Remove date arriving - what should I do

[Anonymous]

Hello all,

I have 8 items in collections, 1 from Amex for $4,500 and the rest for medical bills ranging $ 100 to $2,000. The 8 items all total around $9,500...

On my TransUnion report the $4,520 Amex says November 2011 for estimated removal date. The 2 big medical collections both are around $2,000 each and have removal dates of February 2015...

Although I have zero credit card debt, no mortgage or no auto loans right now, and I don't estimate applyint or a loan/mortgage anytime soon, I'd stll love to fix my scores a bit.

Currently I have 3 credit cards that total around $5,000 credit limit, I utilize each of them around 20-30% every month and pay off the balances entirely before the statement cuts off...

My questions are:

Should I not worry about the Amex and let it get deleted in around a year?

If I call Amex regarding settling, does this somehow restart the countdown for removal from history?

The medical bills.., I've settled some older ones in the past for around %35-40 of their full amount, should I try this with these outstanding ones?

I realize settling is not as good as paying in full, but is it advisable? Especially with the $4,520 amex?

My goal is to pay no more than $2500-3500 for the entire $9,500 ?

Thanks a lot!

[RobertEG]

I am not sure that you mean by getting the Amex reportings removed in a year.

It appears that there are probably numerous CR derogs asscociated with this debt.

When did each monthly delinquency occur on the Amex? 

What was the DOFD on the Amex?

Expiration of the 7 years for monthly derogs, and the 7 1/2 years for a collection or chrage off, does not result in any deletion of anthing from your credit file.

They remain in your credit file.  In the event that you apply, in the future, for any credit or insurance that involves a principal balance of $150,000 or more, they can still be included in your CR.  FCRA 605(b).

And the debt never expries.  Regardless of whether or not it shows in your CR, future creditors may focus on its prior occurance.

[LIGHTNIN]

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@Anonymous wrote:

Your questions are:Are in blue, My suggestions in black.

Should I not worry about the Amex and let it get deleted in around a year? You need to know your states SOL-thats the time limit to be sued. score wise it's only hurting your score by a few pts..........This is an unpaid debt correct? Even when the SOL expires and this item drops off your CR, doesnt stop them from trying to collect on this debt forever.

If I call Amex regarding settling, does this somehow restart the countdown for removal from history? NO

The medical bills.., I've settled some older ones in the past for around %35-40 of their full amount, should I try this with these outstanding ones?

IMO the best thing to do is a PFD letter.It's an written agreement, where you agree to pay for them to delete from your CR.PFD letters are not always accepted. Best if sent past-SOL. Removing baddies from your CR may improve your CS, It depends on how old it is..the newer the debt reported on your CR, hurts your CS the most.

I realize settling is not as good as paying in full, but is it advisable? Especially with the $4,520 amex?

 Everyone's financial situation is different, settling or PIF is totally up to you. Just a few things to know. PIF always looks good on a manual review, also settling a debt.....get it in writing "settling considered Paid In Full" that way they can not come after you for the balance.

My goal is to pay no more than $2500-3500 for the entire $9,500 ? It's hard to say,some may accept settlements others may not.

Thanks a lot!

 I would suggest reading and do your homework first before doing anything.

Mistakes do happen,mine was in the beginning when I thought I knew what I was doing.

Suggest Reading... What Steps Do I Take?DV?PFD? goes into detail about the PFD letters. use the link below if you wish.

Stickys at the top of the board and also the blue taps at the top Financial Help Center & Education....has valuable information.

Reading other post can be helpful too.Hope this helps, Good Luck to you, post again if more questions.

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[Anonymous]

Thank you everybody for the great information & the amount of details. Like food, a spouse or most everything in life, credit history can be a great ally or a hated enemy...

[MarineVietVet]

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@Anonymous wrote:

Thank you everybody for the great information & the amount of details. Like food, a spouse or most everything in life, credit history can be a great ally or a hated enemy...

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A bad credit history can sometimes be just like bad in-laws- very hard to get rid of!!! 

Edited for terrible spelling.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work