Negotiating To Pay Half Of CC Balance- Closed Accts

[AdPray123]

Hi,

I now have 3 closed credit card accounts that still have balances. (2 from my past and 1 recently because the bank flopped due to the economy).  I want to give the credit card companies half of the outstanding balances for them to take care of the other half. Is this negotiating possible? I faintly remember years ago MBNA did this for me but it was a settlement situation.  Any advice would be appreciated.  Its almost 2010 and I am tired of looking at these bills!

[llecs]

You'll wind up taking a serious score beating, but it can be done.

[QueenBean]

Yes, with cash-in-hand I was able to successly negociate 20-25% of the balance due - but the previous poster was correct - your credit score will take a huge hit & even though you will show a $0 balance, they can report you as a CO each month.

[AdPray123]

Oh I didn't know they would mark my account as a CO or it will reduce my score if my account is already closed?  I really don't want my score to be affected negatively. Is there a way they will take a lower payment without reducing my score or marking it negatively? Looks like I would be better off paying it in full (oh no)

[MarineVietVet]

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@AdPray123 wrote:

Hi,

I now have 3 closed credit card accounts that still have balances. (2 from my past and 1 recently because the bank flopped due to the economy).  I want to give the credit card companies half of the outstanding balances for them to take care of the other half. Is this negotiating possible? I faintly remember years ago MBNA did this for me but it was a settlement situation.  Any advice would be appreciated.  Its almost 2010 and I am tired of looking at these bills!

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How much are the balances?