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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Cards based on Score

If you attempt to settle this account for less than the due balance it will most likely continue to report on your CBR until the fall off date with a derogatory comment. Settled accounts are bad. Plus, if the account is still with the OC you may get a 1099 form for the amount you settle away.
Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009

Re: Cards based on Score

Hi CWCID...that's why I specified pay (or settle...) for delete. If no delete...then no pay, as far as I'm concerned, for precisely the reasons you mention.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Cards based on Score


LynetteM wrote:
Hi CWCID...that's why I specified pay (or settle...) for delete. If no delete...then no pay, as far as I'm concerned, for precisely the reasons you mention.

 

Even if you settle for delete the OC is supposed to (by law) send you a 1099 for the benefit of the bargain. It is income.
Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009

Re: Cards based on Score


creditwherecreditisdue wrote:

LynetteM wrote:
Hi CWCID...that's why I specified pay (or settle...) for delete. If no delete...then no pay, as far as I'm concerned, for precisely the reasons you mention.
Even if you settle for delete the OC is supposed to (by law) send you a 1099 for the benefit of the bargain. It is income.

 

Hi CWCID...I realize that. But...if you are saving money on the pay for delete by settling...then, paying tax on the difference between the amount due and the settled-for amount is still cheaper than paying the full amount. You would only be paying a portion of the forgiven amount instead of the full amount.

 

And...at this point...if it is close to falling off, I wouldn't mess with it at all unless I could get it deleted for good.

Regular Contributor
IrishPM
Posts: 165
Registered: ‎04-17-2008

Re: Cards based on Score

I have clean reports with average age of account around 7.8 months and oldest account clocking in at 27.4 years. My FICO is TU 714 and EQ at 690 and was just approved for the Harley Davidson Rewards Visa card with a CL of $4,000. APR is 13.99%.....no annual fee. I wanted to have another rewards card in my wallet and after I was solicited by HD for the card (they sent me a promo offer in my monthly statement for my motorcycle), I decided to apply. Was turned down initially but called CSR and had the card in hand in 5 days. Not sure what all of the deciding factors is for approval but the CSR did tell me that US Bank (card issuer) looks at more than just your FICO score....US Bank pulled Experian which it's anyone's guess as to what that score is since you can't get it anymore other than the FAKO kind.....freecrditreport.com is showing my FAKO Experian at 764 which doesn't really mean anything to me.
Regular Contributor
LILMAN8406
Posts: 131
Registered: ‎03-30-2009

Re: Cards based on Score

I have tried a PFD and having it re-aged as paid as agreed and an intent to sue letter. They have turned down the first PFD and RE-age offers. So now i am preparing to take them to small claims court for laws the have broken and their illegal debt collection practices.
Eq WAS 500+ three years ago NOW IM 683 and Trans WAS ALSO 500+ NOW IM SITTING AT 710
700 You better be on the LOOK OUT(OOPS GUESS THEY WEREN'T LOOKING CAUSE I ALREADY MADE IT YAAAAYYYYYYYY)
Regular Contributor
LILMAN8406
Posts: 131
Registered: ‎03-30-2009

Re: Cards based on Score

Thanks IrishPM  for the helpful information.
Eq WAS 500+ three years ago NOW IM 683 and Trans WAS ALSO 500+ NOW IM SITTING AT 710
700 You better be on the LOOK OUT(OOPS GUESS THEY WEREN'T LOOKING CAUSE I ALREADY MADE IT YAAAAYYYYYYYY)

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