I would like to know the answer too. Anyone here know what is the right answer. I'll do some research in Google and get back to you if I bump into an decent answer. You should email the people at Discover Card as they probably could answer your Discover Card question..

Freecreditreport.com is not the site that gives free annual credit report. You may want to cancel it or get a better deal on the monthly fee if you want to use it for monitoring. I am not sure if it is similar to credit check total or not..

Credit scores from any site other than myFICO.com are FAKO scores. They don't have much value. Unless you really want to don't really need to check scores..

The reports from freecreditreport.com are also not much useful if you want to dispute or repair/improve your credit..

What are little collections? You may want to get those deleted as you apply for new credit or even before. A secured Discover card my be a better option..

Your loan may be already in default and collections. If it isn't and you are just late, you can keep paying (with Discover card) the installments. You may not even need a plan..

How quickly the accounts on your reports disappear is difficult to forecast. If they are out of SOL time limit, then you may be able to get them deleted quickly. You would have to start reading stickies in the forum and follow the advice...

If you pay it off it's not going to help your score much, maybe a few points but nothing more than 10-20, once it's removed it will increase by double or triple that.. which can take 7 years, sometimes after you pay it you can write a goodwill letter and get it removed, not sure how well or often it's done..

I would suggest trying for a walmart store card at walmart.com GE MONEY has been approving alot of people recently, I got instantly approved with only 611 score, lots of baddies and inquires and BK7 7 years ago....

Even paypal Discover Card which also tries buyer credit which I got same as mastercard.... Hooters Discover Card is another possible try one of the three and let me know what happens....

Heres a couple.

ANI, INC..

Account #.

Account Type Unknown - Credit Extension, Review, Or Collection.

Balance $423.00.

Date Opened 9/1/2005.

Potentially Negative Closed.

Account Name CONCT CALLERS INC.

Account # CCI214XXXX.

Account Type Collection Department / Agency / Attorney.

Balance $911.00.

Date Opened 2/1/2009.

Potentially Negative Closed.

Then there are some that have no amount and say closed.

Account Name AMERICAN COLLECTIONS.

Account # 85XXXX.

Account Type Collection Department / Agency / Attorney.

Balance.

Date Opened 12/1/2008.

Account Status Closed.

Mo. Payment.

Close Account Details Past Due..

Why does a paid collection hurt more? should they just stay unpaid?..

In credit terms, a PAID collection is as bad as an UNPAID because both.

Are indicative of someone reneging on their agreements. Personally, I.

Think a PAID collections should be a +something because while you.

Did miss payments, you eventually paid. FICO doesnt look at it that way...

I agree. It should be positive. Actually, if they wanted the system to actually work and be smart, the minute you paid a collection off, it should be removed. But that does not keep your score in the trash, thus providing a great excuse for everyone that provides lending to you to double your interest rates (if they will even approve you) now does it? It's part of the reason why I can not pay my debts (more than ten years ago), wait until they age off, and have great credit, while a buddy of mine paid all of his, but they remained showing as collections. But enough of my soapbox....

Paid and Unpaid are virtually the same when it comes to scoring. Keep that in mind. If you are going to pay a collection, you must, must, must, must work as hard as you can for a PFD IN WRITING. Then the TL disappears and your score does increase, sometimes dramatically..

OP, the other thing I would suggest is to get a hold of your reports from the actual CBRs. Those list more info, like when the item is due to be removed...

The argument against PAID = Deletion as a matter of course is moral hazard..

Where's the incentive to pay debt if you can default, then 6 months later, make.

It all go away with a payment?.

I dont agree with it, but I see the point on that side of the discussion..

I cant discuss it any further without mentioning the hypocrisy of banks.

In using something like moral hazard to justify anything. Also, it gets political...

I will however add that these same banks argue re-ordering your checks.

"so the important bills clear", while simultaneously, opting everyone into.

An overdraft protection plan and charging a fee, making their entire argument.

For re-ordering moot, yet here we are....

Please read psych doc's seminars before sending out one letter or disputing one item...

