I had some collections from several years back that showed up on my reports. One was a Cap One CC from 2004 showing as charged off. I contacted them to make arrangements to settle, though now I'm advised that this will likely lower my FICO. Anyone had any experience with this? Since I've already updated my information with them, what might I possibly do to ensure that my actions will be reflected favorably?
Forgive me...what is a PFD? I made an interest payment of $78.63 by phone, then told the rep I'd call him within 48 hours to provide checking information to make two equal payments of $600 over the next two mos. The actual amount was for $1801.00. I'm almost of the mind that I could pay the full amount of $1801.00 and have better bargaining power for having it removed, but not quite sure how to go about this. I feel as though if I'm initiating the contact to try to make things right, they could do something in return.
You should never never ever talk to a CA over the phone and always get things in writing. They may not be interested in doing this now since you made a payment and it started your SOL all over again. Now if you default on the agreement you made to pay this off they can sue you.
I would sent Them a PFD letter and state you are willing to pay in full only if they delete. I would not pay in full or settlement and then try to dispute that might backfire unless you wait a few months after you paid it but remember if you settle some CA have been know to sell the remaining balance. I would try to get them to put it in writing that they will not be allowed to do that under your agreement to settle