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Major question so I had a first premier called in college and maxed it out becasue i was the typical poor college student. mommy and daddy weren't fronting my expenses. Anyway I have a little extra money and Im trying to do the right thing and pay some things on my credit. I only owe them 352.91 to be exact. The account was open in Jan 2010 and on myfico report it shows last activity as Feb 2015 but I havent used the card since Feb 2010 so i'm guessing 2015 is when it got charged off. This morning I called to see what I owed and they had sold it to jefferson capital or whatever. Patricia the lady i spoke to with at Jefferson Capital was very friendly and helpful (very rare in collection agencies) she offered me a settlement of 254 and said it would be sent over to FP and they would change the status on my credit report to settled and if I wanted to pay in full they would just change it to paid in full but it would still be listed as a collection.
So my question to my other community members is should I try and ask for a PFD or just pay the balance in full and let it be updated and bring my utilization limit down. I only had two credit cards and both are charged off and over the limit which has a utilizaton of like 131% on my reports. So i told her I would call back on monday with my decision, I'm working to rebuild my credit but I dont want to get another credit card with FP at all even though I never had any problems with them. I rather go with a more reputal brand like capital one or USAA which is where my other charged off CC is.
HELP!!!! PUHLEASE
My first advice would be not to type in pink. It's hard to read. Other than that, settle for less because chances are, you won't get a PFD either way. Or, pull your free reports and check for inaccuracies, if there are inaccuracies, send a 623 letter and ask for deletion, BEFORE YOU PAY.
I'm pretty sure its accurate, I hadnt had the luck to have inaccurate items on my reports. I have the reports from MYFICO and compared them to what CK has, everything there is mine.
Order your paper reports first. I to thought I wouldn't have luck with inaccuracies but I found one sent a 623 letter to FP a week later got a letter that they were deleting. You can also see if FP is willing to recall the account from Jefferson for a PIF.
If it has been sold to the debt collexctor, the OC account should have been updated to $0 balance, so it should no longer be affecting your utilization.
The OC should not be negotiationg or taking any payments, as they are no longer involved with satisfaction of the debt.
You can make a PFD offer to the owner/debt collector, but it would only apply to their collection.
The OC reporting of the charge-off would remain, and thus would continue to affect your score.
Its very weird, I called FP because thats who's on my reports andf they said the debt had just been sold to Jefferson Capital. I called Jefferson Capital and they offered me a settlement and said once paid they would send the info over to FP and from there FP will update my reports. Jefferson capital isnt listed on my reports at all. So i guess its okay for FP to still show the balance. I dont know if its better for me to have it on my account due to the age or get it removed. I dont have any current credit cards but I know paying it will lower my over the top utilization limit.
@Anonymous wrote:Its very weird, I called FP because thats who's on my reports andf they said the debt had just been sold to Jefferson Capital. I called Jefferson Capital and they offered me a settlement and said once paid they would send the info over to FP and from there FP will update my reports. Jefferson capital isnt listed on my reports at all. So i guess its okay for FP to still show the balance. I dont know if its better for me to have it on my account due to the age or get it removed. I dont have any current credit cards but I know paying it will lower my over the top utilization limit.
Don't neglect the positive side of the equation while rebuilding. Your scores will languish if you do that. Go to Capital one and apply for the platinum card. If you don't get approved, apply for a secured card and once it hits your reports you will get a boost. Then apply again for the unsecured platinum card.
You need to get at least three accounts going, sooner the better.
@Anonymous wrote:
@Anonymous wrote:Its very weird, I called FP because thats who's on my reports andf they said the debt had just been sold to Jefferson Capital. I called Jefferson Capital and they offered me a settlement and said once paid they would send the info over to FP and from there FP will update my reports. Jefferson capital isnt listed on my reports at all. So i guess its okay for FP to still show the balance. I dont know if its better for me to have it on my account due to the age or get it removed. I dont have any current credit cards but I know paying it will lower my over the top utilization limit.
Don't neglect the positive side of the equation while rebuilding. Your scores will languish if you do that. Go to Capital one and apply for the platinum card. If you don't get approved, apply for a secured card and once it hits your reports you will get a boost. Then apply again for the unsecured platinum card.
You need to get at least three accounts going, sooner the better.
+1000 ^^^^^^
I cleaned then got positive trade lines. I should have been doing this together. The sooner you can get those positive payments and responsible credit usage on your report the sooner there will be opportunities to grow your score.
FP really does not PFD. Once in a rare while I will see that here. But it is odd.
@spike69 wrote:
@Anonymous wrote:
@Anonymous wrote:Its very weird, I called FP because thats who's on my reports andf they said the debt had just been sold to Jefferson Capital. I called Jefferson Capital and they offered me a settlement and said once paid they would send the info over to FP and from there FP will update my reports. Jefferson capital isnt listed on my reports at all. So i guess its okay for FP to still show the balance. I dont know if its better for me to have it on my account due to the age or get it removed. I dont have any current credit cards but I know paying it will lower my over the top utilization limit.
Don't neglect the positive side of the equation while rebuilding. Your scores will languish if you do that. Go to Capital one and apply for the platinum card. If you don't get approved, apply for a secured card and once it hits your reports you will get a boost. Then apply again for the unsecured platinum card.
You need to get at least three accounts going, sooner the better.
+1000 ^^^^^^
I cleaned then got positive trade lines. I should have been doing this together. The sooner you can get those positive payments and responsible credit usage on your report the sooner there will be opportunities to grow your score.
FP really does not PFD. Once in a rare while I will see that here. But it is odd.
NormanFH: so you think it would be best for me to just pay and take the paid in full status opposed to trying to get the entire tradeline removed...correct?
Spike69: I dont mind paying what I owe, I know the debt for the card is mine, I just know its been posted as charged off since 2010 so I thought it might be better to get it removed since its gonna fall off in a couple years. Idk im starting to confuse myself