Quick way to get a boost

[Red1Blue]

What is the quickest way to get a score boost? Should I pay off the collections and get them removed from the report or pay off some of the charged off accounts and have them show the balance as zero and bring down the oustanding balance ? Which would give a quicker boost in scores ?

[FireMedic1]

Its a close one. The quickest of the 2 would be to pay the CO's since they are calculated against your utilization. A charge off is listed as a maxed account.

[Girlzilla88]

I don't know either I would say Remove the Collections...but Can you possibly remove the collections and pay a small portion or a chunk of the Charged Off?

[FireMedic1]

A charged-off account that has a past-due balance is worse than a charged-off account that has been paid or settled. Meanwhile, the balance associated with a collection account is not considered in FICO's scoring models. ... That's why paying off a collection doesn't actually result in a higher credit score.

[Red1Blue]

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@FireMedic1 wrote:

A charged-off account that has a past-due balance is worse than a charged-off account that has been paid or settled. Meanwhile, the balance associated with a collection account is not considered in FICO's scoring models. ... That's why paying off a collection doesn't actually result in a higher credit score.

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Thanks FireMedic1

I guess my question is not just paying off the collecton. But also have the collections completely removed from my Report. That would make my report collections free. On the other hand for the same amount that I would be paying for collections, I can make settlements for charged off debt and get them down to zero and that would reduce my utilization substantially. I would not be able to do both at the same time. I have to choose one or the other and go for it. Again in the next few months save enough money again and work on the remaining baddies.

[Red1Blue]

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@Girlzilla88 wrote:

I don't know either I would say Remove the Collections...but Can you possibly remove the collections and pay a small portion or a chunk of the Charged Off?

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Thanks Girlzilla88. I am not sure if I can do both at one time.

[FireMedic1]

As your title stated...."Quick way to get a boost". Paying the CO's will do it. Paying the collections wont. But it wont be as big as one would think. The collections will hold the scores down some. But there would be gains getting those CO's paid.

[OmarGB9]

Paying COs would boost your scores while paying the collections wouldn't. You're right, getting them removed altogether would definitely help, but there's no guarantee you can get them off unless it's one of those CAs that have an explicit policy to do so (i.e. Portfolio Recovery Associates). Who are the CAs?

[Red1Blue]

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@OmarGB9 wrote:
Paying COs would boost your scores while paying the collections wouldn't. You're right, getting them removed altogether would definitely help, but there's no guarantee you can get them off unless it's one of those CAs that have an explicit policy to do so (i.e. Portfolio Recovery Associates). Who are the CAs?

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Hi OmarGB9, thanks for the reply to my message. Right now there are 4 from PRA and 1 from Sec Credit. I know PRA would remove them. I have to negotiate with Sec Credit and see if they would remove. One way or other I have to start cleaning up my credit report and move on. Looks like I mgiht be able to make some settlements and get the COs down to zero which would reduce my utilization. I am not looking for new credit but I want to clean things up. It will be a slow and painful process probably take couple of years to clean things up. In the mean time about 5 months ago  I have opend new secured accounts and they are posting ontime payments for last 5-6 months. I have 3 kids in the college and I have to help them financially so I can not make bold financial moves. Taking one day at a time and hope to  pul things together.

[Girlzilla88]

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@OmarGB9 wrote:
Paying COs would boost your scores while paying the collections wouldn't. You're right, getting them removed altogether would definitely help, but there's no guarantee you can get them off unless it's one of those CAs that have an explicit policy to do so (i.e. Portfolio Recovery Associates). Who are the CAs?

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THIS removing them all together is what I was referring I saw my biggest jump (it took 1-3 months for them to remove from ALL 3) but once they did my score went up over 80 points on some Scores higher on others