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I am in the process of rebuilding my credit and cleaning up collections. I have gotten rid of all but 1 on my report but a few months ago I stupidly charged a large bill on my nordstrom debit card and ended up having to pay a large medical bill so didn't have the cash for Nordstrom. I have since really been working on my credit and got it in a way better place. I am a few weeks from it going to collections now though. Since Nordstrom debit card doesn't report to credit do you think there's a chance that the colelction agency would give me a chance to set up a payment plan or some kind of settlement beore it reports on my credit? This happened to me with a payday loan awhile ago. Where I was able to make a payment plan with the collection agency before they reported to my credit. It would take all of my savings to pay this off, and Nordsrom won't let me do a payment plan since it's a debit card. But I don't want to risk it if it immediatley reports to my credit.
A debt collector is not required to even contact you prior to reporting to a CRA.
I doubt that that the debt collector will consider whether or not the creditor has reported in making their decison whether to report.
I presume that the age of the debt is approaching time for the creditor to do a charge-off?
Debt collectors have different tactics for use of credit reporting in thier collection efforts.
Some will report immediately, while others will use the threat of reportting in order to obtain some immediate payment.
It is hard to say without yet knowing the debt collector how they use credit reporting as part of their collection strategy.
I think from doing some research that they use sentry credit
@Anonymous wrote:I am in the process of rebuilding my credit and cleaning up collections. I have gotten rid of all but 1 on my report but a few months ago I stupidly charged a large bill on my nordstrom debit card and ended up having to pay a large medical bill so didn't have the cash for Nordstrom. I have since really been working on my credit and got it in a way better place. I am a few weeks from it going to collections now though. Since Nordstrom debit card doesn't report to credit do you think there's a chance that the colelction agency would give me a chance to set up a payment plan or some kind of settlement beore it reports on my credit? This happened to me with a payday loan awhile ago. Where I was able to make a payment plan with the collection agency before they reported to my credit. It would take all of my savings to pay this off, and Nordsrom won't let me do a payment plan since it's a debit card. But I don't want to risk it if it immediatley reports to my credit.
What are your current scores, and what is the amount in question? What current credit lines do you have?
550 eq, 560 tu, 538 ex. they were all below 450 2 months ago though. I have a capone secured card $10 balance right now that I opened 2 months ago and have paid. And a car loan that had been late that I brought current 2 months agao also. I have 1 colelction I got a PFD on that I am waiting to come off. 1 I paid that I am waiting to update as PIF and 1 open still. I want to get another cc but I think I have to wait a little bit until I have less recent deliquencies bc I can't get pre approved for anything. I would really rather this collection not show up. It is $3600.
@Anonymous wrote:550 eq, 560 tu, 538 ex. they were all below 450 2 months ago though. I have a capone secured card $10 balance right now that I opened 2 months ago and have paid. And a car loan that had been late that I brought current 2 months agao also. I have 1 colelction I got a PFD on that I am waiting to come off. 1 I paid that I am waiting to update as PIF and 1 open still. I want to get another cc but I think I have to wait a little bit until I have less recent deliquencies bc I can't get pre approved for anything. I would really rather this collection not show up. It is $3600.
Give it about 90 days and app for a Cap One unsecured Platinum. I would just wait on the Nordstrom until you can contact the CA, if they are not willing to work with you on it.