Credit Card Settlements
Date: Thu, 07/26/2007 - 11:29
It depends on how your creditors are going to report your file t
It depends on how your creditors are going to report your file to the bureaus. Your credit ratings will be hurt if they mark the account as "Settled". You can negotiate with them for a fair reporting like "Paid" or "Paid as Agreed".
Make sure that you get the settlement offer in writing. This is an important proof if any dispute arises later. Also, ask them to put in writing about how they will be reporting to the bureaus after you have paid off.
I would also think if these were settled, then it would show neg
I would also think if these were settled, then it would show negative on your report but your debt to income ratio would be much better and in a year or so of paying your other credit card or bills that report to the credit bureaus should help as well. I am in a similar situation where I want to settle my accounts so right now my credit score is pretty bad, but I'm willing to have it that way so I can just get out from all these CC's.
Good luck