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Number of Collections

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Regular Contributor

Number of Collections

I have 2 collections with PRA and I know their new policy.   If I pay one off and then it gets deleted , will I see a score boost ?  Or not until the second is gone ?

Message 1 of 10
9 REPLIES 9
Established Contributor

Re: Number of Collections


@800goal800 wrote:

I have 2 collections with PRA and I know their new policy.   If I pay one off and then it gets deleted , will I see a score boost ?  Or not until the second is gone ?


It depends on if you have other negatives. I saw a score boost when I paid one and still haven’t paid the other yet but when another collection was removed I didn’t get any type of score boost.






Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


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Message 2 of 10
Regular Contributor

Re: Number of Collections

I have plenty of other negatives...

Message 3 of 10
Established Contributor

Re: Number of Collections


@800goal800 wrote:

I have plenty of other negatives...


So did I originally i had about 17 negative accounts but I still saw a little boost but maybe because mine was only 8 months old.






Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


Take the myFICO Fitness Challenge




Message 4 of 10
Frequent Contributor

Re: Number of Collections

Any medical collection with a balance with a $100 balance or less on Fico 9 the medical collection will be ignored.Any other  Fico models the balance will have no effect on your credit score the balance is considered into utilization only credit accounts are.The best way to receive the most credit score points for payment history is to have a  derogatory free cr.If you have many derogatories especially serious derogatories and one derogatory is deleted from your cr you might gain a small amount of credit score points.GOOD LUCK...

Message 5 of 10
Contributor

Re: Number of Collections

I have a lot of negatives and did not get a score boost when the accounts closed. They haven’t deleted them yet (takes around 30 days after they first update the account as paid and a $0 balance), so maybe I’ll get one then.
FICO Scores
5/20/2019: EQ - 568 TU - 591 EX: 589
Message 6 of 10
Community Leader
Senior Contributor

Re: Number of Collections

The score effects of derogs are less a function of how many you have, and more due to the fact that you have some at all. The first derog to hit a clean file can knock 100 points off your score. A second derog may take off an additional 10-12. It works the same way in reverse - as you remove them, the score gains are small, until that last one is gone. When it goes and you have a clean file again, your score can shoot through the roof.


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Message 7 of 10

Re: Number of Collections

Your boost will be more impactful from recent derogs being removed since they show a lender you have been irresponsible recently. If you have many, as you get to less and less, the impacts will become larger since after a couple, the impact is lessened as more are added on.

Go for the lowest hanging fruit first.
Message 8 of 10
Frequent Contributor

Re: Number of Collections

The higher your Fico score the more impactful the credit score will drop with a new negative posting.If you have an 800 credit score and a collection is posted on your cr your credit score will drop 100-150 credit score points.Then next , month you have a 30 days late your score will drop about 50 credit score points,Any new recent  derogatories posted on your cr will not lower a whole lot but then again that depends on how old/recent the pesent on your cr  derigatories or serious derogs are.Even if you have a new serious derog posted on your cr and it does not lower your credit score it will continue to hold down your Fico score.This is a estimate no single event has an independent credit score value but this how I believe this  is how it works..

Message 9 of 10
Regular Contributor

Re: Number of Collections

Thanks.  I was inquiring that I have 2 collections and one will be removed.  

Message 10 of 10
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