topic Re: 2 accounts left in Rebuilding Your Credit

2 accounts left

aesl1982 — Mon, 30 Dec 2019 23:20:31 GMT

So I have one baddie left ( portfolio recovery from capital one 814.00) and the wife has one left as well (midland credit management credit one bank 794.00). Called portfolio today offered $400 they countered back with 515.00. Is that a good offer or should I hold out for that $400 or less. They will delete when paid. It’s not effecting is much because we don’t need anything and just chilling in garden anyways for about another year/2

Her account with midland is 797.00 they won’t delete till June of 2020 no matter what. And also won’t offer any kind of discounts for the debt. I figure with this one. Wait em our till June then offer less ?

What is yalls take

Re: 2 accounts left

FireMedic1 — Mon, 30 Dec 2019 23:22:54 GMT

Take it and be done with it. (Portfolio) Is Midland more than 2yrs old yet?

Re: 2 accounts left

aesl1982 — Mon, 30 Dec 2019 23:27:07 GMT

Midland is not two years old yet. June 2020 will be two years old. That’s why they won’t delete. And I’m guessing why no offer to settle

Re: 2 accounts left

silver_idle — Mon, 30 Dec 2019 23:48:58 GMT

For PRA, you could try speaking to a supervisor to counter it for about $450. If they dont take that then just pay what they offer while its still on the table. As for midland, Im somewhat surprise that they wont take or provide a settlement offer. Did you ask why they wont take any settlement? It could be due to it being still "new" (less than 2 years) but even then, they could still settle and once the 2 year mark hits then they could just submit a delete request.

Re: 2 accounts left

thornback — Mon, 30 Dec 2019 23:53:57 GMT

Pay them both and be done with it.

As a sidenote: Midland was more than willing to sue me for a $717 debt. I ended up paying in full anyway to avoid going to court (this was early 2017, before I began my rebuild and before I knew that they would delete). I was trying to hold out for a settlement offer.

Re: 2 accounts left

Anonymous — Tue, 31 Dec 2019 00:51:50 GMT

I also say pay them and move on. Portfolio has offered a fair settlement offer, in my opinion.

As for Midland, look around here and you’ll see tons of examples of them obtaining judgements (including for those debts as “small” as yours). Your account appears to be within the SOL so I’d be cautious with them.

Re: 2 accounts left

AllZero — Tue, 31 Dec 2019 01:10:26 GMT

Agreed with the others.

$115 on top of what you offered to PRA is a small price to pay for a clean scorecard. Which will lead to a higher score, better approval odds for CC applications, increased potential for higher starting credit limits. More positives than negatives I would imagine.

Re: 2 accounts left

FireMedic1 — Tue, 31 Dec 2019 01:30:28 GMT

@silver_idle wrote:
For PRA, you could try speaking to a supervisor to counter it for about $450. If they dont take that then just pay what they offer while its still on the table. As for midland, Im somewhat surprise that they wont take or provide a settlement offer. Did you ask why they wont take any settlement? It could be due to it being still "new" (less than 2 years) but even then, they could still settle and once the 2 year mark hits then they could just submit a delete request.

For $115 it isnt worth it to play lets make a deal. Pay it and its gone forever. They could back track and have a higher payoff if they wanted if the OP called back.

Also you can create an account on PRA and see a settlement offer too. But since the OP got a fair settlement. I wouldnt advise making an account for now.

Re: 2 accounts left

FireMedic1 — Tue, 31 Dec 2019 01:21:03 GMT

@aesl1982 wrote:
Midland is not two years old yet. June 2020 will be two years old. That’s why they won’t delete. And I’m guessing why no offer to settle

I figured that was the problem. Well take others advice and pay it or chance it till june for a PFD, then pay it. Flip a coin. Let us know if its heads or tails.

Re: 2 accounts left

aesl1982 — Tue, 31 Dec 2019 01:55:29 GMT

Thanks for the advice. I’ll just pay em both and have clean report finally worked this hard on it I’ll just finish it off

Re: 2 accounts left

Anonymous — Tue, 31 Dec 2019 01:56:28 GMT

@FireMedic1 wrote:
Take it and be done with it. (Portfolio) Is Midland more than 2yrs old yet?

What's the significance of 2 years. I've heard that before from other sources. If something is more than 2 years old dont pay it just ignore it. But i dont fully understand why/if that is sound advice.

Re: 2 accounts left

AllZero — Tue, 31 Dec 2019 01:59:08 GMT

@aesl1982 wrote:
Thanks for the advice. I’ll just pay em both and have clean report finally worked this hard on it I’ll just finish it off

Sounds good. Hope to read of your score improvements in the future.

Re: 2 accounts left

aesl1982 — Tue, 31 Dec 2019 02:37:43 GMT

That is midlands policy 2 years old and they will pfd

Re: 2 accounts left

FireMedic1 — Tue, 31 Dec 2019 17:18:09 GMT

MCM believes in fairness and transparency around credit reporting. We do not report to credit reporting agencies for accounts that are more than two years old (based on the date of delinquency) and paid in full (including accounts paid in full for less than the full balance).

We also don’t start reporting on new accounts if your payments begin within three months after we send our initial letter and you continue making payments every month until the account is paid in full (or paid in full for less than the full balance)

Re: 2 accounts left

thornback — Tue, 31 Dec 2019 04:49:24 GMT

@Anonymous wrote:
@FireMedic1 wrote:
Take it and be done with it. (Portfolio) Is Midland more than 2yrs old yet?
What's the significance of 2 years.

The reference to 2 years of age in this case is specific to the Midland collection agency. They have a policy to delete their collections if the debt is both paid in full and at least 2 years old. So instead of having it remain on your reports for 7 years -- you can have it removed after 2.

@Anonymous wrote:
I've heard that before from other sources. If something is more than 2 years old dont pay it just ignore it. But i dont fully understand why/if that is sound advice.

It's not sound advice. Ignore bad advice - not debts.

Re: 2 accounts left

OmarGB9 — Tue, 31 Dec 2019 16:50:09 GMT

@Anonymous wrote:
@FireMedic1 wrote:
Take it and be done with it. (Portfolio) Is Midland more than 2yrs old yet?
What's the significance of 2 years. I've heard that before from other sources. If something is more than 2 years old dont pay it just ignore it. But i dont fully understand why/if that is sound advice.

Do NOT do this. The creditor or collection agency that owns the debt could come after you via litigation, meaning they can sue you, get a judgement against you, garnish your bank accounts or wages, etc. It's best to contact them early and try to work out a payment plan that works for YOU, on your terms, before it gets to that point.

The 2 year thing is in reference to Midland Funding/Midland Credit Management collection agency, and their stated policy about deleting the debt if it is over 2 years old AND paid/settled in full.