Paying a collection account...how will it affect my credit card app process?

[HornsFan]

how long ago did you settle with them?

[heirophant]

I paid the settlement off in 3 payments, the last one in December 2007.

[Chanduwar]

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@heirophant wrote:

I personally have dealt with LVNV funding for a BOA CO from 2005. They settled and I paid in December for 1/3 of what I owe. However, the settlement was handed down through a third party called the Northland Group that said they were willing to accept a settlement on my account. I don't know what the affiliation is, but I took it. It was an offer in the mail. Before they made me an offer, though, it looks like LVNV was planning to take me to court. I had an inquiry in 2006, from Wolpoff & Abramson. That is the law firm that LVNV uses (googled for a while on that one). Make sure you don't have any inquiries from them. Could be trouble.

The settlement saved me 2,000. And yes, it helps. I just recently got accepted for both Chase and Amex.

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heirophant Your debt was in the SOL period it seems. Mine are past SOL period. Still how much did you settle percentage wise? Then I may think of a strategy, on how to proceed. Chanduwar

[heirophant]

Settled for 1/3 of the actual outstanding balance.

[Anonymous]

I've dealt with them on an old Providian card I had in 2001 that got charged off. They kept adding interest on a $300 balance that got all the way up to $950. I would always get settlement offers in the mail from them. I decided one day that I wanted to clean up my credit and pay off my debts so I called them and agreed to pay $450. The guy said the negative report would be deleted off my CR but it never got deleted, they just updated it as Paid Settlement. This was before I learned everything I know about credt and the letters and what not. I wouldnt suggest paying them especially if you are past the SOL.

[Anonymous]

Well often times even after paying off an account, other companies will continue to buy the old paper and try to collect and put it back on your credit make sure you absolutely positively keep all documentation proving you paid it off.