How FICO treats Collection vs Paid Collection

[Anonymous]

In the last month i have paid off my credit cards so my scores from equifax and transunion jumped 88 points. i just paid 2 collection accounts from experian and having a chapter 13 removed that was dissmissed. how much impact will paying those two collections have? i know the chapter 13 being removed will be huge!

[haulingthescoreup]

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@Red1Blue wrote:
I'll make sure they don't remove the complete tradeline, just the lates removed.

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I don't know that they give you a vote on this. I think some creditors are developing the attitude of, "Fine, you want the derog off this closed TL, we'll take it off, but we're taking off the rest as well." On every post that I've read where this happened, it came as a complete and unpleasant surprise to the poster.

[Red1Blue]

I can ask and see if they would remove the lates. If not they can remove the entire trade line. Small drop in my score is not going to bother me as long as the negative information is removed.  One of the reasons I am cleaning up my credit is, I work as consultant for very large fortune 500 companies and finance and banking. Some times they pull my credit report to do back ground check. I want to avoid the embarassement and some times might even disqualify me for certain opportunites. Due to health problems damage is done to my credit. But it is never too late to get back on track and maintain clean credit. Any way I started on the right track, let us see what next 6 months brings to my Fico.

[haulingthescoreup]

Sounds like a good reason to me! And you're right, I can easily see how in that sort of situation, losing the whole TL wouldn't be that bad.

[Anonymous]

hey all,

I just paid an AFNI ( great company huh?? ) collection account. Its my only collection and once it posted as paid my T.U. went from 638 to 680! I also got a new USAA credit card last month so its probably a combo effect of the two, but I was pretty surprised at the big jump!

I havent checked the other two yet to see where they are ..

Dave.

[haulingthescoreup]

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@Anonymous wrote:

hey all,

I just paid an AFNI ( great company huh?? ) collection account. Its my only collection and once it posted as paid my T.U. went from 638 to 680! I also got a new USAA credit card last month so its probably a combo effect of the two, but I was pretty surprised at the big jump!

I havent checked the other two yet to see where they are ..

Dave.

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Congrats on the score jump, and special congrats on the USAA card! They are wonderful people to work with, and they have been very generous with me. I've never even asked them for credit; this stuff has just fallen into my lap.

Nice icon, btw!