credit card settlement question
Date: Tue, 12/04/2007 - 18:43
I took a call from a credit card that's 60 days pastdue, who was willing to settle for 40% off the total debt of ~$480. I accepted the settlement offer (to be paid over 2 months @ $140/month). They just took the last payment today from my account, so next month he said they would close the account/send out a letter confirming this. This is one of "those" credit cards w/the super high annual fee/per month maintenance fees/etc (Centennial card by First Premier) that I wish I wouldn't have opened. I checked and the account has been already closed per consumer request as of today.
My question is: Do you think I did a bad thing by settling for this small of an account? Would it be better to call them and ask for the account to be re-opened and have myself just pay the remaining ~$200? How bad would a settlement look on my credit score vs. myself paying the whole amount? Keep in mind that my annual fee would have been due (another $120), so really it would have cost me around $350 total by the time I would have paid it in full.
Many thanks!
r
Welcome, new! :D I, unfortunately, am not an expert regarding credit card debt. However, many of our members are. Hang tight and someone with credit card knowledge will be along to help answer your question!
WHy would you settle on a card that has a balance of $480.00 you
WHy would you settle on a card that has a balance of $480.00 you should call them back and ask to re-age the account after 6 consecutive monthly payments. It should not even be closed if it is 60 days past due. You state you are looking to clean up your credit but what you did was the exact opposite. I dont meant to appear like I am scolding you for making a bad decision but you should be made aware of what has been done and what needs to happen in order to achieve your goals. Anything is possible when you are dealing with creditors especially if you know what you want and have the strength to go for it.
Thanks for trying to bump cannr :lol: (by me thanking cannr
Thanks for trying to bump cannr :lol:
(by me thanking cannr, it will also function as 1 last desperate attempt of bumpage)
You should call them back and inquire about a Fdic Rule 5000 rea
You should call them back and inquire about a Fdic Rule 5000 reage. This procedure brings your account current and leaves the account in good standing.They will most probably require full payment,but a legal reage with a positive account on your reports is a good thing in my book. :D
