FICO raised 25 points today: paying OC?

[Drew]

I settled a charged off account a few weeks ago and it finally got updated in the credit reports.

My score raised 25 points, is that possible?

Message Edited by Drew on 04-25-2007 08:21 PM

[Anonymous]

Did you notice anything else like length of history going up or a deletion of a charge off or is your hard work finally paying off? You have been paying bills on time correct? So many things affect scores we can't see. Enjoy the boost!!!Congrats.

[Drew]

Well I paid off a charge account which raised my score 13 points one week ago.  Then, my credit watch alert said my score raised 25 points yesterday.  The only thing I saw change was the charged off account showing as "paid/closed".  Isn't that what they use for settling accounts anyways?  If so, I thought settling accounts was not to affect scores at all.

Message Edited by Drew on 04-26-2007 12:25 PM

[Anonymous]

Congratualtions! Now look at that you have a big victory. There will be many more to come as you keep handling those accts. like you have been! Patience is good, and that's just 1 day after all that frustration yesterday, celebrate the small victories.

[Anonymous]

The score increase was for something else...maybe a baddie fell off, or there was some other technical adjustment. FICO doesn't care if you pay a charge-off.

[Anonymous]

yes they do i just  had a paid collection update on my TU report and dropped 16 points

[Anonymous]

There's the credit scoring system in action: if you do bad, punish you. If you do good, punish you. These people need to read up on Pavlov and Skinner experiments if they truly want to modify behavior...

[Anonymous]

To:New World

I ama  psychology Major so I truly am laughing my pants off over here, but boy was your last comment true!

[Anonymous]

Drew, please note the thread I started on this topic...post your results there. I'm going to collate the data and analyze it a month from now. Thanks.

[Anonymous]

Paying the collection did not increase your score.  Depending on the amount of outstanding debt it may have reduced your perceieved utilization.  Unless you negotiated pay for delete of course.