CC settlement
Date: Thu, 12/31/2009 - 00:34
I really want to keep the BofA CC current (I have a cking acct with BofA and am concerned the CC company will have access to view/access my cking acct). I have read on a forum here where someone stated that all cc companies will not settle/work with you if you are current on any cards. Has anyone kept some cards in good standing while defaulting and working a settlement on others?
Thank you in advance. I have been reading this forum for awhile, and have felt strength and encouragement and find it very educational.
Yes, I would keep the BOA card active and you can settle the oth
Yes, I would keep the BOA card active and you can settle the others. They might ask about your other card and you can say that it is your primary bank. I kept my AmEx card current and am working on settling the others and no one questioned the fact that I had been paying them on time.
I have kept some of my lower balance accounts current (lower APR
I have kept some of my lower balance accounts current (lower APR, lower than $500 balance- which wouldn't be eligible for a settlement anyway). Just be prepared to defend yourself. I had one collection agency that pulled my credit report as I was talking to him about a settlement and he was like "well you've never missed a payment on card X or Y or Z". He didn't seem to know what he was talking about though, just wanted to scare me into submission, but I am happy to say he did NOT win!
Good luck!
Good replies here. All are absolutely true. Keep in mind that
Good replies here. All are absolutely true. Keep in mind that the card(s) that you are trying to settle must be late before the creditor will consider a settlement on the account.