topic Re: Paid in Full vs Letter of deletion in General Credit Topics

Paid in Full vs Letter of deletion

Anonymous — Thu, 30 Jul 2009 22:26:45 GMT

Debt: Captial One

Date: 7/21/98 - 1/29/02

Amount: $4342.00 (including interest)

Collector: NorthStar Captial Acquisition

Want to Settle: $868.40

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They don't offer Letter of deletion, Should I still pay it and have it show as Paid in Full in my report? I can pay it, but I don't want to pay if it doesn't help my credit score.

Does that 7yr rule still apply? I dn't know if thats a rumor or not that after 7yrs your credit is erased?

Thanks

Re: Paid in Full vs Letter of deletion

DI — Fri, 31 Jul 2009 01:06:43 GMT

@Anonymous wrote:
Debt: Captial One
Date: 7/21/98 - 1/29/02
Amount: $4342.00 (including interest)
Collector: NorthStar Captial Acquisition
Want to Settle: $868.40
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They don't offer Letter of deletion, Should I still pay it and have it show as Paid in Full in my report? I can pay it, but I don't want to pay if it doesn't help my credit score.

Does that 7yr rule still apply? I dn't know if thats a rumor or not that after 7yrs your credit is erased?

Thanks

If you owe the money yes you should pay it. If its been 7.5 since the DOFD it should be off your credit report.

Re: Paid in Full vs Letter of deletion

smallfry — Fri, 31 Jul 2009 09:48:31 GMT

I would be tempted to leave it alone for a few months to see if it doesn't fall off by itself. You pay it and rightly or wrongly it might rejigger itself and end up remaining on your reports as a paid collection till 2016. I would wait. Anything you do may came back and bite you in the behind at this point.

Re: Paid in Full vs Letter of deletion

Anonymous — Fri, 31 Jul 2009 14:13:23 GMT

Yea I really don't know what to do on this on. I mean its cheap enough for me to pay it, but don't really know if it makes a difference. I was thinking I could pay it, then dispute it and hope they don't try to fight it.

I don't know, i'm just trying to think of every angle of scenerio's.

Thanks

Re: Paid in Full vs Letter of deletion

smallfry — Fri, 31 Jul 2009 17:32:04 GMT

There for sure is a drop off the report date on your Transunion report. Have you looked? Again you gain no material benefit from paying this bill.

Re: Paid in Full vs Letter of deletion

smallfry — Fri, 31 Jul 2009 17:37:15 GMT

A snake JDB bot this for pennies on the Dollar. Remember that if you're worried about your karma.

Re: Paid in Full vs Letter of deletion

Anonymous — Fri, 31 Jul 2009 20:08:34 GMT

Look at your CR pulled direct from TU or EX. It should tell you when it will drop. The OC sets DOFD not the CA.

Something like * will remain on your CR untill month/year *)

If you are past SOL and it is about to drop let it!

It is up to you as far as paying.

If the OC sold the account then it is illegal for them to accept payment!

A CA must drop from CR at the same time as the OC.

Message Edited by HappyDays on 07-31-2009 01:08 PM

Re: Paid in Full vs Letter of deletion

Anonymous — Fri, 31 Jul 2009 21:08:52 GMT

I know i've seen what the terms mean somewhere on the forums before. What do they mean?

Thanks

Re: Paid in Full vs Letter of deletion

Lel — Fri, 31 Jul 2009 22:46:42 GMT

This should help!

Common abbreviations

Re: Paid in Full vs Letter of deletion

AndySoCal — Fri, 31 Jul 2009 23:47:57 GMT

The account would show probably as settled or Paid collection NOT paid in full. Settled is considered derogatory. If you pay it the account will remain on your credit. Also, bringing this account forward in time (paying it off and the account being reported to the current month and year) can and will hurt your FICO score. Make sure you have in writing how the account will be reported.

Re: Paid in Full vs Letter of deletion

Anonymous — Wed, 05 Aug 2009 17:04:26 GMT

Thanks guys, I'll give you an update on what I will do. I'll check my CR and see when this one will drop. Most likely I won't pay it if they do not give me Letter of deletion and just wait it out.

Thanks