General Credit Topics

[Booner72]

So this would reduce your utility then?  That is a great way to get pointage !  Good Luck to you.

[matteosmom]

I offered 40% but they could only do 50% but will show a ZERO balance. So I am paying that as soon as I get that in writing... They dont email so I had to wait for the postal mail...

Then, they report on the 11th so this should do the trick....

I will let everyone know for sure what it happens in case they are in a similar boat.

[Booner72]

Hang on, sista - before you rush off to pay them, having them update it to a zero balance won't help your score one tiny inch.  In fact, when the collection agency I was paying off updated my balances to zero, i LOST one point (as this caused the reporting date to be most current).

In order to get any pointage, you are going to have to get them to agree to DELETE the account.  They are likely to do this since you owe them money, but once you pay, it may very well be too late and your only hope would be that they delete out of the goodness of their hearts (goodwill letter).

You are in a position to negotiate now, but not after you pay. 

I'm not saying don't pay it - bc paying it will be good and they will be out of your hair.  But it won't help your score, unfortunately  :*(

[Booner72]

Oh wait now - is this a credit card you are paying off?  So this account is affecting your utilization?  If that is the case, then that Should definitely do the trick.  I thought you were talking about a collection account like a medical bill or something.

[matteosmom]

Correct. This is with the OC not a collection agency...  My lenders"score estimator" said to expect about a 36 point increase. Not to mention once this is paid, I will be debt free with this other than my car payment...

Just waiting for the letter to come in so I have it in writing first....

[Booner72]

Great!  Good luck, let us know your new pointage!

[matteosmom]

Got the letters, paid it and got a receipt with a letter from them saying my account is paid with no further money owed .. Lender used for a rapid rescore on the 14th... I am still waiting....

They are telling me Capital One will not confirm.... Even tho I gave them permission....

I dont know what to do now....

[haulingthescoreup]

edit: whoops, sorry, I was replying to the wrong post.