap1 QS:600 Credit One: 600 Merrick Bank: 550 Amex: 500 JCrew: 250

Anonymous · ‎06-21-2017

@Brickbybrick wrote:
Does asking for PFD restart SOL?

No the only time the SOL would reset is if you start making payments on the account and then stop before it is paid off.

Anonymous · ‎06-22-2017

I have had a consultation with a credit repair service and they said my fico is 588 with TU seems like just last year is was only 580 I've only increased 8 pts with 4 credit cards all paid on time and my credit utilization is at 24 percent I just checked. 2 of the credit cards I have had for 1 year and the other 2 I just received within the past few months.why is it taking so long for my scores to rise this is irritating,I've thought about using the credit repair to try to get the old collections off and if not successful I can try the PFD.what do you guys think????