So, the only negatives I have left on my EQ report are 2 collection accounts from old student loans. ($ 729 and $ 1120 balances) I know these have a negative impact on my score and I plan on paying them off as soon as I am able. My question is: Does the actual balance impact my score? Would i expect any type of increase if these were shown as paid off? I have heard that the dollar amount doesn’t matter per se, but I also think this is counting towards my total credit usage. This is only with Equifax as there are no negatives on my TU or EX.
Since I plan to apply for a mortgage at the end of the year (if things pan out) I would make a point to pay them off quicker. If they don’t have much of an impact, I would prefer to wait 2 months or so.