mkr_00

how much will collection removals change my score??

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I have finally gotten down to 4 collections on my report. I sent out pay for delete letters yesterday. I offered to pay them in full and most are out of sol. Assuming everything works, how much should my score change??

Thanks

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Unfortunately, there are just too many factors that figure into the FICO scoring model to know how much any one deletion will impact your score. There are quite a few threads on this subject if you want to do a little searching on the site.

If these accounts are past the SOL they must be pretty close to falling off your reports. What state are you in (it's always very helpful when trying to answer questions if we know your state of residence, so please insert it into your profile so that it will appear in the upper righthand corner of each of your posts). Are you dealing with CAs/junk debt buyers or the original creditors? If a junk debt buyer, please, please don't pay them at this point as you really don't owe them anything. Do not pay any of these accounts before doing your research first.

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I am in Texas. The debts are 4 to 5 years old. They are mine and I am willing to pay them if they will delete them. I have 2 paid collections that I can't seem to get rid of also. I am trying everything that I can.

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The fact they are yours is irrelevant it makes no sense to pay the debts they are simply to old and they no longer are worth the same value. The junk debt buyer only paid pennies on the dollar for the debt so your an absolutele fool if you pay them!! And another thing your fico score will only go up by a few points not at all worth it,the damage is done in the first 18 months then fico score starts to go up incrementally. So dont pay o.k.!!!!!!!

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Actually, I think we're all fools here together. Smart people would have never gotten themselves in this mess....

As for scoring...here's the thing. Old unpaid debts hurt less than bad debts with recent activity on them...so if you're going to pay, make them delete. And, old unpaid debts hurt about the same or maybe a little less than NO debts. So, if they're going to delete, do you have some good debts to offset them.

And...credit scoring is all about putting you into categories. Being at the bottom of one category may score you lower than being at the top of the one below it. Remember, the scores predict who the creditors will make money off of...not who will pay them back.

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Actually, I think we're all fools here together. Smart people would have never gotten themselves in this mess....

As for scoring...here's the thing. Old unpaid debts hurt less than bad debts with recent activity on them...so if you're going to pay, make them delete. And, old unpaid debts hurt about the same or maybe a little less than NO debts. So, if they're going to delete, do you have some good debts to offset them.

And...credit scoring is all about putting you into categories. Being at the bottom of one category may score you lower than being at the top of the one below it. Remember, the scores predict who the creditors will make money off of...not who will pay them back.

The above is good advice!

When my last CA account came off of my report - I saw about a 10-15 point increase with each CRA, and my accounts were about the same age as yours. I know each of our situations is different- but if you can get the delete- it's worth it

good luck!

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I have plenty of positives on my file. I have an auto loan, mortgage, 2 creditcards, 2 intallment loans, and 2 student loans that are all on good standing paid on time. I think having them deleted should help me.

Thanks

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Hard to predict for sure, but worth a try.

Make sure you get it all in writing. Stipulate they will delete and will not sell the balance and that the entire debt is considered paid.

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