Is there a FICO watershed?
Date: Sat, 07/31/2010 - 13:17
Submitted by WeShallOvercome
on
Sat, 07/31/2010 - 13:17
Total Replies: 5
As I understand it, if your credit score is currently very good (like mine is and that seems to be unfortunate!) ... settling AFTER 90 days is much worse for the FICO (assuming that a High FICO is still truly the holy grail that it once was ... but I'll leave that for separate discussion).
Is that really true? And I ask because I've been trying to negotiate a settlement with Amex for 50% max lump sum ... and they won't budge off 75% ... even at 85 days. Do you think they're waiting to see if let it go past 90? (indicating they can no longer use FICO scores and credit ratings as leverage). That'll probably happen at this rate, and it's a shame but 75% of $30K is a lot of green (which at least ethically I don't even owe them because of a weird biz deal few of you would comprehend).
They assigned mine to NCO at about 90 days and I settled within
They assigned mine to NCO at about 90 days and I settled within a week.
Yes, a 90 day late looks worse than a 120 day late. But since
Yes, a 90 day late looks worse than a 120 day late. But since you are settling the debt with Amex for less than the balance, your credit report will show such. So, the settlement will ding your credit more than the 90 days or 120 days.
I would settle the account for what you can afford or what you think is right, and then repair your credit later.
Quote:Originally Posted by Anonymous So, the settlement will din
Quote:
Originally Posted by Anonymous So, the settlement will ding your credit more than the 90 days or 120 days. I would settle the account for what you can afford or what you think is right, and then repair your credit later. |
Good logic ... thanks.
Quote:Originally Posted by danthemanThey assigned mine to NCO at
Quote:
Originally Posted by dantheman They assigned mine to NCO at about 90 days and I settled within a week. |
might I ask what level of debt was involved? (and what settlement % please)
... trying to get a current picture on Amex behavior.
Finally settled with Amex ...
A 60% settlement less accrued fees and 3 months interest has been achieved directly with Amex (within 90 days). Acceptable to me for a resolution that will avoid my entering further uncharted territory ...