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I am trying to improve my credit score and figure out which method is more effective. Is it more credit damaging to have 5 small collections or one large collection on your credit report i.e., five $1000 collections or one $5000 collection? Just trying to determine if I should pay the big one first, or pay the smaller ones to have less things in collections and then do the big one.
If it was me I would get rid of the 5 small collections first. That is 5 less people you will have calling and bugging you. And 5 less that have a chance of getting judgments against you.But before you pay anything make sure to check the SOL in your state and see if it has past. If it has you can send a SOL letter to the collection agency letting them know that they can no longer collect on the debt. Now if it hasn't past you can send them a pay for delete letter and see if they are willing to remove the negative listing off of your report once it is paid. Make sure to send it certified with receipt so you will have proof they agreed to delete it once it was paid.