Credit Card Center Advertiser Disclosure

Reply
New Visitor
Posts: 2
Registered: ‎10-10-2017
0 Kudos

Discover wont settle because of recent Balance Transfer

Discover is telling me becuase it is a balance transfer in Feb of 2017 that they won't settle, my last payment was paid on 5/20 and the balance is $13226 and it is now 10/10/17.  What do I do?  HELP

Valued Contributor
Posts: 2,457
Registered: ‎03-28-2017
0 Kudos

Re: Discover wont settle because of recent Balance Transfer

Won't settle for what?  Are you trying to make a payment arrangement before it gets charged off?

FICO8 3/17 550EX, 570TU, 559EQ
FICO8 10/17 710EX, 693TU, 734EQ -- almost 700 club!
Gardening since Aug 7, 17
Established Contributor
Posts: 886
Registered: ‎02-13-2012

Re: Discover wont settle because of recent Balance Transfer

Hello Michelle, welcome to the boards! Smiley Very Happy

 

Sorry to hear that you're having trouble settling your Discover debt. If I'm reading your post right, you're trying to settle your debt with Discover and they're refusing to do so because the debt relates to a BT instead of purchases. Is that correct? Assuming that's correct, that may be their policy and if it is, I'm not sure there's any way around it. I would suggest escalating your call to a supervisor because sometimes they have authority that the front line CSRs do not. However, I wouldn't be surprise if that's their policy and there's no way around it. Good luck. 

**FICO 8 Scores Sept 2017 EQ 747 EX 732 TU 741**


Visitor
Posts: 7
Registered: ‎10-10-2017
0 Kudos

Re: Discover wont settle because of recent Balance Transfer

They wont settle the balance because its a balance transfer, I offered 60% to pay it off.

 

Visitor
Posts: 7
Registered: ‎10-10-2017
0 Kudos

Re: Discover wont settle because of recent Balance Transfer

Here is the content of the message they sent me:

 

Unfortunately, there is no option for a settlement.  I do apologize.  This balance is from a balance transfer you made on 02-03-17 in the amount of $13,500.  You have only received 4 late fees totaling $138.00 and interest totaling $2.85.  You can always pay the amount that you have which will reduce your total balance amount and lower the monthly payments as well to something you may be able to manage going forward.

 

So yes, I think its cause of the BT.  I may try and call them.  UGH...I transfered the balance cause I was afraid of not making payments and then it all snowballed.  I recently sold a personal belonging and have $6000 TODAY to offer to pay it too.

 

 

 

 

 

Established Contributor
Posts: 599
Registered: ‎05-11-2015

Re: Discover wont settle because of recent Balance Transfer

Out of curiosity, is your leak of payment because of a larger financial problem, or is Discover the only CC you are having a problem paying?

If you are having larger problems, I certainly wouldn't throw all $6k at them. I'd pay enough to bring the card current to buy you some breathing room to assess a plan going forward.

My cards:

Amex BCE: $15K | Cap1 Venture: $15K | NFCU CR: $14.3K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | Discover IT: $5.4K | Sportsman's Guide: $5.1K | FNBO NRA: $5K | Legacy Visa: $2.75K | Elan Plat: $2.3K | Cap1 PS: 2K | Cabela's: $1K


Current Scores:  EQ:  718  |  TU:  727  |  EX:  717
Valued Contributor
Posts: 2,457
Registered: ‎03-28-2017
0 Kudos

Re: Discover wont settle because of recent Balance Transfer

Are you sure the account is actually charged off?

FICO8 3/17 550EX, 570TU, 559EQ
FICO8 10/17 710EX, 693TU, 734EQ -- almost 700 club!
Gardening since Aug 7, 17
Visitor
Posts: 7
Registered: ‎10-10-2017
0 Kudos

Re: Discover wont settle because of recent Balance Transfer

No, I have another account with Bank of America.  The last payment I made to discover was in 5/20/17 and Bank of America 6/03/17.  Those are my only two. (But thats terrible)

 

Visitor
Posts: 7
Registered: ‎10-10-2017
0 Kudos

Re: Discover wont settle because of recent Balance Transfer

No they have not been charged off, I am just afraid of being sued and not being able to settle cause its a balance transfer.  I wanted to do this on my own and try and save some $$, but should I contact a debt consolidation help?  Just dont want my credit score hurt anymore.  I had close to a 790 and its already at a 597Smiley Sad

 

Thanks for the advice/help everyone.

 

 

Valued Contributor
Posts: 2,457
Registered: ‎03-28-2017
0 Kudos

Re: Discover wont settle because of recent Balance Transfer

If it isn't charged off, then make the payments necessary to catch it up to not-late.  That's a start.  Pay on time for 12 months then and see if you can get a goodwill adjustment down the line.

FICO8 3/17 550EX, 570TU, 559EQ
FICO8 10/17 710EX, 693TU, 734EQ -- almost 700 club!
Gardening since Aug 7, 17

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.