Newbie with 3 CO

[TNFico13]

I am frowned upon.....my 3 CO are with Dillards Amex and Amex himself (2).

1. Dillards CO is around $2700

2. Amex 1st CO is around $3950 ish

3. Amex 2nd CO is around $10k ish

I hit some hard time during my divorce and couldn't keep up with the 3 CCs. It went into collection 8 months ago. I am ready to pay them.

My question is.....how should I pay them?

Do I settle or PIF?

I want to PIF but if I do, will it report as Paid in Full? or just Paid?

Thank you!

[DaBears]

Hi TNFico13 and welcome to the forums!!! How old are the charge-offs and do you know your states SOL? Important information to know before giving solid advise. 

Community Leader, 

DaBears

[TNFico13]

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@DaBears wrote:

Hi TNFico13 and welcome to the forums!!! How old are the charge-offs and do you know your states SOL? Important information to know before giving solid advise. 

Community Leader, 

DaBears

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Hi thank you....the CO went into collection based on my 3 CB reports about 8 months ago or less than 1year. They are all within 1 year basically. I am in Texas so the SOL is 4yrs here.

[DaBears]

Ok. If you planning on pay them off in full I would contact the OC (Original Creditor) and ask if they can recall the accounts and accept payment. Settled looks bad when someone is manually reviewing your reports. If they will accept a settlement it will be listed as settled in full as to if you paid in full it then would be listed as paid closed was a charge-off.  Is the OC's listed on your credit reports? are the showing a bal? I would suggest pulling your credit report from www.annualcreditreport.com you are allowed 1 free report every 12 months from all 3 Credit Reporting Agencies.

[azguy13]

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@DaBears wrote:

Hi TNFico13 and welcome to the forums!!! How old are the charge-offs and do you know your states SOL? Important information to know before giving solid advise. 

Community Leader, 

DaBears

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TNfico13, welcome to the forum. You will find information on almost anything you could think of here, great choice.

I agree with DaBears 100%. It is important to know how long the SOL (statute of limitations) is in your state for your particular case.

If you do plan to pay in full I would make sure you get a PFD (pay for delete), especially for paying that much money. I had great success with PFD a few years ago when I took care of all my COs. 

Below you will find the link to the thread defining the common abbreviations used in this forum. Glad you were able to join us and we all look forward to what you have to offer and vice versa. 

 http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458