What do I want my credit report to read?
Date: Fri, 02/20/2009 - 06:54
Thanks.
"Pays as Agreed" if paying if full or "Settled in Full" would be
"Pays as Agreed" if paying if full or "Settled in Full" would be about the best you could hope for. "Settled for Less" is one to avoid.
thanks for replying, one of the accounts is still with the OC -
thanks for replying, one of the accounts is still with the OC - Discover Cards, and I'm really trying to get them to PFD...this would be huge...do i have a chance with them? they've been quick to jump to a settlement so far and the accounts about 2.5 yrs old...can't believe they still have this account.
Discover still owns my wife's account 5 years later so I'm with
Discover still owns my wife's account 5 years later so I'm with you on that one. If it's showing as a CO then doubtful you can get them to report any way other that Settled in Full/Less.
Quote:If it's showing as a CO then doubtful you can get them to
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If it's showing as a CO then doubtful you can get them to report any way other that Settled in Full/Less. |
NASCAR, why is that? I mean, if you are willing to settle the debt, they are getting something when they expected nothing, so why not return the goodwill if you are asking to have it reported as paid in full?
Also, it doesn't hurt the OC in any way, so why would they care what your CR says? Shouldn't it just be used as leverage to get the maximum settlement out of you, as that's what I'd do if I was the OC...
One more question, is it possible to "buy" a good tradeline, such as paid in full? For example, say you agree to a settlement verbally, when putting it in writing you request it to be reported as paid in full. The OC objects. Then you counter with an extra $XXX on top of the agreed settlement figure for reporting as paid in full. Would something like that potentially work, or just upset the OC since you have funds available that you didn't offer as part of the settlement?
Maybe it's just me, but I'd probably find a way to come up with an extra hundred or two, if it helped to clean up my credit report.
Meanness, spite....who knows. They can report it any way they w
Meanness, spite....who knows. They can report it any way they want. I have never seen anyone have the experience of having a CO'd account re-instated. Doesn't mean it doesn't happen. As far as "buying tradelines", I've seen sites that promised it but you'd have just as musch of a score increase if you opened a secured card account or CrownJewelers.com account.
Quote:I have never seen anyone have the experience of having a C
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I have never seen anyone have the experience of having a CO'd account re-instated. |
What if you settle it before it's charged off, at 150 or 180 days (when do they typically charge off)? Do you think that would make a difference in their willingess to report the debt paid in full?
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As far as "buying tradelines", I've seen sites that promised it |
I'm likely unwilling to pay a company to do this for me. I'm more talking about in a DIY settlement, after you arrive at a settlement figure, do you think it's possible to then somehow negotiate the tradeline to paid in full by offer an extra $100 or $200 to the settlement total.
Like I said, when my time to settle comes, if I already have to come up with 25% to 40% of the debt on $85k of credit cards, I can probably figure out a way to then also come up with an extra couple hundred per creditor to "fix" my trade lines.
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you'd have just as musch of a score increase if you opened a secured card account or CrownJewelers.com account. |
Wouldn't I benefit more from trying to get my tradelines from my five credit cards reported as paid in full, than to open a couple of new credit accounts? Even if it costs me a little money to get them reported this way?
Or maybe I'm just dreaming and this will never happen, because of spitefulness.
Quote:What if you settle it before it's charged off, at 150 or 1
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What if you settle it before it's charged off, at 150 or 180 days (when do they typically charge off)? |
They have to CO at 180 days. If you haven't hit that point then you have the possibility of bringing the account current
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Wouldn't I benefit more from trying to get my tradelines from my five credit cards reported as paid in full, than to open a couple of new credit accounts? |
Is that a reality? Are they CO's or have many 30,60,90 day lates?
Quote:Is that a reality? Are they CO's or have many 30,60,90 day
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Is that a reality? Are they CO's or have many 30,60,90 day lates? |
I don't know what the reality is, I'm new to all of this. And really I'm just getting around the 30 day mark on my first unsecured creditor (have a mortgage that is at 70 days though). But I do have $85k of credit card debt that I can't pay so, it's all going to starting going that way on my four other credit cards. Everything is still with the OC's though. Hoping to eventually be able to settle it, but probably not until 90-180 days I'd guess.
Try to get them settled prior to charge off but remember you can
Try to get them settled prior to charge off but remember you can't have your cake and eat it too.
Quote:Try to get them settled prior to charge off but remember y
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Try to get them settled prior to charge off but remember you can't have your cake and eat it too. |
Yes, I do want my cake and to eat it too! And I understand that I'm unlikely to get it... But I just don't understand why.
To me, this should only be about maximizing the settlement they are receiving. They should use the tradeline as leverage to get the best settlement possible, because ultimately it doesn't affect the OC in any way if it is recorded on my CR as paid in full or settled or whatever.
Well, thanks for your input. We'll see how it goes in 90 days... I'm going to try my best to negotiate in no late payment reported and paid in full.
Get "settled" and be happy they are doing something other than s
Get "settled" and be happy they are doing something other than suing you. The point is to get out of debt. I settled my accounts 2 months ago and have credit card offers. I just throw them out.
