Settled my debt with National Debt Relief.. now how to improve my score

[Anonymous]

I settled all my credit card debt using National Debt Relief.  All my credit card accounts now say - Payment after charge off/collection
Settled - less than full balance. My scores are both under 565.  When I had the CC my payments were always on time.  Can I ask teh CC companies to remove the charge off, maybe write a good will letter or something.  I want to buy an house in the next 12-18 months and really need to improve my scores, please help.     

[FlaDude]

You might want to visit the rebuilding forum, but unfortunately, you have probably damaged your credit until the COs fall off your report in about 7 years.

Are you prepared to pay the charged off amounts to try to improve your scores?

[Jnbmom]

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@Anonymous wrote:

I settled all my credit card debt using National Debt Relief.  All my credit card accounts now say - Payment after charge off/collection
Settled - less than full balance. My scores are both under 565.  When I had the CC my payments were always on time.  Can I ask teh CC companies to remove the charge off, maybe write a good will letter or something.  I want to buy an house in the next 12-18 months and really need to improve my scores, please help.     

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It is great that you have settled your debts, that has to be a relief👍

Unfortunately I don't see these accounts getting removed . You can always try GW letters but I don't think the creditors will remove the notations.

Just check the rebuilding forums and start to rebuild . It will take time to get your scores  higher .

[Anonymous]

I paid, it was just settled for less that what was owed.  If I pay the difference would the charge off go away

[FlaDude]

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@Anonymous wrote:

I paid, it was just settled for less that what was owed.  If I pay the difference would the charge off go away

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Negatives such as charge offs and late payments normally stay on your report for 7 years. Paying them will not automatically make them come off the report. I don't have any personal experience with charge offs, but I would guess that some lenders might be more amenable to goodwill letters if the full debt is paid. 

Have you checked out the rebuilding forum here? That's where posts that provide insight into your situation and how to best address are most likely to be. 

[sxa001]

While these services for many are the final option, I will say this for anyone else reading this who stumbles upon it who may be looking at using one of these services.  They should be treated as a last resort.  They wait until the cards go into default and then settle for less, all while taking a cut of what you paid them.  A lot of people don't know that they could call their creditors directly and work out plans to pay down the debt without facing a charge off necessarily.

The rebuilding forum would be a great place to check out as others have said.  The charge offs and any lates associated will remain for 7 years, Goodwill letters may or may not help as others have said.  I am sorry you are going through this and wish you the best of luck in rebuilding.

[Jnbmom]

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@Anonymous wrote:

I paid, it was just settled for less that what was owed.  If I pay the difference would the charge off go away

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No they won't. You settled the damage is done. It's best to just move on and start the rebuilding process.