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paying off past-due credit cards?

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Anonymous
Not applicable

paying off past-due credit cards?

Is it best to try the goodwill letters/pay for deletes or just negotiate a low price and pay it off and be done with it? Should I contact the original creditor or the collection agency (if there is one)? Is it best to speak to them over the phone and then put it in writing along with a check or request them to send me something?

 

Do they care or show mercy if you have good reason for falling behind and you can document it? I have had multiple epilepsy issues and I’ve been in and out of the hospital for that for months now...

 

I was financially irresponsible, I’m getting about $3,000 to put towards debt (I realize my balances exceed this amount) and I’d like to take care of as much as possible and start getting my credit back on track. I am current on a credit card, personal loan, and car payment with my Credit Union as well as a school loan. I will be getting another student refund in September...

 

I just have multiple credit cards (some are in collections, others are not) and probably a few hundred dollars of medical collections that I need to have my insurance company review because they should have paid for it...

 

Once I get all of this taken care of - should my credit score improve at all? I do not need any credit - I’m almost done paying on my car, it’s reliable, and my parents could co-sign if I ever did need credit... I just want to clean everything up for the future like when the time comes to purchase a home.

I know this was all over the place, and very lengthy... Thanks in advance for any advice or input. I really appreciate it!

 

Current score: below 500 Smiley Sad

 

I’m behind 120+ days on all of these... I haven’t made payments since approximately July or August...

Credit Card/Balance

Amazon Store Card - approx. $700

Barclays - - approx. $2k

Belk - approx. $500

Best Buy - $573

Captial One - approx. $500

Care Credit - approx. $3k

Credit One - approx. $500

Discover ($29/month on a hardship program - I’m current but way over the limit)

Macy’s - approx. $500

PayPal Smart Connect - approx. $700

Target - approx. $500

Wal-Mart - approx. $900

 

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2 REPLIES 2
Anonymous
Not applicable

Re: paying off past-due credit cards?

Welcome to the forums!   For whatever is in collections, try to negotiate a PFD. First try for what is less than owed.  Then if you're unsuccessful then just see if you can pay the full balance for delete.  Then if that doesn't work pay them, but negotiate the message that is left on your credit report.  I had a charged off card for Capital One, they originally just put 0 balance.  Then when I asked for a letter stating I paid the balance, for whatever reason it updated my report's message and my score increased.  Anything not in collections, call the company and work out an arrangement.  The biggest thing is to keep new accounts out of collections! 

Message 2 of 3
dursty87
Established Contributor

Re: paying off past-due credit cards?

Have you tried doing hardship programs(if possible) or some sort of payment plan with the other lenders (minis Discover)?  I would do whatever I could to keep any CC's from being charged off if it isn't too late as that will hurt you the most for years to come.   As far as the ones in collection be careful offering PFD unless you can pay the balance in full as you are going to be within SOL and they can turn around and sue you if they choose.

Message 3 of 3
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