FICO Score question

[kronster]

Recently have have settled all my debts but one. My equifax score is 591.

Yesterday I Paid to Delete my last Debt. This debt was the newest collection on my account, it was a credit card from about a year or 2 ago. My question is once this is deleted how much impact do you all think this deletion will have on my score. I am hoping for about 30 points, to get my score to 620.

Furthermore, since all other debts have been settled, what should be my next step in improving my score? I have thought of sending DV letters since the collectors will have no interest in spending resources on an account that has a zero balance. What are your thoughts? 

[Creditaddict]

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@kronster wrote:

Recently have have settled all my debts but one. My equifax score is 591.

Yesterday I Paid to Delete my last Debt. This debt was the newest collection on my account, it was a credit card from about a year or 2 ago. My question is once this is deleted how much impact do you all think this deletion will have on my score. I am hoping for about 30 points, to get my score to 620.

Furthermore, since all other debts have been settled, what should be my next step in improving my score? I have thought of sending DV letters since the collectors will have no interest in spending resources on an account that has a zero balance. What are your thoughts? 

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You say pay for delete at top and then you say contact the CA to get them to delete $0 accounts.  did some of them not except pay to delete originally but you paid them all off anyway?

how many negatives are still reporting on your credit?

do you currently have any positive open trade lines?

[kronster]

There are 4 collections showing on my equifax

2 Arrow Financal

1 Midland credit management

1 Secure credit services.

The secure credit services shows a balance of $2200. This is the one that will be deleted, I already have the letter from them The other 3 show a 0 balance. The only positive open trade is my car loans from the past and my present one. No payments late.

[Creditaddict]

ah... you need to get some credit cards! I would say at least 2 if not 3, but since you have the car loan, that could be your third.

do a search above for pre approval best buy mastercard for the link to see if your pre-qualified (thats a soft) if your offered a card, most likely Gold no annual fee and click apply, then credit will be pulled... you can probably expect a $100-300 limit but it's perfect for rebuilding.

then I would check if you were pre-approved through one of the stores that is backed by WFFNB, there is a thread currently talking about that and how to go onto the stores website and add create account etc. to see if your offered something.

As far as the collection accounts reporting $0 balance, I would probably dispute them that they were to be deleted with full payment or send letters to the collection agency directly asking if they would kindly remove now that you have paid.

[kronster]

Thanks, but I am wondering how much my score might improve getting that one debt deleted. Just an educated guess is what I am looking for.

[Creditaddict]

since it's fairly new, you could be looking at 20-50 points I would say depending how much older the next recent collection is.

[kronster]

Do you mean the dates of from the original creditor or when the collection agency reported?

[Creditaddict]

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@kronster wrote:

Do you mean the dates of from the original creditor or when the collection agency reported?

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if they are both negative, I guess both

[kronster]

First premiere was opened in 2004 -2005 they were sold eventualy to arrow in 2008

Credit on bank was back in was opened in 2004 midland got it in 2008

[Anonymous]

Just FYI, I had a new collection account on my CR about 6 months ago for $154 that lowered my score 45 points.  They did a PFD and my score went back up that same 45 about 3 days later. 

Obviously not guaranteeing it'll happen the same way for you, but that's what happened to me...