Both with Midland and Portfolio, they will remove the their tradelines after settling in full. So you should try to settle in full with both of them.
It will take 30-60 days after you settle in full, but after that they will remove those collections from your credit report. If the OC's are still reporting, those will still stay, however.
Per Midland Credit Management, Inc. policy, if an account is paid in full or settled in full after we begin credit reporting, we will request a deletion of our tradeline after the payment resolving the account is processed. We cannot control the timing within which the credit reporting agencies process our request, but it typically takes up to 45 days after payment for the tradeline deletion request to be processed.Will Portfolio Recovery Associates, LLC remove the account from my credit reports after it has been resolved?
Your account will be considered paid-in-full or paid-in-full for less than the full balance after your final payment is successfully posted. Within approximately 30 days of your final payment successfully posting, we will request that the credit reporting agencies delete our tradeline related to your account from your credit bureau report.
@GZG wrote:Both with Midland and Portfolio, they will remove the their tradelines after settling in full. So you should try to settle in full with both of them.
It will take 30-60 days after you settle in full, but after that they will remove those collections from your credit report. If the OC's are still reporting, those will still stay, however.
Per Midland Credit Management, Inc. policy, if an account is paid in full or settled in full after we begin credit reporting, we will request a deletion of our tradeline after the payment resolving the account is processed. We cannot control the timing within which the credit reporting agencies process our request, but it typically takes up to 45 days after payment for the tradeline deletion request to be processed.Will Portfolio Recovery Associates, LLC remove the account from my credit reports after it has been resolved?
Your account will be considered paid-in-full or paid-in-full for less than the full balance after your final payment is successfully posted. Within approximately 30 days of your final payment successfully posting, we will request that the credit reporting agencies delete our tradeline related to your account from your credit bureau report.
This 100%. Take care of them ASAP, even if settling for less.
As far as approval odds for a car loan, I'd settle all of these, ensure they're fully gone from your reports, and then go for the auto loan. You'd have far better odds of approval at that point, AND you'd qualify for much better interest rates.
@ImperatorFuriosa wrote:Will settling for less keep it on my credit report? As opposed to paying in full?
No. Either way it would fall off after 7 years under normal circumstances. In this case, however, you're lucky (in a way) that all of your collections are with CAs that delete their TL upon being paid (even if settled for less, yes). The only thing is with Midland, 2 years since DOFD must have elapsed before they'll delete.
@ImperatorFuriosa wrote:
@OmarGB9 wrote:
@ImperatorFuriosa wrote:Will settling for less keep it on my credit report? As opposed to paying in full?
No. Either way it would fall off after 7 years under normal circumstances. In this case, however, you're lucky (in a way) that all of your collections are with CAs that delete their TL upon being paid (even if settled for less, yes). The only thing is with Midland, 2 years since DOFD must have elapsed before they'll delete.
Ah ok.
On creditkarma it has this chart where it estimates how much your credit score will improve.
It says theoretically if I paid off a particular one in full, I'd improve my score by 25 pts. Whereas if I settle for less it will only improve by 23 pts. So I was curious if I paid in full would it fully delete. Or if I settled for less would it simply not be in collections anymore but showed I settled for less.
I just want to do whatever I can to improve my odds of getting a good auto loan for my new car in a few months.
Their estimates apply only to Vantage scores, which is the scores they provide. Even then, I wouldn't trust those estimates at all.
@ImperatorFuriosa wrote:Update:
I paid the $671 and the $962 off, they were removed from collections on my account. A
My estimated credit score on CKarma dropped from 642 to 601! Would this translate to the real credit score? I want to pay off the other ones, but if it's gonna keep tanking my score down when I'm planing on getting a car in December/January I'm a bit worried!
Vantage scores are pretty much meaningless. They are going to wildly flucuate while you rebuild and get rid of baddies.
What does matter are your FICO scores and those will improve by paying down your balances to 0 and removing collections from your report. Absoutely settle the rest of those collections as soon as you can, and then work on any other baddies on your CR.
My vantage score dropped to 416 at one point and was back upwards over 650 by the time I took care of the baddies that I could
Consider the free? trial on experian's website to track a FICO score as opposed to a vantage score