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Old Credit card debt

Date: Tue, 01/05/2010 - 11:47

Submitted by David Petty
on Tue, 01/05/2010 - 11:47

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Total Replies: 3


I am in the process of cleaning up 5 old credit card accounts that had been lingering around for 2-3 years on my credit reports. These 5 cards had low credit limits and the total for all 5 is $2500, small potatoes I know but at the time when I defaulted I was in the middle of a medical life and death situation (massive brain tumor). Only other thing I owe is my house note and I have never been late on that and I am 10 years into a 20 year note. Vehicles are all paid off and no other debt other than monthly expenses. What I have done is sent letters to two of these credit card companies offering to settle these accounts with a "pay and delete" offer. I picked the two smallest ones at 300ish each and offered 150 cash to clear this up. The first two I attacked were Credit One and First Premiere Bank. My question is woudl this be the right approach or should I continue? What else should I be doing? If I get this taken care of I will have excellent credit.


The chances are good that they have sold the debts and charged them off already! Your approach is good but it may be too late. You can also challenge the entries on your credit reports in hope that they will not have the time or manpower to dig up your old paperwork. This is what some credit repair companies do! Just remember that they can reappear after thirty days if they do validate them.


lrhall41

Submitted by Frogpatch on Tue, 01/05/2010 - 12:01

( Posts: 5381 | Credits: )