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5 Yr Paid Collection Affects Score How?

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

5 Yr Paid Collection Affects Score How?

Hi, pardon me for jumping in. I don't have an answer but my situation is almost identical to yours and you've asked the questions I wanted to ask. I also have a paid ($168) collection from 2014 and otherwise excellent history before and after, all scores in the 700s with some in the 800s. I've assumed this collection record is keeping me from the 800s across the board but you've brought up an excellent question; How much does a 5 year old paid collection actually impact the score? I'm considering writing up a goodwill letter to agency and the originator as well, with no real expectation of success but what could it possibly harm? I've only recently considered trying and for a long time I just thought this is going to stick around for 7 years. I don't see how I could honestly dispute it as I see nothing wrong; it happened, it was a dumb situation, the information in the report is accurate.

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Community Leader
Super Contributor

Re: 5 Yr Paid Collection Affects Score How?


@mcclurken wrote:

Hi, pardon me for jumping in. I don't have an answer but my situation is almost identical to yours and you've asked the questions I wanted to ask.....


Yours is the first post in this thread.  Did you mean to post this in some other thread?  It's unclear who this person is that you are referring to.

Message 2 of 4
Frequent Contributor

Re: 5 Yr Paid Collection Affects Score How?

I have a similar situation with a single 30 day late from 2013. It is reporting to EC and EQ, but not on TU for some reason. All three scores were in the 770s a few months back. I lowered my overall UTI under 8.9% (from 11) and all cards below 28.9 ( a couple were in the 30s). EX and EQ FICOs maxed out around 780, TU went up to 813. Subsequently some new balances reported, TU went down 12, and the others held steady. Then a couple of balances reported zero again and TU gained some points.

 

It looks like my EQ and EX scores have hit a limit where they have not moved more than a point or two in months, and TU is regularly moving up and down in the range of 790-810 as reported balances increase and decrease, CLIs report, etc.

Current Score: Mar 2019: EX FICO8 779, TU FICO8 800, EQ FICO 780, TU Vantage 773, EQ Vantage 786
AoOA: closed: 35 years, open: 24 years; AAoA: 11.8 years; Inquiries: 2019: 2, 2018: 3; No BK ever, 1 30 day late in 2013
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Sync Lowes, Sync JC Penney - total CL 114k
Loans: Marcus (10k/3yrs 5.99%), Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 3 of 4
New Member

Re: 5 Yr Paid Collection Affects Score How?

No, sorry, obviously I'm new here. I didn't see my reply in the thread I intended to post to and thought maybe mine was removed due to it being my first post. Not sure what happened.

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