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Paying off Collections. 3 x small or 1 x giant better for score.

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Contributor

Paying off Collections. 3 x small or 1 x giant better for score.

I was hospitalized last year and I have 4 collections on my credit report from it. All the collections are with the same agency. 3 of the accounts have a balance between $100 - $300 with one having a balance of $1100. I have extra money and able to pay them down, however I do not what will be better for my score; paying off the 3 smaller ones or the 1 larger one.

 

I know that these are medical and have minimal affect on my score, however I am looking to purchase a house in the very near future.

EQ: 596 TU: 631 EX: 616 [CH7 Discharge 10/29/14] [Gardening since 3/23/15]

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Senior Contributor

Re: Paying off Collections. 3 x small or 1 x giant better for score.

Moderator has a great step by step process to get them paid and removed. He pops in a lot.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC.
Message 2 of 5
Moderator

Re: Paying off Collections. 3 x small or 1 x giant better for score.

For unpaid medical debt that is reporting on your CR:

1. Call the OC and see if insurance can be billed, if not then
2. see if you qualify for Charity Care, if not then
3.  ask that they recall the collection in exchange for full payment
4. Send the reporting CA a PFD offer
5. Google the HIPAA Process and contact its creator for help

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

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Frequent Contributor

Re: Paying off Collections. 3 x small or 1 x giant better for score.

Contact the creator of the HIPAA???

Message 4 of 5
Valued Contributor

Re: Paying off Collections. 3 x small or 1 x giant better for score.

No, google the HIPAA process for disputing medical debt, and contact the creator of that process.


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