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Posts: 5
Registered: ‎02-27-2017
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Credit card Issues?

Hello. I'm currently trying to rebuild my credit and as of now my only real issue with my reports are two credit card balances that are a year or so overdue. 

My one credit card I thought was in collections but i just recently (a week ago) got a letter from American Express to settle the balance for 40% of what is due. I was wondering if the credit card company would accept a full payment instead if i agree to pay it all and they agree to delete it from my credit report. I have heard of collection agencies doing pay for delete but will credit card companies? What is the best way to handle this card to increase my score?

Now on the other card I know it has been sent to collection. I received a letter from Van Ru Credit Corp in Feb 2017. I just received a letter from another agency, Northstar Location Services LLC a week ago. I was planning on sending a PFD letter regarding this card but who do I send it too? Why would two different agencies send me a letter within a month of one another? How do I handle this with getting it off my reports?

 

Any and all advice is greatly appreciated. Thank You.

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Valued Contributor
Posts: 3,004
Registered: ‎08-13-2009
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Re: Credit card Issues?

If I was you, I would pay AMEX off in full, as soon as possible.

 

AFTER they have been paid in full, ask them to delete the late payments on your credit report.  I have heard that they are reasonable to work with once they have received all of their funds.

 

I would deal with AMEX first.

 

With the second collection, I would call the OC (original creditor) and set up a payment plan.  They may still own the debt, but sent the debt to an outside source for collection. If the OC doesn't own the debt anymore, they will tell you who they sold it to and give you contact information.  Then you can send that debt collector a debt verification letter, if you are in question about any portion of the debt.   If you know it's your debt, then you can ask for a pay for delete (PFD).

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