Repairing My Credit

[Red22]

I received an offer from National Credit Systems, Inc. collections for 50% of the debt balance.  They said they would put on my credit report as "paid settlement". This debt is fairly new, but not new,new(12/07) Is it better to pay the settlement offer or pay the balance in full?  Will this negatively affect my FICO score?

Also, this would give my remaining collection accounts a balance of $2199.  And how can I increase my score.  I don't have any cc, should I get at least one?

EQ576

EX548

TU?

[Anonymous]

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@Red22 wrote:

I received an offer from National Credit Systems, Inc. collections for 50% of the debt balance.  They said they would put on my credit report as "paid settlement". This debt is fairly new, but not new,new(12/07) Is it better to pay the settlement offer or pay the balance in full?  Will this negatively affect my FICO score?

Also, this would give my remaining collection accounts a balance of $2199.  And how can I increase my score.  I don't have any cc, should I get at least one?

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Experts here will want more information on this debt before answering. What is this debt for? When did you originally go delinquent on this debt? Are you still within your state's Statute of Limitations?

If you pay this debt, it's not going to increase your score unless you can get them to delete it entirely from your report in the process (search PFD on this site).

[Red22]

The debt is from a defaulted college dorm account of my daughters.  The orginal delinquent date is 10/07. I assume I am within my state's Statute of Limitations.  I'm in CA.  Is it the norm to request a PDF?  Hasthis process been successful?

[Tuscani]

PFD is your best option and has been VERY successful for many.

[Red22]

I just really looked and paid attention to an account that was added to my credit history.  This account was my daughters account but I was added on to the account as an authorized user.  It is showing on my credit report and I didn't even apply for a credit card from B of A.  How can this happen? I am trying to rebuild my credit and now this shows up.  I just recently moved from EQ:576 to EQ:590.  I know this is bad thing.  Anyone have any suggestions!  On my accounts summary it doesn't show a balance, but on account details it shows this.  I didn't even make any purchases on this account! What am I going to do?

Credit Account Bk Of Amer

Status as of [?] Mar, 2008

         Date opened [?] Mar, 2007

         Date of last activity [?] Sep, 2007

         Date closed [?] Not Reported

         Account number [?] Not Reported

         Loan type [?] Not Reported

         Largest past balance [?] $6,904

         Terms [?] Not Reported

         Account Type [?] Revolving

         Account holder [?] Authorized User

         Scheduled payment amount [?] $0

***Really trying to rebuild my credit, but new obstacles keep surfacing*** 

EQ:590 EX:576 TU:?

[Anonymous]

Have you tried disputing this item yet? As you were only and AU, you have no contractual agreement to pay anything. A simple dispute letter to the 3 cra's and you should be good to go.

[Anonymous]

I wouldn't dispute. As an authorized user, BoA can report. If you really believe it's hurting your score then you can have your daughter remove you as an Authorized User through BoA and it will be removed from your reports.

ETA: Experts here can help you determine if it's hurting or helping you.

Message Edited by Shnapple on 02-10-2009 04:33 AM