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Need help settling 2 charged off accounts

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Cherekas
Frequent Contributor

Need help settling 2 charged off accounts

Hello All,

 

I need some advice on my 2 charged off accounts.
I am looking to settle them and hope to go about it the correct way to get the best results.


I have a BOA account for $1135 (this has changed hands a few times but I've received settlements previously, currently with Credit Control)
Discover for $2448 (law office sent a settlement for 60% in April 2016), settlements can be submitted on their website
Both are reporting CO monthly as the current status so my score and utilization are suffering. Both are 3 years old and reporting to all 3 credit bureaus. 

If anyone has any experience settling with BOA and Discover, please share!  Any help you can offer will be appreciated.

Score: F8 EQ 609, EX 597, TU 614 (1/17) Current Score: F8 EQ 701, EX 714, TU 689 (12/18)

Goal Score: 700+ across all 3--Gardening until May 2019
USAA Amex-USAA Rate Advantage VS- Amex Gold- Amex Delta Blue- Macys- NYC CC- Victoria's Secret- Cap 1 QS- NFCU CR- Care Credit- Firestone- Sams Club CC- Best Buy Visa- Paypal 2% MC

Total CL $96,300
Message 1 of 3
2 REPLIES 2
RobertEG
Legendary Contributor

Re: Need help settling 2 charged off accounts

The ultimate is to obtain both discharge of the debt and removal of reported derogs, such as the charge-off.

That is done by offering a pay for deletion to the creditor.

Best chances of acceptance would normally be to offer the full amount of the debt, but you can offer a settlement for less.

 

If they wont accept a PFD, the next best outcome is to obtain a settlement agreement, thus paying less than the full debt, with their additional agreement not to report any reference to settled/paid for less to the CRA.  The payment would then appear the same as if it had been paid in full.

Message 2 of 3
Cherekas
Frequent Contributor

Re: Need help settling 2 charged off accounts

Thank you for your response Robert,

 

BOA still owns the debt and that is whose reporting on my credit files. They've declined PFD in the past. I now understand how much damage the Charge off is doing to my utilization so I'm now ready to pay it. 

 

Discover is through a law office and they've offered me settlements so I will request that they not add any additional comments other than $0, once paid off. 

Score: F8 EQ 609, EX 597, TU 614 (1/17) Current Score: F8 EQ 701, EX 714, TU 689 (12/18)

Goal Score: 700+ across all 3--Gardening until May 2019
USAA Amex-USAA Rate Advantage VS- Amex Gold- Amex Delta Blue- Macys- NYC CC- Victoria's Secret- Cap 1 QS- NFCU CR- Care Credit- Firestone- Sams Club CC- Best Buy Visa- Paypal 2% MC

Total CL $96,300
Message 3 of 3
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