I have 30, 90, and 120 day lates on a Discover Card, which caused the account to close, it has a balance of $199.
After calling the Executive Office, and waiting 4 days for them to "investigate", even if I pay the full balance, they would not want to remove any of the lates, or delete the account.
I am now wondering if it might be a better option to allow the account to charge off, then do a pay for delete with the collection agency.
The original trade line of Discover will still be on your reports. Allowing it to go to collections is another ding on your reports, I woul pay it and call it a day. They do not to remove the lates.
Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.
Adding both a charge-off and a collection, and then hoping for a PFD of the collection, will only make things worse.
The best option, in my opinion, is to pay before it charges-off, thus showing the CO that you are not going to stiff the debt, and then pursue a GW campaign with the OC.
I'm with both of the responses above. You wouldn't want to make the situation worse by adding a charge off. In fact, you showing that you are making an effort to correct the situation may help you with a possible GW down the road.
Total CL: $321.7k
UTL: 2%
AAoA: 7.0yrs
Baddies: 0
Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping
Letting it go to charge off definitely won't help.
Make sure you're addressing the actual cause that led to the lates and not paying in the first place. You need to do whatever it takes to avoid lates and other derogs on a go forward basis. Consider the typical weight of Payment History.
