11-15-2012 07:16 PM
11-16-2012 07:43 AM
It seems to me, and based on my experience with them, they have the leverage. If you communicate with them, they could change the date of last activity. If you don't communicate with them, they can turn you over to a CA., which restarts the seven year clock. Either way you could be damned. I think I would contact them and ask them where you need to be to get a PFD.
11-16-2012 07:50 AM
You know, I've re thought this. I don't think I would do a thing, and I would ignore their offer. Your seven years is up shortly so it should come off the credit.. Let them turn over to collection. You have a better chance of a PFD through a collection agency than FP. Also, if your worried about utilization, request credit increases on the credit you have.
11-16-2012 08:57 AM
Thanks Timotiger, that was my number one concern. I am only about 15 months away from it being removed and the settlement offer they gave was 60%, no way! I am reaching out to my other creditors to get credit line increases because it just seems a little unjustifable for me to pay that amount even though it is my debt. I almost called them but I dont think it will amount to much on a reduction.
11-16-2012 09:37 AM
They can change the DOLA to anything they want, it won't affect the SOL nor the CRTP. The DOLA doesn't factor into changing any of the clocks for these. I would still suggest to settle or pay something on it, but that's just my experience. Just because the debt has expired the SOL and the CRTP doesn't mean it's gone. It's still out there, and sometime that just kicks it to more of a bottom feeder CA. These zombie debts can continue to pop up until it is paid or settled.
11-16-2012 11:51 AM
Also, if you do settle, ask for a PFD or get some guaranty they will not change all the months since 2007 to 120+ lates. I settled with a CA on a First Premier account back in March and as soon as I did, First Premier updated the status to charge off, settled for less than amount, and added 27 120+ lates.
11-16-2012 01:47 PM
I'm hoping they don't do that to my account. I settled for 50% of the balance due. The account was referred to collection. Once, I paid the settlement I immediately began goodwilling them. They responded within 2 days stating that would not remove accurate information from my credit report.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.