State Farm repo HELP!!

[myesha87]

I've been working diligently on my credit and I have learned so much from this forum. Here it goes I have a charged off account with State Farm bank from 2009 in the amount of $8097.  I attempted to do a PFD but they said they will not entertain this so I attempted to settle.  I offered 50% they said they will call me back sometime today and let me know.  I'm trying to buy a house when my rental lease is up in August of 2014.  Please advise me if I am doing the right thing.  I was told that there is a 95% chance that they would accept but the rep had to speak with his supervisor because he couldn't go lower than 60% without approval. However, it is my understanding that the account will automatically be reaged from the date that I make the payment and remain on my credit report for an addition 7 years?  Is this true.

[CreditExpressNJ]

no the DOFD will not change but if it hasnt reported in a while it will update and it can take affect on your CS but if it has been updating the whole time as a Repo then you have nothing to worry about... If it were a CC you could expect a boost because then its not being factored into your utilization but im not sure how installments work

[pizzadude]

Moving to rebuilding forum

[Shogun]

As shaun2009 has stated, no, this will not reset the DoFD for your  CRTP from 2009.  So it will still age off sometime in 2016 or so.  But, once it's paid/settled, you should start sending GWs.  Some will not remove with PFDs, but may removed with a GW.  It wouldn't hurt to try.   Good luck.

[myesha87]

I got a call back from them today and they agreed to settle for $4030.  I'm going to just bite the bullet and pay.  I plan to send GW letters however the agent said they dont entertain this.  Has anyone heard of this working for anyone?