Rebuilding Your Credit

[love2golf]

Need some opinions please.

So I have one CO left.  It is from Capital One. 

I just recvd a settlement offer in the mail today from this CA.  Northland Group, Inc.   I owe 1700.00 and the settlement offer is for 995.00

It is scheduled to come off my reports   11/2008  1/2009   2/2009

Ofcourse they continue to report every month and are putting my UT over 100%

I really want a pfd but ofcourse everyone says they wont do it.   ( I did have one settled acct with them that was deleted about 7 months early for some reason)

The letter says our client is willing to accept a settlement.  Upon clearance of 995 your acct will be satisifed and closed and a release letter will be issued.

We want to apply for a mortgage before it comes off my report so I have been trying to decide what to do and got this today.

I assume ofcourse I need to send a DV right?

Any suggestions welcome!!

Thanks- this forum has been great!

[slyhouse08]

You need to find out if the account was sold to that CA...or if they ar ejust collecting on it...if they sold it to them...the OC TL...MUST show a $0 balance...so that would help your scores...because it will no longer affect your UTL...also...if it was sold...try to settle with the CA...BEFORE they report to the CRAs...so you will not have another collection placed on your reports...and what does "a release letter will be issed mean???...are they saying they will delete if you pay...or will you just get a paid letter???...if they will accept payment to not report...I would try to pay...and then go back and disupte the balance on the OC TL...as it should be $0...

[HappyDays]

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love2golf wrote:

Need some opinions please.

So I have one CO left.  It is from Capital One. 

I just recvd a settlement offer in the mail today from this CA.  Northland Group, Inc.   I owe 1700.00 and the settlement offer is for 995.00

It is scheduled to come off my reports   11/2008  1/2009   2/2009

Ofcourse they continue to report every month and are putting my UT over 100%

I really want a pfd but ofcourse everyone says they wont do it.   ( I did have one settled acct with them that was deleted about 7 months early for some reason)

The letter says our client is willing to accept a settlement.  Upon clearance of 995 your acct will be satisifed and closed and a release letter will be issued.

We want to apply for a mortgage before it comes off my report so I have been trying to decide what to do and got this today.

I assume ofcourse I need to send a DV right?

Any suggestions welcome!!

Thanks- this forum has been great!

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I have never heard of Cap1  accepting a PFD or deleting with a PIF!

Look at your CR....see if Cap1 sold the account. If they did it should show CO...account transferred or sold....it will have a Bal $0

If the account was sold....they will continue to report until CRTP!!!!!!!

The CA might accept money BUT they can not delete the OC reporting.  The CO reported by the OC hurts much more then a CA reporting.

In their letter they did not say that it would be deleted by them (CA)  if the account is not deleted it will read....closed (with them) settled for less...................this does nothing for your scores!

The drop date is set by the OC  not the CA..........you say 11/2008 1/2009   I would let them drop.....I would not dispute or anything.     Keep copies of your CR!!!!

The CA must drop from CRs also!

Message Edited by HappyDays on 07-14-2008 02:54 PM

[love2golf]

I don't believe it has been sold.  They stated "our client is willing" and my CR still shows a balance.

I dont know what the statement "a release letter"  means either.  I hope it means delete but I wont hold my breath!

Thanks for your thoughts.

[love2golf]

but do dv right?  then what, if they send the correct documentation how long before they can report if I dont accept the offer?  Should I contact Cap one and offer payment to them directly?

[HappyDays]

Do nothing   it has to drop no later then Feb........it might drop sooner

[love2golf]

what about the dv?  dont do that either?  This CA can place this on my CR right?  

Oh I hate this!!!

[HappyDays]

Yes the CA can BUT  it must drop at the same time as the OC!!!!!

[love2golf]

sorry to be a pest

should I DV this CA?

[HappyDays]

You are not a pest!    NO do not do anything BUT   keep all 3 CBs CR!!!    they will have the DOFD/DOLA from the OC on them.

Even if the CA reports it MUST delete at the same time as the OC.  Because CRTP is up soon  they prob. will not try to report..............they were just hoping that you would pay them.