@Anonymous wrote:I think I need to just bite the bullet with Ally and accept their settlement letter. Question is, will my score increase once I pay it? (it's for less than the amount owed). I just can not handle them updating the charge off every single month!! They will NOT do a PFD.. I already asked.
A CO is a CO irregardless of whether its PIF or settled for less. Human underwriters may take issue with settle for less accounts but computers dont know the difference. If its updating monthly now settling it stops the update and your score can begin to recover. If its not updated in awhile settling it will drop your FIco so there are considerations. You want to know if its inside SOL as well and how long it has to run on your CR is also a consideration,.
It's my old auto lease account. Problem is that they keep updating it every single month. That's the ONLY reason I am contemplating settling with them. I do not know how much of a hit my score takes every month when they report it, but it can't possibly be good. Not sure if it's worth it to settle or not, though.
Here's the account: (this is an old snapshot of it.. it updated again the other day.)
well i have the same situation lake you i pay a charge-off and settler for less and my CS up 30 point this is this account report balance every month went the balance update to $ 0 report as pay is happen to me i hope you have the same .
@Anonymous wrote:It looks like that will fall of your credi report this year, if it was first opened in june of 2007.
No, COed accounts remain on file for 7.5 yrs from the DoFD not the open date.
@Anonymous wrote:It's my old auto lease account. Problem is that they keep updating it every single month. That's the ONLY reason I am contemplating settling with them. I do not know how much of a hit my score takes every month when they report it, but it can't possibly be good. Not sure if it's worth it to settle or not, though.
Here's the account: (this is an old snapshot of it.. it updated again the other day.)
If its updating monthly now there is no additional hit to score every month it just cant recover. You are going to want to settle this to stop is constant updating, PFD would be preferrable but settle it even if they wont do it, you can switch to GW letters later.