Consistent payments will raise your FICO faster than payoffs. Banks don't like it when you pay off the ballances in full because they are not making any money when you do that. Folks that pay off their credit cards every month are essentially getting a free 30-day float, which does not help their FICO as much as maintaining a balance and making payments on it. The previous answer applies to making payments on a positive, revolving, account like a credit card. It is not a good answer the question posed, namely: Does paying off a collection account or making payments raise your score quicker? Paying off derogatory accounts does nothing to improve your credit score and can, under certain circumstances, lower your score. The reason this happens is that paying off a defaulted account updates the account to NOW. The NOW causes the scoring software to calculate the account as a default that just occurred, instead of something you are trying to "clean up". This hits the score in the History category, which accounts for up to 35% of the total. Once any account goes into default, the entire balance is due and payable in full. If a creditor chooses to take payments, they do so at their own discretion. Payments at this point does nothing to improve the situation, except make the outlay of funds easier to bear. So, neither action improves your score. If you want to raise your credit score, you need to look to other activities.
Paying the collection agency will clear up your account much quicker and some creditors will return the payment to you if you send it directly to them. Most creditors sign a contract with a collection agency and cannot discuss the debt with the debtor once they place it with the agency, they must refer all correspondence, communications and payments to the agency for the life of that contract.
Greenhouse gardening offers warmth, consistent water, fertilized soil which is ideal for the flower, and human supervision. In the greenhouse, there is no pelting rain, pests are managed and the climate can be controlled to the ideal level for the flowers being grown. This idealized climate may afford the flower more protection and less stress, thus resulting in a quicker-growing cycle.
Depending on how you paid your balance . If you paid a collection agency be sure to get a letter immediately .If you used a check it usually takes 30-45 days after the check clears for them to be able to issue a letter .Credit card payments almost immediate after card is approved .They then have to send to all 3 credit bureaus showing balance is paid .And the credit bureaus can take up to 9 months sometimes to fix these credit reports and scores . Best bet is to get those letters and take it upon yourself to puth the credit bureaus a little quicker . If for some reason you are trying to get a mortgage, loan etc. These letters come in handy showing debts are pd .
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