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Help with Calvary Portfolio Please

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dallasareaguy
Frequent Contributor

Help with Calvary Portfolio Please

I am so close to getting my credit back in a good place and have two lingering baddies out there. I would have been willing to negotiate to pay them off as they were from a business failure of mine in 2009. What I have is two Bank of America cards.. one that had a maxed out limit of $3500 and the other was a maxed out limit of $6500. They both were sold to Calvary who reports on them every month with increasing balances (as one would expect). The balances now show $6700 and $9700 (about $3000 more each than they were in 2009).

 

I've heard some people say disputing them will help... they are about 5 years on my credit.. am I better off just letting another 2.5 years go by? Any advice from anyone would be appreciated.. if the best solution is to settle does anyone have any advice on how to work with them and what amounts I should offer? I can't afford to pay the balance entirely but also don't want to file BK ... any opinions would be appreciated. I'm frustrated they have grown the balances by $3k each... but I guess it's my fault for having the debt in the first place...

  
CapOne QS
$10,250
 
AMEX Delta Gold
$15,000
 
AMEX BCE
$5,000
 
AMEX BCP
$1,000

AMEX HHonors
$1,600
 
Discover it
$2,000
FICO8 Scores:
EQ: 648
TU: 654
EX: 691

(as of 07/15/2017)
Message 1 of 3
2 REPLIES 2
RobertEG
Legendary Contributor

Re: Help with Calvary Portfolio Please

Watinting for them to become excluded from your CR does not satisfy the debt, it merely precludes others from becoming aware of the unpaid debt via seeing a collection in your credit report.

 

The ideal is to obtain both a settlement for less than the full amount along with their agreement to delete upon payment.

If they wont accept a PFD, next best thing is to obtain a settlement along with their agreement not to reported settled for less to the CRA, and to simply report paid, $0 balance.

Message 2 of 3
dragonfly66
Frequent Contributor

Re: Help with Calvary Portfolio Please

I would start with disputing them first.  What you want to look at is whether or not they are reporting your debt correctly.  As a collection agency, they should not be reporting as though they are the original creditor (e.g., monthly amount owed, 1 month term, etc.).  If they are doing this, you can dispute this with the credit bureaus but also file a complaint with the Consumer Financial Protection Bureau.

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)
Message 3 of 3
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