Quote:Get "settled" and be happy they are doing something other
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Get "settled" and be happy they are doing something other than suing you. |
Well, that does put it in another light!
At the same time though, they can sue me whether I try to settle or not, or whether I try to negotiate my tradelines or not. So why not try? I think the key may be to do it in a way that isn't obnoxious and doesn't indicate that you have money available in addiiton to the settlement figure.
But I agree, it's likely a long shot...
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I settled my accounts 2 months ago and have credit card offers. |
That's interesting. I'm not really that interested in obtaining more credit after I settle, although one card would be good for emergencies. But you never know when having good credit could come in handy (or in this case, just not disasterous credit). Mortgage rates could drop to 1% and I'd want to refi... or my car is unrepairable and I need a small car loan... or I have some medical bills that I need to finance... Could be lots of things.
This is an off-post from a long post I wrote in another thread l
This is an off-post from a long post I wrote in another thread last night...
You might be likely to get them to "delete" or forego the "settled" comment. Actually getting them to report statistics that are not true (ie "paid as agreed" or reversing a chargeoff status) is not likely. Because, namely, it is against the law to report statistics that are false.
As a lender, I am always thinking "two steps ahead" of my customer, wondering what they may ever use against me for a lawsuit. Now suppose you want to settle, and you get me to agree to "fix" your delinquencies and report that you always paid on time... At first bat, I'd be doing you a favor if I did that right? But suppose deep down the customer resents having to pay at all, and they didn't think the interest/fees/etc were fair to begin with, yet they settled just to keep me from suing them. Well, now the fact that I am reporting inaccurate information on the bureau (albeit the inaccurate information is in their favor); nonetheless it is still an FCRA violation to report false info, and I might find myself involved in a lawsuit whereby the customer is actually suing me for reporting such false information. Doesn't matter that it was in their favor, I would lose in court because it is against the law. So now the customer would recoup anything they paid me and then some.
Maybe my scenario is not likely to happen. But like I said I'm always thinking ahead for the worst case scenario.
Lastly, if the bureaus caught me reporting "good" accounts when really they were chargeoffs/delinquent/etc, the bureaus could terminate my membership (that is against my agreement with the bureaus); if they terminated my account, then I would never be able to report any account ever again.
Interesting, so my assumption that an OC would have no reason to
Interesting, so my assumption that an OC would have no reason to care what was reported on my CR is wrong, because it's against the law to report inaccurately to the benefit of the borrower. I didn't know that.
Good post.
Most people on here are in debt and settlement is the last optio
Most people on here are in debt and settlement is the last option before BK. Not many people , who like myself lost a business and are in real finicial trouble have money to hide. Because if you are sitting on money you will pay in the long run because the IRS will get you if you are not insolvent. I guess the better question is are you one of those people who have a good job and tried to live outside your means and are buried in debt and are looking for a free pass? That's what it sounds like to me but I do not know you or your situation. Settlement is better and one step above BK. You can slice and dice it anyway you want and is a tool for people who have hardship. If you are not experiencing a hardship pay or go with a DMP it is better on your credit!
Most people on here are in debt and settlement is the last optio
Most people on here are in debt and settlement is the last option before BK. Not many people , who like myself lost a business and are in real finicial trouble have money to hide. Because if you are sitting on money you will pay in the long run because the IRS will get you if you are not insolvent. I guess the better question is are you one of those people who have a good job and tried to live outside your means and are buried in debt and are looking for a free pass? That's what it sounds like to me but I do not know you or your situation. Settlement is better and one step above BK. You can slice and dice it anyway you want and is a tool for people who have hardship. If you are not experiencing a hardship pay or go with a DMP it is better on your credit!
Quote:I guess the better question is are you one of those people
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I guess the better question is are you one of those people who have a good job and tried to live outside your means and are buried in debt and are looking for a free pass? That's what it sounds like to me but I do not know you or your situation. |
Well, that is a bit presumptious. Just because you are in financial despair, doesn't mean that you can't also be looking to the future... a debt free future with the best credit score you can negotiate out of the situation.
Further, whether you just lived outside your means (not my case but a question that is very subjective and open to opinion/interpretation), or if it is a situation that meets YOUR definition of overwhelming financial burden, it is immaterial. When income doesn't allow for your to meet your financial obligations, the options are available to us all.
Ultimately, I'm not concern with my personal credit score or what is reported. I can't afford to make my secured or unsecured credit payments. I'm going to take care of those obligations through settlement, if possible. But I'm also going to try to work out the best possible result on my credit score, because I have a future beyond 6-9 months from now when my debt is gone (hopefully). And I"m looking forward to that future.
Yes have them tell you that you "pif" paid in full letter. Or se
Yes have them tell you that you "pif" paid in full letter. Or settled in full is just as good.
If you plan to wait 90 - 100+ days out on being late, I don't se
If you plan to wait 90 - 100+ days out on being late, I don't see you walking away from this with no late fees on your credit report. Good luck in settling your debt hopefully you can get the PIF you're wanting.
Johnita
