MY MISTAKE HELP!!!!

[vnita06]

Ok, so I have made a huge mistake and I am hoping that someone can help me or do I have to wait 7 years. I had two accounts that were charged off and I wanted to get rid of the debt over my head so I foolishly settled with the CA, and what's going to report on my report is settled for less that full balance. I know now that it was a mistake for me to do that. Is there any thing I can do to fix it or will I just have to wait it out.???????? Please Help.

[notyours]

Send the a GW request to remove it from your credit report.

I am a newbie too still learning. i am sure people will chime in and give you more details etc.

but I am pretty sure you can find some examples of GW letters.

GOOD LUCK

[guiness56]

If it hasn't yet reported, if you can, pay the remainder so it will show as PIF.  Other than sending GW letters as suggested, there isn't much to be done.

[Anonymous]

You settling it doesnt renew the amount of time it can remain on your reports.  Despite any recent transactions, settled or paid in full, its removal from your reports will still be based on the date of first delinquency.

[vnita06]

Ok, who would I send gw to? The oc or the ca.

[Anonymous]

If they are both reporting I would send to both.

[llecs]

OP, there's no difference with a PIF CA or settled CA. Both are equally bad.

[guiness56]

To who is reporting and who you settled with.  You are right, settled for less does not look good to FICO.  It won't make it stay longer though.

[vnita06]

So at this my point my credit score is already low. Will it lower because I settled the debt

[guiness56]

No, it won't lower your score.  It is the same as a CO.  However, lenders may not like it.