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Will Pay For Deletion Raise FICO Score???

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Established Member

Will Pay For Deletion Raise FICO Score???

I’ve been on credit rebuild journey for 2 years and went from mid 500’s to currently around 720 on all three reports. I have one collection for $411 from 2014. Will paying it off increase FICO scores now or should I let it fall off in a couple. I noticed paying off 2 earlier caused “FAKO” scores to drop around 50 points. Need feedback on best thing to do.
Message 1 of 6
5 REPLIES 5
Community Leader
Senior Contributor

Re: Will Pay For Deletion Raise FICO Score???

Since you know your FICO scores, don’t worry about a drop in FAKO scores. Verify whether FICO scores dropped.
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Message 2 of 6
Established Member

Re: Will Pay For Deletion Raise FICO Score???

FICO scores increased, hoping I’ll get boost by paying off remaining collection.
Message 3 of 6
Regular Contributor

Re: Will Pay For Deletion Raise FICO Score???

If you obtain a PFD agreement in writing, pay it. Per the agreement, the collection will be removed and you should see some increase on your score. You have the agreement in writing as backup.

 

If you can't obtain a PFD in writing, don't pay it. Attempt to PFD again or wait it out. Upon paying a collection without having it removed, the collection becomes "recent" and will drop your score significantly.


Message 4 of 6
Super Contributor

Re: Will Pay For Deletion Raise FICO Score???

OP, is this collection the only negative item you have on your CR, or do you have others such as late payments still on there? 

 

A lone major negative item falling off if there is nothing else negative present can typically raise FICO scores 70-80 points.

Message 5 of 6
Established Member

Re: Will Pay For Deletion Raise FICO Score???

This is the only negative on my report. I’ll get a PFD letter in writing and see what happens.
Message 6 of 6
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