How much will it drop?

[Anonymous]

I just called Chase.  They said they'd accept 85% of the balance ($829), but it will be marked as charged off.  That's not going to work.  They said they won't delete the account either.

Now to call Dell...

[SmartCookie]

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stress83 wrote:

I just called Chase.  They said they'd accept 85% of the balance ($829), but it will be marked as charged off.  That's not going to work.  They said they won't delete the account either.

Now to call Dell...

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Good and good luck!  This gives you a more realistic example of what they might PFD for.  Don't worry or be discouraged by what they ultimately say on the phone, you are just calling for the $ figures for your PFD letter.

[Anonymous]

Well, after being on hold with Dell for quite some time, they say they will not accept a settlement and that I will need to continue paying the minimum.

So, I think I'm going to PFD Chase with $700 and see what happens.  I can't believe how much I've learned about credit today!

[SmartCookie]

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stress83 wrote:

Well, after being on hold with Dell for quite some time, they say they will not accept a settlement and that I will need to continue paying the minimum.

So, I think I'm going to PFD Chase with $700 and see what happens.  I can't believe how much I've learned about credit today!

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Good stuff!  Ok put Dell to the back burner.  I would not continue making payments with them as a priority... they see no problem which is why they won't settle.  Good luck with Chase and I hope you get something do-able in the next few months.  Once that is done call back Dell and try again... they'll be more apt to work with you once they see you have been not able to make your payments.  Shame on them... they didn't realize that Chase is now getting the money you could have paid them with.  

[PayYouNever]

Honestly, if you could offer the entire balance to Chase they might be more willing to PFD. If you have negative history being reported, then it's better to pay the entire debt and get it deleted from your file -- the $300 more will seem like chump change, when you can't get your score to rise past a certain point because of the derog acccount.

[Anonymous]

This is exactly what I was thinking.  I'm just going to give it some more thought before I send out any letters.  I was also thinking about trying a GW letter instead while still paying a lot extra on the account (I most recently made a $300 payment).