Collection or deleted account

[Walter72]

I'm trying to improve my credit score and decided to tackle some of the bad things on my file. I'm trying to decide what to get first between two negative items. I have a more recent closed account for a credit account with a balance but I also a collection that's  4 years old. Which one would be better to pay off for my credit score. I've read that after a while, it's almost not worth paying for a collection deleted but I'll like a se one opinion. 

[SouthJamaica]

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@Walter72 wrote:

I'm trying to improve my credit score and decided to tackle some of the bad things on my file. I'm trying to decide what to get first between two negative items. I have a more recent closed account for a credit account with a balance but I also a collection that's  4 years old. Which one would be better to pay off for my credit score. I've read that after a while, it's almost not worth paying for a collection deleted but I'll like a se one opinion. 

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A closed account with a balance may weigh on your scores, but it's not per se a negative in your credit file.

But a collection is a negative, so I would tackle that first. Paying it won't necessarily remove it, but you might try to negotiate a pay-for-delete arrangement, where they will in fact delete it if you pay it.  Even if you can't get that, a paid collection is better than an unpaid one.

[pizzadude]

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@Walter72 wrote:

I'm trying to improve my credit score and decided to tackle some of the bad things on my file. I'm trying to decide what to get first between two negative items. I have a more recent closed account for a credit account with a balance but I also a collection that's  4 years old. Which one would be better to pay off for my credit score. I've read that after a while, it's almost not worth paying for a collection deleted but I'll like a se one opinion. 

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Agree the collection probably should be tackled first.   Does the closed account have any negative remarks / late payments on it ?  If so then you might not see much of a gain from removing the collection only. 

[Walter72]

The closed account does have negative remarks from late payments on it. It's from two years ago.

as far as the collection goes. I've been told that after 3-4 years, paying it off doesn't help raise the score much. Is that true?

[pizzadude]

How bad were the late payments on the closed account ?

A collection, either paid or unpaid, will ding your FICO score similarly, so your best approach would be to negotiate a PFD and try to get it removed. 

[Walter72]

the closed account had a 30 and 60 day late negative mark on it. I'm currently on a payment plan with them. I just thought it would help to pay it off quicker. 

[Horseshoez]

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@Walter72 wrote:

the closed account had a 30 and 60 day late negative mark on it. I'm currently on a payment plan with them. I just thought it would help to pay it off quicker.

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 Then I would definitely tackle the older account first.

[FireMedic1]

@Walter72Who's the collection with? It may be one that pays for delete.

[Walter72]

It's with National Credit Systems. They told me they would delete it when paid. 

[User785]

how to delete the account