Is the ScoreWatch score estimator accurate?

[ecrad17]

After reviewing my score the score estimating program told me that if I pay off 6 accounts that my score would increase by about 75-100 points. 2 of the 6 accounts are in collections, but for some reason they're not showing up on the report as such. My question is, if I pay these collections off will it really raise my score or will it bring it down because the accounts have been updated with new dates?

[llecs]

What type of collections are they? CC COs? Installment COs? CAs?

Also, there's a simulated option to pay it off at once and again over time (up to 24 months). What time frame was involved in that scenario?

[ecrad17]

It seems like the largest jump was over a 6 month period. I'm new, so I don't have all the lingo down, so I'll just list them:

Portfolio (HSBC CC) - 742 - on Equifax it shows 120+ open collections account and on TransUnion it's listed under the collections heading

Lvnvfunding (CreditOne Bank CC) - 943 - on Equifax it shows the same as the Portfolio account and on TransUnion it's listed under my accounts as a collections account

After reviewing things, I plan on sending a PFD letter on both, but I'm not convinced that by doing that and paying down my existing cards that my score will jump that much. Although, I wont argue if it does!

[MarineVietVet]

Hi sohkgraduate and welcome to the forums.

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--MarineVietVet, myFICO moderator