Just paid 2 collection in Full...,Expectations?

[Anonymous]

I just paid two collections in full. The last of any collections i have. Can i expect my score to increase and if so how much?

Any input will be helpful. Last of my collections Uti is at 11% credit cards and scores are listed below.

Starting Scores: EQ/591 TU/592 EX/612 Date:May 15,2015
Current Scores: EQ/610 TU/618 EX/642 Date:June 4,2015
Utilization: 11% Date:June 4,2015

Goal Score Across the Board:








NFCU (10,000) USAA (800) CAP ONE (500) Macy's(600)

[krielly]

unfortunately your FICO score will not change from what I have read/learned here. There is no score benefit to paying collections, unless of course you negotiate a "Pay for delete" with the agency prior to paying off the account, and have it removed entirely from your report.

That being said, some banks/credit unions require all collections to be paid in full prior to loan approvals for substantial things, like a Mortgage for example.

Sorry to be the bearer of bad news....

[takeshi74]

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@Anonymous wrote:

Can i expect my score to increase

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Nope.  Always carefully research before taking action on collections.  You need deletions to see an improvement in score.  Hit Rebuilding to see what you can do.  At this point your option is probably just goodwill requests for removal.

[Anonymous]

CompanySIKORSKY FINANCIAL CU

Account Information

Company Name SIKORSKY FINANCIAL CU

Address 1000 ORONOQUE LN,STRATFORD,CT

Business Type Finance - Mortgage Companies / Credit Unions / Investments

• Amount
• $0.00

• Status
• The creditor is taking possession of property pledged as collateral on a defaulted loan.

My score increased by 5 points. This was a Auto Loan. It was in collections, i paid it off and the account was close and my score went up. NOT BY MUCH.. but it's now off my account and my score raised. The number of point does differ from bureau to bureau.

Yes this is my first post, forgive me, but i had to post when i seen something that was not true.

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

CompanySIKORSKY FINANCIAL CU

Account Information

Company Name SIKORSKY FINANCIAL CU

Address 1000 ORONOQUE LN,STRATFORD,CT

Business Type Finance - Mortgage Companies / Credit Unions / Investments

• Amount
• $0.00

• Status
• The creditor is taking possession of property pledged as collateral on a defaulted loan.

My score increased by 5 points. This was a Auto Loan. It was in collections, i paid it off and the account was close and my score went up. NOT BY MUCH.. but it's now off my account and my score raised. The number of point does differ from bureau to bureau.

Yes this is my first post, forgive me, but i had to post when i seen something that was not true.

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The reason that sometimes your score will go down paying an old collection is if the collection agency was not updating every month, and you then paid off the collection, they would update your account to show it paid -- and that tells FICO you have a brand new paid collection.  Doesn't seem fair.

So sometimes scores can drop like 30 points when you pay a collection.  Sometimes scores stay the same.  And sometimes they can go up a little bit.  You just have to wait and see.  

But sending out goodwill letters to collection agents, especially when you paid the full amount and not a discounted 50% offer to settle or whatever, you likely can get a goodwill deletion.  You just have to be persistent and plead.