Do Paid collections...

Discussion in 'Credit Talk' started by melsy, Dec 5, 2001.

  1. melsy

    melsy Member

    Do paid collection accounts improve your scrore, as opposed to unpaid accounts?
     
  2. Erica

    Erica Well-Known Member

    Not that I can tell.
     
  3. Hal

    Hal Well-Known Member

    Paid collections are still a negative to most unsecured creditors that use automated scoring as the systems simply key on the fact it is a "collection" account - paid or unpaid does not matter.

    Most mortgage lenders will require most collections be paid - however - it is definitely possible to get a mortgage with unpaid collections on your record.
     
  4. lbrown59

    lbrown59 Well-Known Member

    Owed or not owed don't matter either ,

    neither does true or faLSE.
     
  5. PsychDoc

    PsychDoc Well-Known Member

    lbrown59 says it doesn't matter ever.
    LizardKing says it may matter with respect to acquiring a mortgage.

    Your one-question IQ test (for 120 points): Which should you believe?

    Quick, your time is limited. Tick, tock, tick, tock...

    Bzzzzzzzz -- time's up!

    And the answer is:

    LizardKing, of course.

    Doc

    P.S. Thanks for your erudite contributions regardless, lbrown59.
     
  6. lbrown59

    lbrown59 Well-Known Member

    I did not say this.
     
  7. EdG

    EdG Well-Known Member

    I'm not sure what they do to your score. I can say that when I was approved for my Citi AA card they pulled EX(my worst report). I had 7 paid collections on there and two charge offs.

    Ed
     
  8. Gumbo

    Gumbo Well-Known Member

    I recently had a paid collection drop off my report. I gained one point. Where they really matter is with your other creditors. When they see a collection, they will jack up your rates because you are now a bad risk. (But, when the collection comes off your report, they don't lower your interest).
     
  9. ohnostuck

    ohnostuck Well-Known Member

    WHF? congrats on your cards but I got DENIED with 2 SMALL negative unpaids and 0 paids and 8 positive trade lines.
     
  10. Hal

    Hal Well-Known Member

    That is why I maintain that paid/unpaid doesn't really make a difference with some creditors - some only see "COLLECTION" .
     

Share This Page