if i pay off my collections account will my credit score get higher? is it really important??!?

Yes, paying your debtes off will increase your socre. Oweing money will lower your score. Other factors can also effect your score such as how long have u kept credit/loans, how fast u pay them off, and other things.

Paying off derogatory items on your credit report will not improve your score or get the item removed. The damage is done and will remain for the balance of the 7 year reporting period, whether paid, settled, or unpaid. However, paid old debt does look better to creditors reviewing your credit report.

With this in mind, you may as well settle for as little as you can. Depending on how old the default, you should be able to settle for 25% to 50% in a lump sum payment. Forget payment plans. Get any settlement agreement in writing before you pay and do not give the collector direct access to your bank account.

It will only improve if the collections agency reports the debt was settled. Most of the time they don't.