topic Re: Paying everything off except in Rebuilding Your Credit

Paying everything off except

nate79416 — Tue, 19 May 2015 18:19:41 GMT

Portfolio Recovery they are saying I owe 672, yet capitol one says 429, being that this would be the ONLY negative on my credit, would this stop me from getting a home loan? I'm just tired of dealing with PFR

Thanks

Re: Paying everything off except

Anonymous — Tue, 19 May 2015 18:23:07 GMT

The difference is interest and added fees.

Re: Paying everything off except

nate79416 — Tue, 19 May 2015 18:30:20 GMT

fine, don't they have to send me something like a breakdown?

Re: Paying everything off except

rockbttm442 — Tue, 19 May 2015 18:35:13 GMT

Check your state law to see how much they are allowed to charge. I got Midland cause they charged more than the state allows(21%). Depending on their "fees" may help out later.

Re: Paying everything off except

nate79416 — Tue, 19 May 2015 18:37:52 GMT

ok, I googled but don't see where I can find that info, Thanks still googling lol

Re: Paying everything off except

Anonymous — Tue, 19 May 2015 18:40:08 GMT

*IF* you send a timely DV, then yes they HAVE to give you a breakdown. However, if your DV is not timely it can be ignored.

Re: Paying everything off except

rockbttm442 — Tue, 19 May 2015 18:44:24 GMT

What state are you in

Re: Paying everything off except

nate79416 — Tue, 19 May 2015 18:44:42 GMT

Texas

Re: Paying everything off except

rockbttm442 — Tue, 19 May 2015 18:48:26 GMT

Cross reference this Texas Finance Code, Section 392.303

Re: Paying everything off except

nate79416 — Tue, 19 May 2015 18:49:38 GMT

awesome Thanks!

Re: Paying everything off except

Anonymous — Tue, 19 May 2015 18:55:07 GMT

Being in Texas is greatly to your advantage. Under Texas Financial Code, there is no timeliness requirement for a DV, and the legal standards are greater. Search the forums for examples of Texas DV. How old is this debt?

Re: Paying everything off except

nate79416 — Tue, 19 May 2015 19:02:36 GMT

Opened 2010 reported 2013, they keep taking it off and back on

Re: Paying everything off except

nate79416 — Tue, 19 May 2015 19:05:12 GMT

On my EQ report they are listed as the original lender

Re: Paying everything off except

Anonymous — Tue, 19 May 2015 19:11:31 GMT

What is the DoFD as reported by Cap One? Thats the only date thats important.

Over 4 years old is past SOL. Negotiate for a settlement. In any communications with Portfolio, refer to this as "old, time barred debt" and tell them you might be willing to negotiate a 10% settlemement but only on the condition of removal of the entire tradeline. Tell them that removal of the tradeline is non-negotiable, and once this item pases the 7.5 year mark, you will have no interest at all in settling, and further communications from them at that point will be met with a cease communication letter, per FDCPA.

Re: Paying everything off except

nate79416 — Tue, 19 May 2015 19:17:19 GMT

Seven year payment history [?]

30 days late60 days late90+ days late

2 times (Nov 2012, Jan 2012)

2 times (Dec 2012, Feb 2012)

5 times (May 2013, Apr 2013, Mar 2013, Feb 2013, Jan 2013)

Recent payment history [?]

6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5

Re: Paying everything off except

Anonymous — Tue, 19 May 2015 19:31:15 GMT

OK, so if that is Capital One's reporting it looks like the DoFD is Jan, 2013. Still inside SOL for Texas.

At this point, you might try to negotiate for a settlement in the $400 range. But you need to get it reporting a zero balance and not updating so your scores will recover.

Re: Paying everything off except

nate79416 — Wed, 20 May 2015 12:59:10 GMT

I have a old medical bill wondering should I pay it

Retail Merchants Association; Collection Reported 05/2015; Assigned 11/2011; Creditor Class − Medical/Health Care; Client − ; Amount − $335 ; Status as of 05/2015 − Unpaid; Date of 1st Delinquency 01/2011; Balance as of 05/2015 − $335

Re: Paying everything off except

superdad — Wed, 20 May 2015 14:25:31 GMT

Why not?

Re: Paying everything off except

nate79416 — Wed, 20 May 2015 14:55:01 GMT

they are knocking my scores down 15pts when I pay and they will only update as paid, so from my understanding either way its bad, correct me if I am wrong

Re: Paying everything off except

Anonymous — Wed, 20 May 2015 15:04:06 GMT

@nate79416 wrote:
they are knocking my scores down 15pts when I pay and they will only update as paid, so from my understanding either way its bad, correct me if I am wrong

It appears to be updating every month. That pushes scores down further. Paying it will stop the updates and allow it to "age" and reduce its impact on your scores over time.