How FICO treats Collection vs Paid Collection

Red1Blue · ‎11-05-2007

For scoring purposes, how does FICO treats Collection vs Paid Collection? Is it worse to have a paid collection than collection from the scoring stand point of view?

inquring_minds · ‎11-05-2007

I recently paid (3) collections. On two of them my score didn't move, but noted paid collections. The third paid acct dropped off my report and score shot up 39 points!

I wish I could have had a PFD on the other two.

Great Credit is Sexy

EQ 793 / TU 791 / EX 773, 6/2017

Red1Blue · ‎11-05-2007

In my case it is worse. Two accounts Capital one turned over to a CA. I paid CA. Now there 2+2 entries on my credit report. 2 from CapitolOne and 2 from CA. I am planning on writing to the Capitalone and demand they remove them all.

Red1Blue · ‎11-05-2007

How many points do we loose for each late. 30 - 60 -90? I understand the older the late that is less damaging. In general how much do we loose for each 30 each 60 and each 90? My Fico is around 650 now.

Anonymous · ‎11-05-2007

anything over a 30 is a "major derog"

I don't know how many points - but you won't be at 650 long with a couple of recent 60's.

Red1Blue · ‎11-06-2007

Timothy, none of the lates I mentioned are recent. I have no lates in the last 24 months.

Some of these lates are 2-3 years old. I am trying to get them out of my CR and see if it would help my score.

Student loan it shows 22 times I have 120+. The loan is completely paid. I am hoping to see if they would remove this 120+

Couple of car loans show 90-60-30. I want to see if I can get them out.

I am not sure how much these lates are hurting me. I am hoping if these lates are out possbily my score would go higer.

haulingthescoreup · ‎11-06-2007

Just remember that if they remove lates from a closed line, they may simply remove the entire line and all its history, good or bad, entirely.

I'm not saying that is good or bad in your case, just keep it tucked in a corner of your mind.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎11-06-2007

I feel your pain- I have some DEROGS that only time is going to heal-

They probably are not hurting that bad-(over 2 years) neither of us will get to 800 while these on on here-

Keep concentrating on UTL, paying ontime and getting existing CL increased.

SL's are tough-but keep sending those GW letter's
BTW- I noticed my SL softed me today (hoping)

@Red1Blue wrote:
Timothy, none of the lates I mentioned are recent. I have no lates in the last 24 months.
Some of these lates are 2-3 years old. I am trying to get them out of my CR and see if it would help my score.
Student loan it shows 22 times I have 120+. The loan is completely paid. I am hoping to see if they would remove this 120+
Couple of car loans show 90-60-30. I want to see if I can get them out.
I am not sure how much these lates are hurting me. I am hoping if these lates are out possbily my score would go higer.

Red1Blue · ‎11-06-2007

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

How does the CLI helps? Right now I have about 12k in total CL. I always PIF and don't carry balance. My average Util / month is around 2k.

In my case does having more CL helps? If it helps I can push it to increase my CL to 15k or 20k.

Anonymous · ‎11-06-2007

That is still 16% utl
You want it under 10% if you can.
If you increase the CL's you can have your 2K and be under 10% too

@Red1Blue wrote:
I'll make sure they don't remove the complete tradeline, just the lates removed.
How does the CLI helps? Right now I have about 12k in total CL. I always PIF and don't carry balance. My average Util / month is around 2k.
In my case does having more CL helps? If it helps I can push it to increase my CL to 15k or 20k.