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HELP! How to settle this CO

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Anonymous
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HELP! How to settle this CO

Just when things were going well.....

Okay this is my 4th post and I hardly get any responses.  Well I'm hoping someone will reply cos I am one person who does multiple searches for threads -  I don't just post ignorantly.  Here is my dilemma.

No baddies on my CR except for two accounts with late payments.  As I was trying to cover all my bases, I just learned an account I neglected last year went into collections.  However, I never received a letter nor has it hit my CR.  

I finally got a few revolving CCs and 14 pts from getting best rates for a car loan with DCU (yes I need a car TODAY but trying to put it off as long as I can).  I can't afford this to hit my CR.  What is the the best means to contact them?  Via snail mail or call?  No matter what they do/say, it can get reported any day now which is what I fear.  I'm planning to PIF if I need but don't want to get screwed over.  I've never had a car loan or mortagage so nothing for any lender to base me on.  I'm not lucky to get a co-signer or a big down payment.   I wonder if I contact them it will spur them to report to the CRAs.  Even if they report and I PFD, would my score recover equally?  

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: HELP! How to settle this CO

Call them and have them fax or email you stating if you pay in full this account will not be reported to any cra. Then pay but get it in writing.
If they haven't reported yet it's very easy to do this.
Message 2 of 9
Anonymous
Not applicable

Re: HELP! How to settle this CO

I would call them as soon as possible, if you know it a legitimate debt, and make arrangements to pay it with their agreement to not report it. This usually an easy agreement to get, because it saves them the money they would have to pay the CRA's for reporting.

Message 3 of 9
Anonymous
Not applicable

Re: HELP! How to settle this CO


@Anonymous wrote:

Just when things were going well.....

Okay this is my 4th post and I hardly get any responses.  Well I'm hoping someone will reply cos I am one person who does multiple searches for threads -  I don't just post ignorantly.  Here is my dilemma.

No baddies on my CR except for two accounts with late payments.  As I was trying to cover all my bases, I just learned an account I neglected last year went into collections.  However, I never received a letter nor has it hit my CR.  

I finally got a few revolving CCs and 14 pts from getting best rates for a car loan with DCU (yes I need a car TODAY but trying to put it off as long as I can).  I can't afford this to hit my CR.  What is the the best means to contact them?  Via snail mail or call?  No matter what they do/say, it can get reported any day now which is what I fear.  I'm planning to PIF if I need but don't want to get screwed over.  I've never had a car loan or mortagage so nothing for any lender to base me on.  I'm not lucky to get a co-signer or a big down payment.   I wonder if I contact them it will spur them to report to the CRAs.  Even if they report and I PFD, would my score recover equally?  



Are you maintaining the optimum UTI% on those cards?

 

Also if you have no installment loans at all (auto, student, or personal loans), then that is costing you some points. Consider opening a small secured loan with a CU such as SDFCU, NASAFCU, DCU, PenFED, etc.

Message 4 of 9
Anonymous
Not applicable

Re: HELP! How to settle this CO

All done!  Phew!!!!!!!!!!  Thanks for the replies. It was still fairy new and probably would've been months to hit but didn't want to risk it!  Funny thing, the guy was as sweet as pie and didn't even argue with me about reducing the paymen!  I think he was a newbie......

Message 5 of 9
Anonymous
Not applicable

Re: HELP! How to settle this CO


@Anonymous wrote:

@Anonymous wrote:

Just when things were going well.....

Okay this is my 4th post and I hardly get any responses.  Well I'm hoping someone will reply cos I am one person who does multiple searches for threads -  I don't just post ignorantly.  Here is my dilemma.

No baddies on my CR except for two accounts with late payments.  As I was trying to cover all my bases, I just learned an account I neglected last year went into collections.  However, I never received a letter nor has it hit my CR.  

I finally got a few revolving CCs and 14 pts from getting best rates for a car loan with DCU (yes I need a car TODAY but trying to put it off as long as I can).  I can't afford this to hit my CR.  What is the the best means to contact them?  Via snail mail or call?  No matter what they do/say, it can get reported any day now which is what I fear.  I'm planning to PIF if I need but don't want to get screwed over.  I've never had a car loan or mortagage so nothing for any lender to base me on.  I'm not lucky to get a co-signer or a big down payment.   I wonder if I contact them it will spur them to report to the CRAs.  Even if they report and I PFD, would my score recover equally?  



Are you maintaining the optimum UTI% on those cards?

 

Also if you have no installment loans at all (auto, student, or personal loans), then that is costing you some points. Consider opening a small secured loan with a CU such as SDFCU, NASAFCU, DCU, PenFED, etc.


I have a student loan that is now current (after being delinquent a few months in Oct-Dec) and it's for- 2 more years.  I was under 10% UTI in March but now about 2% presently.  Hard to say wih delayed reporting for April! What do you think?

 

 

Message 6 of 9
Anonymous
Not applicable

Re: HELP! How to settle this CO


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Just when things were going well.....

Okay this is my 4th post and I hardly get any responses.  Well I'm hoping someone will reply cos I am one person who does multiple searches for threads -  I don't just post ignorantly.  Here is my dilemma.

No baddies on my CR except for two accounts with late payments.  As I was trying to cover all my bases, I just learned an account I neglected last year went into collections.  However, I never received a letter nor has it hit my CR.  

I finally got a few revolving CCs and 14 pts from getting best rates for a car loan with DCU (yes I need a car TODAY but trying to put it off as long as I can).  I can't afford this to hit my CR.  What is the the best means to contact them?  Via snail mail or call?  No matter what they do/say, it can get reported any day now which is what I fear.  I'm planning to PIF if I need but don't want to get screwed over.  I've never had a car loan or mortagage so nothing for any lender to base me on.  I'm not lucky to get a co-signer or a big down payment.   I wonder if I contact them it will spur them to report to the CRAs.  Even if they report and I PFD, would my score recover equally?  



Are you maintaining the optimum UTI% on those cards?

 

Also if you have no installment loans at all (auto, student, or personal loans), then that is costing you some points. Consider opening a small secured loan with a CU such as SDFCU, NASAFCU, DCU, PenFED, etc.


I have a student loan that is now current (after being delinquent a few months in Oct-Dec) and it's for- 2 more years.  I was under 10% UTI in March but now about 2% presently.  Hard to say wih delayed reporting for April! What do you think?

 

 


Any charged off revolving accounts that are reporting a balance from the OC?

 

edit: Nevermind, I see you've gotten everything pretty clean....

Message 7 of 9
Anonymous
Not applicable

Re: HELP! How to settle this CO

Yep the only thing that will help is to have a few good CLIs increase.  Hopefully sooner than later!

Message 8 of 9
Anonymous
Not applicable

Re: HELP! How to settle this CO


@Anonymous wrote:

Yep the only thing that will help is to have a few good CLIs increase.  Hopefully sooner than later!


Well, it sounds like you've done about all you can do, if you've got the recommended 3 bank credit cards, just use them wisely, keep UTI in check and you should see steadily rising scores as everything ages and your accounts mature.

Message 9 of 9
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