Slow progress in score

[Tstanley37]

My fico has changed very little in over one year 665 as of 4/2012 672-681 as of today.  I have paid all bills on time, (car payment, one cc, 1 installement loan). I keep my revolving credit at under 10% and have paid off  7000 of a 10,000an installment loan  I got last April.  It was a 36 month term and I will have paid it off in 18.  I applied and received a new Discover card with a low limit of $1000.  This is brand new and not showing up on report yet.  I have several old collections that are now 4-6 years old. One is a Capital One charge off for 2300.  Would it be smart to just pay this off and would it increase my score?  I also have a $600 utility collection 5 1/2 years old.  I would be happy to pay in full for deletion but have heard this is a remote possibility.  I was planning on waiting them out hoping that as they age it will impact my credit less and less.  Not so it seems.  Any suggestions?  I have a total of 4 now current and in good standing for 10 plus years 6 old accounts closed in good standing with no lates

[chasmith]

This may be the best you can do for the next year or two.  I'm stuck in a band just slightly higher than yours so I feel your pain...

The COs will slowly reduce their impact as they age.  But perversely, if you pay a CO - for example the CapOne - it will show as a paid CO as of the date they apply the payment, making it appear newer and hurting your score.  Unless you urgently need a further score bump, I would wait things out.  Be careful of offering PFD especially to CapOne (I'm surprised they haven't sued you).  Don't "poke the bear".

[Anonymous]

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@chasmith wrote:

This may be the best you can do for the next year or two.  I'm stuck in a band just slightly higher than yours so I

The COs will slowly reduce their impact as they age.  But perversely, if you pay a CO - for example the CapOne - it will show as a pid CO as of the date they apply the payment, making it appear newer and hurting your score.  Unless you urgently need a further score bump, I would wait things out.  Be careful of offering PFD especially to CapOne (I'm surprised they haven't sued you).

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Normally, that will only happen if the account has not been updated in awhile.  If it is updated every month your score won't drop.

If the CL and balance are both reported then it is factored into your utilization.  Once paid to 0 the CL will be removed from scoring.