cancel
Showing results for 
Search instead for 
Did you mean: 

Should I pay in Full or see if CC will settle for less or if thats super bad to do.

Highlighted
Member

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

yeah typo 6000 limit and 5315 on the card...

Message 11 of 36
Highlighted
Member

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

my income is 4,000 a month .. my whole thing was you hear and see all these commercials where these companies settle your debit for less than you owe and etc.. so I was going by trying to figure out how they got the companies to take less that you owe.. they never mention that you have to go into collections etc first .. or such so I guessing that if you told a credit card company hey I will give you 70% of what I owe you today and Im paid off instead of the fact that I might just decide to not care about my credit score and let you eat what I owe you .. they would take a bulk payment lol... again the whole idea was from the commercials that say they will get the credit card companies to take less money.. I am fed up with the high interest rates when its the fact I dont have bad credit or bad history( in the past 10+ years) that my rates should not be 20+% when I have never been late on a payment..

Message 12 of 36
Highlighted
Senior Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

Considering your current scores, if accurate. Then I would just take that 5% Loan and pay off all your CCs. The interest that would be saved in one year alone, is enough to pay off your Cap1 card!

 

Also, the side affect of paying them off would be a score increase. Meaning a better rate for that car you want in the future. Whereas if you tried to settle or let them default etc. That cause the opposite of what you want to happen.

 

I Would also suggest doing this rather soon, considering your Chase balance. I suspect that FNBO blance chased you due to being at max util on all your cards, which will eventually cause a cascade affect with the others if not taken care of soon.

 

I don't know your income,  but you don't seem deep enough in the hole to even think about settling balances. Once you stop bleeding Money in high CC interest rates, you'll start to see some relief. 






Message 13 of 36
Highlighted
Member

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

oh besides my credit score dropping the 50 points after BOA had to do the fraud charge off.. 2 months later I got a letter I had to start paying a yearly fee for my card and I had never had to pay a CC fee.. which pissed me off as I had been a BOA customer for 20+ years.. after they started that crap I pulled my checking account and etc from them and just have the credit card with them. and I guess being I am going to just pay it all off I will then get rid of the BOA card as I dont think if I have a clean payment record and CS I should have to pay a yearly CC fee..

 

want to say thanks to all for the advice.. I guess I will just borrow the money and pay them off .. my next thought it if I want to close out the high interest cards and apply for ones that might have better rates for when I do need to use one..

Message 14 of 36
Highlighted
Member

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

yup my scores are from myfico.com paid membership and I just pulled my quarterly CR for all the other info..

 

 

Message 15 of 36
Highlighted
Community Leader
Senior Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

The other angle on your cards is, once they’re paid off the APR is irrelevant if you change your habits. Go with the mindset to pay in full each month and interest never matters. Then you can decide card by card if it’s a good fit for you based on the rewards.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | PenFed PCR | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | 2017 Audi A6 Prestige S-Line





TCL $85,100| Agg. Util under 5%
Message 16 of 36
Highlighted
Established Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.


@UmmLee wrote:

my whole thing was you hear and see all these commercials where these companies settle your debit for less than you owe and etc.. so I was going by trying to figure out how they got the companies to take less that you owe.. they never mention that you have to go into collections etc first .. or such so I guessing that if you told a credit card company hey I will give you 70% of what I owe you today and Im paid off instead of the fact that I might just decide to not care about my credit score and let you eat what I owe you .. they would take a bulk payment lol... again the whole idea was from the commercials that say they will get the credit card companies to take less money.. I am fed up with the high interest rates when its the fact I dont have bad credit or bad history( in the past 10+ years) that my rates should not be 20+% when I have never been late on a payment..


The commercials don't mention that their plan will tank your scores! The first step in their plan is to have you stop making payments on the cards.

 

Many credit cards have 20%+ interest rates no matter how good your credit is. As mentioned by other posters, if the cards have good benefits, then use them and pay them off every month so you don't pay that interest. 

Scores: Spt 20: EX FICO8 831, TU FICO8 828, EQ FICO8 823
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 17 of 36
Highlighted
Super Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

Those commercials don’t talk about the people who get sued while waiting for the creditors to actually decide to settle. It’s never that easy. Only Chapter 7 bankruptcy is easy but the repercussions last for 10 years with some lenders like Chase that simply won’t do business with you until the BK is gone. Not to mention the lenders you don’t pay in full, most of them won’t do business with you for a number of years either.



Message 18 of 36
Highlighted
Senior Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

I don't know why BoA charge off the fraudulent amount, did you properly file a "dispute" or just tell them you're not paying that amount?

Also, what BoA card do you have that they're adding an AF? If a CCC did that to me I'd cose it. Knowing about an AF going in is one thing, but them adding one out of the blue is unacceptable. 

 

You might have applied for one of their AF CC that was possibly waived?






Message 19 of 36
Highlighted
Member

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

I called and cussed them out on the fraudlent charge.. I found it when I looked at my account that day.  like I said for like years anytime I would use my card at places I bought stuff every week sometimes almost daily they would call me and bug me with did you place this charge.. and I would be like YES for the 1000th time YES don't you see the pattern of my purchases ... so then that day I looked at my account and was like **bleep** why is there a 5k charge IN malayasia at some travel agency... so I called them and was like **bleep** good was your security crap when you called me about 20 bucks charges and etc ( I was using to get points etc back then) BUT when 5k in airline tickets are bought IN malaysia and I am in South GA you DO NOT CALL and ask me if its ME and you let the charge got thru... **bleep**.. so they locked the account and put in fraud investigation etc.. later on told me my # had gotten stolen in a chunk of cards on the Sony breach, I was like ok but what about the charge.. OH we are taking care of that your not responsible ... but then like 2 months later WHAM my CS dropped .. and it showed a charge off with BOA.. I called and cussed then out.. and then I swapped all my other banking stuff besides the card to another bank..... the AF I have had the card since 06 and never paid a fee until after that happened.. its a BOA power Rewards..

Message 20 of 36
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.