collections

[Anonymous]

can someone give me a link or thread on how collections work on this site. I'm not sure how to find it...basically im wondering if your score goes up when they drop off because recently i had a collection drop off of transunion and paid down util from around 50% to 11%. my trans report when up like 40 points but equifax only like 7 so im a little confused

[MarineVietVet]

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@Anonymous wrote:

can someone give me a link or thread on how collections work on this site. I'm not sure how to find it...basically im wondering if your score goes up when they drop off because recently i had a collection drop off of transunion and paid down util from around 50% to 11%. my trans report when up like 40 points but equifax only like 7 so im a little confused

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There is no one size fits all answer for you. Everyone's credit profile and situation is unique. A collection dropping off on person's report might make a very big splash while another person sees no increase at all.

Plus each CRA can look at the very same information and score it a little differently. I know it's confusing and frustrating but if you realize that YMMV (Your Mileage May Vary) on just about any aspect of credit scoring you'll sleep better. 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

thanks marine...i mean in general does fico say when a collection falls off its suppose to improve score or no? im also wondering because i have a collection due to fall off 5/12 im wondering if i should pay it(they said they would remove) or just wait til next year when its removed since its been 6 yrs and should be hurting my score less

[MarineVietVet]

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@Anonymous wrote:

thanks marine...i mean in general does fico say when a collection falls off its suppose to improve score or no? im also wondering because i have a collection due to fall off 5/12 im wondering if i should pay it(they said they would remove) or just wait til next year when its removed since its been 6 yrs and should be hurting my score less

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Even in general terms I don't believe that question can be answered. There are just too many variables. Often what remains on your report is just as important or more so than what drops off. I'm not trying to dodge your question but I don't know what else to tell you. Others may have a more definitive response.

If you can get in writing that the collection will be removed early then I would do that. Whether it helps your score or not in my opinion getting any negative removed as early as possible is what you should try to do.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

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@MarineVietVet wrote:

Even in general terms I don't believe that question can be answered. There are just too many variables. Often what remains on your report is just as important or more so than what drops off. I'm not trying to dodge your question but I don't know what else to tell you. Others may have a more definitive response.

If you can get in writing that the collection will be removed early then I would do that. Whether it helps your score or not in my opinion getting any negative removed as early as possible is what you should try to do.

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Agree with everything MVV said.  I would add paying off any debt that you can possibly pay off is what you should try to do.

Therefore, I would go for the PFD process you mentioned.  Get it in writing.  Pay it off.  Good all the way around.

Best wishes!

[veracious]

+1 to  MVV and beamMeup.

Good advice. Get rid of your debt and any new scoring models that could appear on the horizon

will view your new  debt-free/debt-management profile favorably.