Payment arrangement

[babumax]

I went on a couple payment arrangements on cards that were not late and cards not at limit.. My credit score dropped 84 points????????

[babumax]

What should I do?   my credit went from 667 to 583 no late payments on any accounr for 5 yrs???

What can I do??

[babumax]

These accounts are also showing as PAST DUE on the cover sheet but Pays as agreed everywhere else.. and they are not late....

[Anonymous]

You may need to elaborate. What do you mean by payment arrangements? If you mean to pay off a balance why did you do payment arrangements? I am confused because usually people only make payment arrangements on past due or closed delinquent accounts so if you have no lates why the payment arrangements? Also double check and see if anything else has changed on your credit report. Give as much info as possible is one thing I have learned on here. If you dont provide enough info no one will respond.

[DI]

Its takes a long time to rebuild.  I went from 544 in 2004 to 771 for TU in July.   5 years is a long time to manage credit and not slip up and damage it again.  Good luck to you. 

[GregB]

You should check your agreement with the "Payment arrangement". Is it thru the creditors or another company?

I believe most or all payment arrangements severely damage your credit. You ARE probably late on the original debt.

I have not seen many of these but of the ones I have seen, you are only seeing the beginning of the damage. This does make sense. If you are on a payment arrangement your FICO should be way down since you are a much higher risk for new credit.

Did you check out all the information on the original arrangement? Did you have any other options other than being late or some arrangement?

[Uncle_Money]

Usually, any type of "payment arrangement" other than your original agreement will adversely affect your reports.

[babumax]

The arrangement was made as an interest rate reduction for one year only.. The account was never late and the payment arraingement was made with citibank and they were going to reevaluate opening the account again in 1 year,, I called their collections dept and they said I do not show being late..

[creditwherecreditisdue]

I would recommend you pull your CBR directly from the CRA and look at the details shown there.

Message Edited by creditwherecreditisdue on 10-05-2009 09:33 AM

[DI]

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@babumax wrote:
The arrangement was made as an interest rate reduction for one year only.. The account was never late and the payment arraingement was made with citibank and they were going to reevaluate opening the account again in 1 year,, I called their collections dept and they said I do not show being late..

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OP- if it was only an interest rate reduction agreement, and not payment reduction, your account should say pays as agreed. Maybe there's a reporting error.