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Portfolio Recovery For those who paid it off did it raise your credit score by how much?


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Your question is far too vague to get the answers you seek...unless this is the LAST or ONLY derogatory item on your report, then the increase will be miniscule if there is even an increase.  Sometimes, a small decrease can occur because of the loss of age.  However, a clean report is the goal...while one is repairing or even just triaging, score is meaningless for all intents and purposes. 

 

Also, patience is a necessity on the weekends...not all of the regulars post much on the weekends or holidays.

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At the time when I had 2 PRS collections drop off, my scores went up about 10 pts across the board. However, I still had 2 collections still reporting.

Sent from my SM-G991U using Tapatalk

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  • 3 months later...

Decided to pay off 2 small collection accounts w/Portfolio Recovery. Was notified by Mint that my Transunion credit report changed w/a decrease in collections balance. (Portfolio Recovery says they delete the tradeline once paid:  haven't seen my entire CR but hoping that's the case...) One more account should be shown as paid off/deleted in the next week or so. Saw a 24 point increase on Transunion.

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5 hours ago, 99leftbaloons said:

Decided to pay off 2 small collection accounts w/Portfolio Recovery. Was notified by Mint that my Transunion credit report changed w/a decrease in collections balance. (Portfolio Recovery says they delete the tradeline once paid:  haven't seen my entire CR but hoping that's the case...) One more account should be shown as paid off/deleted in the next week or so. Saw a 24 point increase on Transunion.

24 FICO points?

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  • 2 weeks later...

Update: 

Portfolio Recovery (PR) reporting a settlement/pay off. I am waiting for PR to delete the tradeline as promised via the phone call and their website. Will update after that takes place.

Transunion +26:  now at 725
Equifax +43:  now at 731

 

FICO/Experian so far has placed ZERO weight on the above w/PR.

 

Using very little of my available credit but would like to get a card from a more prime lender than CapOne/Discover. Citi out:  Chase/Wells worth applying for? What about NFCU, USAA, PenFed? (Inc > $200k)

 

Thanks!

Edited by 99leftbaloons
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On 9/27/2021 at 12:26 PM, 99leftbaloons said:

Update: 

Portfolio Recovery (PR) reporting a settlement/pay off. I am waiting for PR to delete the tradeline as promised via the phone call and their website. Will update after that takes place.

Transunion +26:  now at 725
Equifax +43:  now at 731

 

FICO/Experian so far has placed ZERO weight on the above w/PR.

 

Using very little of my available credit but would like to get a card from a more prime lender than CapOne/Discover. Citi out:  Chase/Wells worth applying for? What about NFCU, USAA, PenFed? (Inc > $200k)

 

Thanks!

 

Where are you getting those Transition and Equinox scores?

 

NCFU, USAA, PennFedd are all subprime.  

 

Generally the cards with the best rewards are issued by the big banks, but you still need to look at an individual card's benefits before deciding it's a good match.  Even the issuers with some of the best cards also issue some awful ones.

 

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9 hours ago, cv91915 said:

 

Where are you getting those Transition and Equinox scores?

 

NCFU, USAA, PennFedd are all subprime.  

 

Generally the cards with the best rewards are issued by the big banks, but you still need to look at an individual card's benefits before deciding it's a good match.  Even the issuers with some of the best cards also issue some awful one

Thanks HitMan. To be honest, though I would like to have a CC w/a 'prime bank,' but not having a prime bank card is less important than being approved for higher CL's right now. I went ahead and applied for NFCU AmEx More Rewards card and got approved for a $7,100 CL (pulled TU). Also got approved for a PenFed Platinum Rewards Visa Signature card w/a $6,000 CL, so happy w/my mix of cards/CL's now. I don't carry a balance so the rewards will be 'profit.'

 

Going to cancel my small CL CreditOne card but keep the AmEx card for now. Hoping that CapOne and Discover see the higher CL's on my CR and increase my CL there also.

 

Using Mint.com, CreditKarma, Experian and Equifax for my credit scores.

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5 hours ago, 99leftbaloons said:

 

Using Mint.com, CreditKarma, Experian and Equifax for my credit scores.

 

Mint, Kredit Carma and Equifax are Vantage Skores, which are worthless because no one uses them.  

 

If you're getting a FICO 8 from Experian, that's a useful reference point and a score worth understanding.  

 

On 9/27/2021 at 12:26 PM, 99leftbaloons said:

but would like to get a card from a more prime lender

 

10 hours ago, cv91915 said:

NCFU, USAA, PennFedd are all subprime.  

 

5 hours ago, 99leftbaloons said:

applied for NFCU AmEx More Rewards card and got approved for a $7,100 CL (pulled TU). Also got approved for a PenFed Platinum Rewards Visa Signature

 

I was responding to your stated desire to get more prime cards, but I guess you decided you'd rather have more subprime cards instead.  🤷‍♂️

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5 hours ago, 99leftbaloons said:

Thanks HitMan. To be honest, though I would like to have a CC w/a 'prime bank,' but not having a prime bank card is less important than being approved for higher CL's right now. I went ahead and applied for NFCU AmEx More Rewards card and got approved for a $7,100 CL (pulled TU). Also got approved for a PenFed Platinum Rewards Visa Signature card w/a $6,000 CL, so happy w/my mix of cards/CL's now. I don't carry a balance so the rewards will be 'profit.'

 

Going to cancel my small CL CreditOne card but keep the AmEx card for now. Hoping that CapOne and Discover see the higher CL's on my CR and increase my CL there also.

 

Using Mint.com, CreditKarma, Experian and Equifax for my credit scores.

congrats on the approvals and for kicking the turd card!!!!

 

when you're rebuilding Penfed NFCU and other CUs are perfectly fine cards.

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8 hours ago, hegemony said:

congrats on the approvals and for kicking the turd card!!!!

 

when you're rebuilding Penfed NFCU and other CUs are perfectly fine cards.

Thanks Area Man and Hit Man. Admit to being very underwhelmed by some 'prime' issuers - and understand the diff between prime issuers and NFCU/PenFed. But I also understand it's a process, and having some decent CL's, even from 'subprime' issuers will work for me. I'm hoping that Chase, etc. w/notice higher-CL cards on my CR's and offer something juicy in the future.

 

Appreciate all the replies :)

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