Huge Relief

[FICOfit]

I posted earlier about getting the installment loan to pay off some CC debt.  Well I did.  I have no CC debt AND no CAs after me. 

Midland sent me a dunning letter last week.  I know the debt is mine and the settlement was reasonable (as reasonable as a CA settlement can be).  I chose not to DV.  I didn't want to raise any flags since they are NOT reporting and I don't want them to, plus it's still w/in SOL and I don't want to be sued.  I just sent off a certified check for the settlement amount.  This was my last collection.  I will have no more CAs after me now and everything is current.  I know some of you may disagree with paying them, I really just wanted that paid and over with.

Now I have 0% util and one more installment loan (unsecured).  This, hopefully, will help my credit.

[braznyc]

Well good for you! At least the check is certified, and you have proof IF they try to insert it on your file.

Who did you get your installment loan through? I am just curious, considering the scores in your sig.

[FICOfit]

I got it through Citifinancial.  It said it was an installment loan.  I had to work with a local office and provide some items that people with better credit wouldn't have to provide like proof of income.  My interest rate isn't great, but it's better than my CCs and I was able to take care of a lot of things.

[fused]

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argonne wrote:

I posted earlier about getting the installment loan to pay off some CC debt.  Well I did.  I have no CC debt AND no CAs after me. 

Midland sent me a dunning letter last week.  I know the debt is mine and the settlement was reasonable (as reasonable as a CA settlement can be).  I chose not to DV.  I didn't want to raise any flags since they are NOT reporting and I don't want them to, plus it's still w/in SOL and I don't want to be sued.  I just sent off a certified check for the settlement amount.  This was my last collection.  I will have no more CAs after me now and everything is current.  I know some of you may disagree with paying them, I really just wanted that paid and over with.

Now I have 0% util and one more installment loan (unsecured).  This, hopefully, will help my credit.

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Taking responsibility...job well done!

[Anonymous]

Feels good to have everything paid doesn't it!

[Junejer]

Congratulations argonne. Doing the right thing and helping yourself at the same time...sounds like a win-win to me. Now go to starbucks or something and let a small balance report to one of those CCs.

[FICOfit]

I fully intend to have small balances reporting on those cards.  I may use them for gas ( I only fill up 3x/month and I have 3 cards..that's convenient!).  While I know the Citifinancial loan may report as a CFL, I figured it was better than having high util and a CA reporting. 

I also plan on paying off more than the monthly amount on the loan (monthly payment is $145 and I have budgeted for 200) so more goes to principal, therefore, less interest paid over the term of the loan.

I'm pretty sure the CA won't report.  I received the initial dunning letter earlier this week and just sent them a certified check.  In the dunning letter it states that "No credit reporting will occur if the federal reporting period has expired, or we have not previously reported on this account".  That, of course, is assuming you pay by the date due (4/27/08...think I'm good there).

Now that everything is paid, I can go hard at work with GW to get some things off my report:

AllianceOne:  Paid med collection

First premier Bank:  CO (2003)

Arrow Financial:  collection for first premier CO. paid.

HSBC Bank:  CO (2004) (This one was bought by Midland, the CA I talk about above)

Chase Auto:  Two 30 day lates.  Now current.

Message Edited by argonne on 03-28-2008 08:16 AM

[Anonymous]

I agree with the others.  You've done well!  Nice going!

[Anonymous]

Taking responsibility, and paying what you owe....  Wow there are still people out there doing that?

(Removing tongue from cheek now)

Congrats on getting that cleaned up and Major kudos for manning up and taking care of business.

Do hang on to that letter you received that said they wouldn't report as long as it was paid, and all the documentation that it was actually paid.  Just in case you need it later.

But it sounds like you'll be fine from here on out.

Van