Cleaning up credit - current score 444

[newmom24]

Hello, I am new to the forum and I have a few questions to improve my score. there are two charge accts on my credit that I need to clear. I just did a PFD with Nordstrom and was able to get them to delete the TL from my report. I need advice about these two accts.

Spiegal Charge Card: balance 642.00 Charged off 642.00 last reported 12/05 - - I have a settement offer for 321.00 should I still send a PDF to them?

Victoria Secret Charge: balance 380.00 I made a settlement through world financial for 190.16 two weeks ago, and now I've rec'd a letter from CA saying i need to make all further payments to them, and that the balance of 190.00 is due to pay the debt off. My question is can I send a PDF to them, or should I dispute the payment due, since I settled through the OC??? Thanks

[Anonymous]

Try to get them both removed with PFDs.  Even on the settlement offer, it would be worth the extra money to have them deleted.

[Anonymous]

On the VS, if you made arrangements with WFNNB on a settlement, which you paid, you need to call them and let them know a CA is coming after you.

[Anonymous]

I don't know.  I'd pay the extra $190 to get it deleted.  

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trinigal wrote:

On the VS, if you made arrangements with WFNNB on a settlement, which you paid, you need to call them and let them know a CA is coming after you.

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[Anonymous]

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princessofpink wrote:

I don't know.  I'd pay the extra $190 to get it deleted.  

My only argument is that is seems shoddy of them to agree to settle (and some more info. on the terms of the settlement would be helpful) and then have someone else go after her for more money.

If she can get it deleted without having to come out the pocket again, then she should try that first.  She also hasn't told us how its reporting on her CR and who's reporting it.

Not saying I don't agree with you, but rather than come out the pocket first, a settlement was made, and that means something.  If and only if there is no other option, then she should pay the $190 IF and only IF they are going to delete and derog. they are reporting.

I'm just not one for handing over money to any and everyone who put their hand out and claims I owe them.  We have rights and I'm learning very quickly, people will try to get you where they can and one should avoid it as much as possible.

[Anonymous]

I agree with you, but once it's been paid they probably won't delete without any additional payment.  It's definitely it's worth a try, but they most likely won't delete a settlement.   Honestly, to me a couple hundred dollars is worth a delete.  I have a few medical small amount medical collections that I would pay double what is owed if they would delete them.  Not that I'm made of money, I'm a single mom getting nada in child support.  But I've come to realize these bad debts cost you so much more than actually amount due ever would.  I'm not just handing out money either.  But I feel like even when you do settle, the reality of the situation is that ethically you still owe them money. If paying it would give me both piece of mind that I did the right thing as well as a deletion, then I can feel really good about paying.

Just my two cents.

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trinigal wrote:

My only argument is that is seems shoddy of them to agree to settle (and some more info. on the terms of the settlement would be helpful) and then have someone else go after her for more money.

If she can get it deleted without having to come out the pocket again, then she should try that first.  She also hasn't told us how its reporting on her CR and who's reporting it.

Not saying I don't agree with you, but rather than come out the pocket first, a settlement was made, and that means something.  If and only if there is no other option, then she should pay the $190 IF and only IF they are going to delete and derog. they are reporting.

I'm just not one for handing over money to any and everyone who put their hand out and claims I owe them.  We have rights and I'm learning very quickly, people will try to get you where they can and one should avoid it as much as possible.

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[chartley3]

newmom,

What other baddies do you have?? With the score what it is I cant see only a couple accounts causing such a drop. Have you filed a BK or have a judgement or lien on your credit report?

[Neblett]

On a completely different note, I just want to say that you just need to work hard, and you'll see results.  As of April 2007, my score was 420; now it is in the 600s and climbing every month.

Listen to the wise people in this forum. 

Don't rush into any financial decisions.

DO NOT apply for credit you do not ABSOLUTELY 100% NEED until you get out of this hole.

Become an expert at writing GW and PFD letters, even if they don't always work.  No harm in trying.

But most importantly, don't give up hope.

[Anonymous]

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princessofpink wrote:

I agree with you, but once it's been paid they probably won't delete without any additional payment.  It's definitely it's worth a try, but they most likely won't delete a settlement.   Honestly, to me a couple hundred dollars is worth a delete.  I have a few medical small amount medical collections that I would pay double what is owed if they would delete them.  Not that I'm made of money, I'm a single mom getting nada in child support.  But I've come to realize these bad debts cost you so much more than actually amount due ever would.  I'm not just handing out money either.  But I feel like even when you do settle, the reality of the situation is that ethically you still owe them money. If paying it would give me both piece of mind that I did the right thing as well as a deletion, then I can feel really good about paying.

Just my two cents.

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I hear you and I follow. 

My thing is, why stick a CA after her?  It just seems wrong. She made a good faith effort to make right on an account.  And to me, and I may be wrong, a settlement says, this is what will satisfy this account.

But I agree if paying will get her the deletion, then great. 

[newmom24]

Hello again,

Yes, I called World Financial -- they agreed to the settlement of 190.16. I asked about the deletion and she said they would not do it since I was settling. It won't boost my score either way. It reports as 180 past due since 12/05 ... In the comments section it says - charge off acct.

Yes, I do have other baddies on my credit. Here goes (I am so embarrassed)

Badcock Furniture: revolving balance 0  credit limit 600

Capital one: revolving balance 0 credit limit 0 (paid - settled acct 1/06)

Carmax Auto Finance -18375 balance pays as agreed - late three times ( 8/06. 11/06, 2/07)

Citifinancial - 10k deferrment

Drivetime (car) 12033 high credit - balance 2333.00 - charge off acct since 4/06 (Just settled acct

with 1875.00 the update has not reflected on my score - title for vehicle in hand)

Credit Union Mastercard  - revolving balance 435.00 credit limit 500 - (late three times 12/05, 8/06, 11/06) secured card

Orchard Card (secured) - revolving - balance 263.00 - credit limit 300 - never late

Spiegel/CM - revolving - balance 642.00 - credit limit - 642.00 charge off 7/05 - last reported 12/05

Verizon (collection acct) - individual acct - balance 324.00 - past due 324.00 (just posted 5/07 and dropped score 25pts)

Please give advice on what I can do to improve credit. I would LOVE to buy a house and ignorance in the financial world  hurt m score.