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Does this EVEN exist?

New Contributor

Does this EVEN exist?

Hello All!

 

I have a closed Macy's account (opened 11/03) with a balance of $262 that has surpassed SOL --still owned by OC w/ no CA reporting on my CR. My question is this....I don't exactly want to PFD as this is my oldest account on my CR (I'm not exactly a "credit veteran" you see..) However, I'd like to PIF (or negotiate w/ OC for a lower amount), re-open the account and/or erase negative history. I know it sounds a bit much but just wondering if this is even possible....anyone?

 

Message 1 of 6
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Valued Contributor

Re: Does this EVEN exist?

I would contact the OC the account maybe paid off just not reported..  If not find out hte status of the account. I would advise you not to settle that is considered a major derogattory.   Offer to pay in full and work with them on a payment plan.

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
Message 2 of 6
New Contributor

Re: Does this EVEN exist?

Thank you for your response. However, this is a closed collection account--definitely not yet paid off. My intentions are not to settle as I am aware of the adverse effect this may have on my CS but rather PIF (or negotiate a lesser amount) and start over with the OC. I'm sure there must be someway of achieving this....

Message 3 of 6
Valued Contributor

Re: Does this EVEN exist?


mompreneur1 wrote:

Hello All!

 

I have a closed Macy's account (opened 11/03) with a balance of $262 that has surpassed SOL --still owned by OC w/ no CA reporting on my CR. My question is this....I don't exactly want to PFD as this is my oldest account on my CR (I'm not exactly a "credit veteran" you see..) However, I'd like to PIF (or negotiate w/ OC for a lower amount), re-open the account and/or erase negative history. I know it sounds a bit much but just wondering if this is even possible....anyone?

 


What you want to do is ask for a GW (goodwill) adjustment on this account.  GW letters are all over this forum, just do a search.  You can offer to PIF and REQUEST the account be re-opened and the negative info be removed, they DO NOT have to agree.  You could offer to PIF in exchange for removing the negative info (but leaving the account closed).  You can offer multiple variations of a gw adjustment.  BUT, all you may be able to do is pif or settle for a lesser amount.  And as long is it reports as a "payment after a charge off" (whether pif or settled) it will still be a negative account. 


CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16
Message 4 of 6
New Contributor

Re: Does this EVEN exist?

Thank you kjm79! I will try a GW letter. However, just two questions...it is not a charge off, so if I PIF or negotiate the balance due, and the OC reports "Paid in full" will this reflect positively on my CR? Also just wondering if anyone knows which is better, to PFD or PIF your oldest collection account? Just trying to avoid setbacks throughout this extensive process!

 

Advice is much appreciated! Thank You!!! Smiley Happy

Message 5 of 6
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Valued Contributor

Re: Does this EVEN exist?

First find out the status of the account after that then determine a course of action.

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
Message 6 of 6