PFD's after SOL

[Anonymous]

Hi,

I have a couple of accounts--Victoria's Secret and Express that are reporting twice under the original creditor and as a Collection Account.  Both accounts are past the SOL.  I have less than a year before they drop off my report.  11 months top.  But in the interim, my credit score is of course suffering.  I also have a Sears/LVNV account that is reporting to TU and EX.  It will be due to drop off my report in about 11 months as well.  I havea defaulted student loan that will be rehabilitated by year's end, a old Cable account that's still reporting but due to fall off in about 11 months as well--only reporting to EX.  Finally, I have a old BALLY's account that was bought by Palisades that is all of a sudden reporting--just began to report this year, but will be due to fall off next year.  My question is this: is it worth it to contact these companies and try to negotiate a PFD.  What have others experiences been?  I don't want to upset the apple cart if these are going to fall off anyway, but like I said, my credit is hurting now, and I want to move.  My apt building has gone condo and I can't afford to buy,and really don't want to.  I would have trouble getting a new apt with my current credit scores, and as long as I'm not buying, the new management will keep raising my rent to force me out.  I would have to sign two new leases before I would see my credit scores finally start to look decently.  I'm not sure I'll be able to afford those increases.  I don't know my fico, but my current scores from the CRA's are:  TU--546 EX-527 EQ: 601. 

Thanks for any input you have.

[Anonymous]

The OC and the CA can both report at the same time. If you get a PFD with the CA, the OC will remain.

Try contacting the OC directly and asking if they will remove the account from collections and allow you to pay them directly.

If they will not/can not then DV all the CA's listed since they are past SOL and you have no fear of them suing.

If they validate, then offer PFD. Since it is past SOL and about to fall off I would NOT pay anything without a PFD.

[Anonymous]

Do you have any open credit card, or other accounts in great standing?  Please elaborate.  Also, what amounts are owed on the debts, and would those amounts total a number higher or lower than your rent increase would total (opportunity cost).

[Anonymous]

thanks sidewinder

[Anonymous]

i have 4 credit cards in good standing:

orchard with a $500 limit

total with a $250 limit

premier with a $300 limit

another premier card with a $350 limit

the victoria secret account is showing $346 on my cr

express is showing $368

bally's is $1027

sears is $724

i live in a fair market apartment so i wouldn't know what the rent increase is until i get the new lease.  they could charge me whatever they want, depending on how badly they want me out and how quickly.  i'm paying about $100 a month more since last year this time.

[Anonymous]

I don't know...although you could probably negotiate some really good PFD, you may end up spending less money waiting it out.  Are you sure you cannot negotiate a short term lease?  Or, perhaps a month to month, while leaving early?  If they really want you out that badly, they may just settle for something you offer really quick...I do not see why at quick three or four month extension won't be accepted.

One finaly question is, how long have you had your current credit cards?  Pay them down to 1-9% ASAP (if not already), and by the time it all falls off, your scores will be strong.

[Anonymous]

i see your point regarding my lease, but these are already 6 month leases i'm dealing with, and they'd rather raise the rent to a ridiculous amount and get me out as quick as they can so they can renovate and sell my apt as quickly as they can.  it's what they've been doing to everyone.  i'm one of the last hold-outs as i've been abl to handle the rent increases thus far (though i'm reaching my threshold) and i'm ever mindful of my credit situation. 

it seems like i'm going to have to wait it out.  and yes, my balances are very low, and i make sure to pay it all off or as much as i can every month.  believe me, i may have mucked up my credit in my 20s but those days are long gone.  i'm being really careful with the credit i do have and now that i have worked my way up to a comfortable salary in my industry, i live for fixing my credit, but it's been tough. 

thanks for your help and input. i really appreciate it. 

[Anonymous]

No problem.  I wish you the best of luck with everything.