General Credit Topics

[mymy]

Does anyone have a letter templete for an offer to settle Credit Card?  They have NOT contacted me.

I want to settle with Cap 1 on two closed CC accounts that are killing my UL.  They are still reporting 90+ every month, and way over the CL, in turn giving me a 157% UL.

The TL are do to drop in 2/08 and 07/08, but ive heard that Cap 1 has a lot of "tricks" and before they turn over to CA.

HELP!

Message Edited by mymy on 07-05-2007 11:16 PM

[SmartCookie]

Are you just wanting a PFD?  Example letter is here and just customize to your specifics.  There is no one fill-in type letter as everyone's circumstances and details vary so.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2659

You can use one letter for both CCs.  You can post your letter here for review if you wish, just of course X out any ID'ing info.

[mymy]

yes a PDL is good, however i hear that cap 1 RARELY does a PFD. 

i just want to try to settle this before it gets too close to the 7 year mark and/or goes to collection or lawsuit....

thanks

[HappyDays]

If it is due to drop soon why do you want to settle.You are talking about 2 different SOL when you thinking about law suit & CA.

If it is turned over to a CA the date doesn't change first missed pmt.& drops in approx. 7 years.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=2689

Law suit goes by SOL of the state that you are in!!

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

this is main link to all info. check it out!

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=6834

as to your credit report (federal law) baddies drop off in 7 years!!!!!

As far as law suit - judgement they go by what your state SOL is & most are less years.

But god help you if you live in RI.

I am in Ct.  my SOL is 6 years from last activaty.The way this works is...my  first missed pmt was 1/2001.....it will drop off credit report 7 years from that date, even if I tried to pay again in 4/2001.

NOW law suit or judgment---- they must sue you  in your state!!!

now use same dates...1/2001  and 4/2001...My state is last activaty so they would use 4/2001

The CCC or CA can try & sue me BUT state SOL is 6 years...after 4/2007...is the last date that they can...I must prove SOL of 4/2001.  Case would be dismessed.

You Must Check your State SOL!!!

there are  a few links that I do not have handy BUT  someone will post them to you.

Message Edited by HappyDays on 07-05-2007 11:33 PM

[SmartCookie]

---

mymy wrote:

yes a PDL is good, however i hear that cap 1 RARELY does a PFD. 

i just want to try to settle this before it gets too close to the 7 year mark and/or goes to collection or lawsuit....

thanks

---

Yes I get that feeling too regarding Cap1.  I'm at a loss here... the letter you are describing would be a PFD.   Are you asking for someone to post their PFD letter that was accepted by Cap1 for you to use as an example?   Please clarify. 

[mymy]

yes i know that  it will be dropping soon, ( one in about 6 months the other 12 months) but the amounts  are $2250 and $1230. and offer 50-60% settement. (which I can afford rite now) and lower my UL sooner.

I live in Texas and it is 4 years SOL.  I am not sure how that helps.

Pay for Delete letter is fine.  I just wanted to get an idea of how to iniciate one. 

also, my employer does a quarterly review of my CR and it came up last week.  Those two are the only ones that were brought to my attention.  so I figure i would give it a shot.....

thanks guys!

[HappyDays]

I understand the WORK thing  The state SOL only protects you against law suits....nothing to due with CR drop off.

This is the main page with all kinds of letters & info.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=6834

check all these threads....look for anything that has to do with PFD....you will find many people that have used them & how it worked for them.You may also find different wording also.

ALWAYS do everything by CMCRR and copy everything even the Green Card. I would also put the cert.# given by usps, ON your PFD letter.  Before you pay or ok anything from your answer from them, come in here & post their answer.  There have been some that sounding correct until a person in here noticed that wording was not correct & that the CC or CA did not state properly that it would delete.

Message Edited by HappyDays on 07-06-2007 05:59 AM

[Boswd]

Yeah I would get it settled  PFD or whatevery you have to do.   Cap I is very sue happy and those amounts of money owed to them is prime meat for Cap 1.

[mymy]

Thanks Again for all the important info.

This is how the accounts appear on My Fico.

Unpaid balance reported as a loss by credit grantor,  AND Account closed at credit grantor's request.

There are multiple 30+.60+,90+ day lates, should i mention this in my PFD letter. specifically?

$2,226 Unpaid balance reported as a loss by credit grantor $2,226 Seven year payment history [?] 30 days late 2 times (Oct 2001, Jul 2001) 60 days late 1 time (Nov 2001) 90+ days late 5 times (Apr 2002, Mar 2002, Feb 2002, Jan 2002, Dec 2001) Recent payment history [?] 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 2000 2001 2002 Legend: Not Open Unknown Currently paid as agreed 60 days late

Date opened [?] Dec, 2000 Date of last payment [?] Mar, 2002 Account number [?] XXXXX Account type [?] Credit Card, Terms REV Credit limit [?] Not Reported Largest past balance [?] $1,102 Credit Type [?] Revolving Account holder [?] Individual

Descriptions [?]

• Account closed at credit grantor's request

No contact information provided by Experian

Based on this file, does anyone have any suggestions?

Thanks again....

[HappyDays]

Im sorry but I'm not that sure about PDF letters.  If you do not get an answer from someone that knows more, click reply & type BUMP....go to top so more people will see & can help you more.

good luck!