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Does a $35 collection affect credit score?

josemnz83
Contributor

Does a $35 collection affect credit score?

I have a $35 collection from 2.5 years ago for My Money Monitor- a company that charges you a fee for finding money that is owed to you.  I paid the $35 fee last year but the company did not delete collection from credit report. Yesterday I sent them a fax asking them to remove this from my credit reports (EQ and EX). Today I received a call informing me that they have sent the bureaus a request to delete my credit.  Since this collection amount is so small, will this have any impact on my credit?

Current scores: EQ 693, EX 752, TU 727

 

FICO EQ:794
FICO TU:778
FICO EX:816


Amex Cash (10k). Chase Shappire Preferred (9k). Discover It (7.5k). Chase (6.7k). BofA Cash Rewards(5k). Chase Slate (4k). Credit One (1.5k).
Started with 462 score in 2013 and $300 CL on Credit One.
Message 1 of 3
2 REPLIES 2
ASBinJax
Valued Contributor

Re: Does a $35 collection affect credit score?

I dont think the scoring algoirithm cares what the amount is.

 

The thing that matters is that it did occur.

 

If they remove it, it should give you a score bump.  The amount of the bump depends on if this is your only derogatory item reporting.

 

HTH

 

Accept the Challenges so you can feel the Exhilaration of Victory.
George S. Patton
Message 2 of 3
josemnz83
Contributor

Re: Does a $35 collection affect credit score?

This is the ONLY derogatory mark on my Experian report.  I have one additional collection report on my EQ ($265 medical debt that has been paid for).  I'm sending goodwill letters to also get that removed though probably will not be as successful.

FICO EQ:794
FICO TU:778
FICO EX:816


Amex Cash (10k). Chase Shappire Preferred (9k). Discover It (7.5k). Chase (6.7k). BofA Cash Rewards(5k). Chase Slate (4k). Credit One (1.5k).
Started with 462 score in 2013 and $300 CL on Credit One.
Message 3 of 3
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