Ok, like I stated before I have no clue what these abbreviations stand for. Sorry.

What is a PFD in writing? TL? and CBRs?..

A TL (tradeline) is an account on your credit report. There are three main agencies that collect information about your credit, and you have a report from each. Additionally, there are lots of different models used to calculate a credit score from each of your reports, the most popular by far being FICO. So, you have a FICO score for each bureau. Unfortunately, FICO treats paid and unpaid collections as the same thing, and by paying (with Discover card) the collection you are updating it's last report date to today, causing FICO to see you as someone who has a brand new collection I stead of an old one, which hurts you dramatically. So when you pay your collections you should make them agree to a PFD (pay for delete) agreement in writing before you pay them anything.



Order your official paper reports and get the official online reports from annualcreditreport.com. Read and ge advice here before you do anything or you might shoot yourself in the foot and leave your scores in the gutter for the next several years...

Heres a quick primer on why paying (with Discover card) collection accounts is usually bad..

The older a negative tradeline is, the less it hurts you. This calculation is based on the Date of Last Action (DOLA). By paying (with Discover card) a collection, you bring the DOLA current..

Below are my guidelines on paying (with Discover card) collection accounts..

1) If the debt is out of SOL and there isn't a major purchase in the works, it's PFD or FOAD..

2) If the debt is in SOL and with the OC, PFD is almost impossible...take the best settlement you can and try for goodwill in 6 months to a year..

3) If the debt is in SOL and is only assigned by the OC to a CA, PFD is usually very difficult if not impossible. Try to get the debt recalled by the OC so you can eliminate the middleman in regards to a settlement. Usually requires the involvement of executive customer service..

4) If the debt is in SOL and has been sold by the OC to a CA, then PFD is possible but you have to tread lightly. If they think you have money, fighting for a PFD may prompt them to go for a judgement. I personally just try to hide under the radar in this case until the SOL expires and I have more leverage to negotiate..

5) If there is a major purchase conditional on getting this paid, none of this really applies. The CA has you bent over and the only question is whether or not they will lube up. If the CA knows they have you bent over, then expect to either PIF or get a crappy settlement. If they don't know, then you do the best you can using the guidelines above and move on down the road..

Remember: a paid collection has the same effect on your score as an unpaid collection. In my opinion, there are only 3 reasons to ever pay a collection (moral issues aside):.

1) PFD.

2) The collection is holding up a mortgage or something similar and it's pay it or lose the loan.

3) You think they are about to sue you and you feel they have a good chance of winning. In this case, I personally would wait until I had a summons in hand and then try for a settlement unless I felt they had me dead to rights. In that case, pay it off before as that's better than getting hit with a judgement for the full balance + their legal fees..

This post has been edited by.

Jtoast.

: 14 January 2010 - 12:19 PM..

Have you read the newbies section?.

Psych doc's seminars?..

ITs a lot to take in, just found the glossary link, but FOAD, PIF aren't in there. What do they mean? Thank you for all your help, I will definitely start doing this step by step..

Stupid question, but say it's in SOL and you dont know who the originally OC is, how do you find that out so you don't have to contact the CA? Wow Im learning the lingo already! LOL!.

Thanks again guys!..

Foad=F**K Off and Die. PIF=Pay/Paid In Full..

DV the CA. They should have the name of the OC..

This post has been edited by.

Jtoast.

: 14 January 2010 - 04:04 PM..

So for these debts on my account that I have no clue what they are for but want to pay, how can I found out who the OC is with out the CA attacking?..

If you have no clue what they are for have you tried Dving the CA first? Disputing it off the Cra's?.

I'd do Dv wayyyyyy before PFD if I didn't have a clue what they were for...

Welcome to the pool. You need to start doing research and learning your rights. The first thing I would ask is maybe you could post more info on those collections. Maybe you could post the TLs here, minus the account numbers. What state do you live in?.

You were asking about paying (with Discover card) off the small collections. The problem is a paid collection hurts your scores as bad as an unpaid collection. There are many things you can do, but without more info, I cannot make any other good suggestions...