Chase Strategy

[Anonymous]

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@sjt wrote:

Regarding Collections: There are a few major Collection Agencies (Midland, PRM, and a few others) that will delete the tradelines if you pay or settle the accounts as long as the DOFD is 2 or more years. I would differently pay the one collection that will delete. Paying off the other two collections may not make a direct impact in your scoring, but you could get a bump because the balance will be zeroed out. It can also make a huge difference in a manual review of your credit as they will see that they have been paid off.

I would not apply for any cards until these collections are paid/settled and reflected on your CRA.

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One is Midland Funding.  I'll give them a call and try to negotiate a settlement.  I know this is off topic in this forum but what documentation/proof will I need to get from them to confirm that they are actually doing a PFD?

Thanks.

[sjt]

You really dont need any proof from Midland, they put their policy of deletion on their website. The DOFD does have to be at least 2 years.

[Anonymous]

While you may think it doesn't matter if they're paid or not, because they'll be here for a long time. A "paid" Collection looks slightly better than "unpaid", as it shows you're at least making an effort to pay it back a mistake you made. Leaving them unpaid just makes you look risky to some lenders, and that you might do the same thing again.