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PAID A COLLECTION AND MY SCORE WENT UP ALMOST 20 POINTS!


shaneIrish
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I was under the impression that even if the collection is showed as paid in would not raise your score. I paid off a $400 collection to AFNI, INC. and as soon as it hit my CR my score went from 658 to 678 EQ and 656 to 674 EX. There were no other changes to my CR other than showing a paid collection.

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First off, it probably wasn't a collection account per se, it was probably a creditor account and it was probably in the installment or other section of your credit report. The score increase is probably directly related to utilization and to total indebtedness.

Secondly, FICO scores are not the be all, end all. The majority of lenders and creditors have their own scoring system. As soon as they see AFNI they are going to know you. It might open a few doors for you but not all of them.

Thirdly, you'd have to pull FICO scores to see what your real scores. Increases in FAKO scores do not necessarily translate into increases in FICO scores.

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First off, it probably wasn't a collection account per se, it was probably a creditor account and it was probably in the installment or other section of your credit report. The score increase is probably directly related to utilization and to total indebtedness.

Secondly, FICO scores are not the be all, end all. The majority of lenders and creditors have their own scoring system. As soon as they see AFNI they are going to know you. It might open a few doors for you but not all of them.

Thirdly, you'd have to pull FICO scores to see what your real scores. Increases in FAKO scores do not necessarily translate into increases in FICO scores.

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This is all true. My tu fako is an apalling 610 or so. However my tu fico was 692 3 days earlier; no different info. No diff. in the reports. A 7yr old bk, a few lates in 2001, and three minor medical collections from 2000, all with the same ca. It appears the fako docks you big time for EACH AND EVERY collection, whereas with FICO you take a big hit with the first one and then subsequent ones really don't affect the score that much. And if they're older you don't really suffer much at all. Fico concentrates much more on the past 24 months or so.

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This is all true. My tu fako is an apalling 610 or so. However my tu fico was 692 3 days earlier; no different info. No diff. in the reports. A 7yr old bk, a few lates in 2001, and three minor medical collections from 2000, all with the same ca. It appears the fako docks you big time for EACH AND EVERY collection, whereas with FICO you take a big hit with the first one and then subsequent ones really don't affect the score that much. And if they're older you don't really suffer much at all. Fico concentrates much more on the past 24 months or so.

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