topic Re: Settlement! Yay!!! in Rebuilding Your Credit

Settlement! Yay!!!

Creditdreamer — Fri, 03 Feb 2012 18:29:25 GMT

So I know it's not a PFD, but I'm super excited I no longer have to worry about getting sued. I decided to settle my CO with Citi and they accepted 33% which is great. Now I can GW them and put the saved money toward secured cards and rebuilding credit. Only bad part is I have to claim the difference as income. But oh well. There are way worse things. I'm making the right steps! One collection left to deal with! So awesome!

Re: Settlement! Yay!!!

GoodCredBen — Fri, 03 Feb 2012 18:34:32 GMT

Just an FYI they might not even make you claim it, if they dont send you a 1099 or whatever it is....

Just an FYI

CONGRATZ

Re: Settlement! Yay!!!

Anonymous — Fri, 03 Feb 2012 18:38:08 GMT

CONGRATS!

Re: Settlement! Yay!!!

Anonymous — Fri, 03 Feb 2012 18:54:44 GMT

@Creditdreamer wrote:
So I know it's not a PFD, but I'm super excited I no longer have to worry about getting sued. I decided to settle my CO with Citi and they accepted 33% which is great. Now I can GW them and put the saved money toward secured cards and rebuilding credit. Only bad part is I have to claim the difference as income. But oh well. There are way worse things. I'm making the right steps! One collection left to deal with! So awesome!

Hey, congrats! Doesn't it feel so good to be getting some of these monkeys off of our backs?

The plans you have for the extra money are also commendable! Way to go.

Re: Settlement! Yay!!!

Creditdreamer — Fri, 03 Feb 2012 19:04:07 GMT

Thanks guys!

@PapasWifey: I normally like monkeys. Not this kind though. 2 down, 1 to go! My goal is to get to 700s by the end of 2012 so I need to go like crazy! Lol. Well the Citi account was fairly large so that amount of money is huge and will make a BIG difference in my credit I think.

How much is worth tying up into secured cards? Ideas?

Re: Settlement! Yay!!!

izzesparks — Fri, 03 Feb 2012 19:09:01 GMT

yay!!!! that's great news!! I have two large collections myself one I'm making payments I am hoping to settle the other one its an apt collection.

Re: Settlement! Yay!!!

GoodCredBen — Fri, 03 Feb 2012 19:13:04 GMT

From what i have seen, the average point gain per card (with 0-3% balance) is 5-15 per month.

YMMV though, so dont bank on this