Steps to Take

[Anonymous]

Great Forum with lots of great info. I am currently rebuilding my credit. I was in the mortgage industry and like a lot of others was greatly affected. I am now in the rebuilding process. I did not want to file BK so I ended up settling with all of the CC companies. Most of them I settled before they went to collections. The acounts were always paid on time until December of 2006, then go to 30,60,90,120,180 and so on until I settled them.The way its reported it show the lates and then shows settlment accepted on this account. I obviously want to try get my score up so I want to know should do a goodwill letter or should I try disputing. If I dispute do I dispute every month it reported late. Two of the CC companies are B of A. Its probably not likely they will remove the whole account. Just need some advice on where to start.

[Anonymous]

Welcome to the forums!

FICO looks at a settlement negatively.  Depending on how you settled they may be able to come after you for the rest.

Because you settled while the account was still late, the lates will always show up and are correct.

There is nothing to dispute because they are reporting correctly.

What you can do, if you are able, is offer to PFD for the settlement deficiency.  If they agree it would be removed from your CR.

[Anonymous]

GW letters once a month are the legitimate ticket for you. Just keep hammering away.

BTW - what are the DOFD's on all these account?

[Anonymous]

Since they settled and still owe money, a GW more than likely will not work.

[Anonymous]

Thanks for the feedback, should I GW the original creditor? Most were settled directly. Only one went to a collection agency.  In the event they do not delete how ling will this affect me for. I know it will stay on my cr for 7 years.

[Anonymous]

DOFD was July 30 2008 on  Bank of America

Pretty much all were around that time.

[Anonymous]

7 - 7.5 years from the DOFD.  So, 2015.  Being that new I honestly do not think they will even consider a good will.  Never hurts to try though.

Is there no way to offer a PFD for the remaining balance?

Send the GW to who ever accepted the settlement.

Message Edited by guiness56 on 09-09-2009 06:56 AM

[Anonymous]

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@Anonymous wrote:
Since they settled and still owe money, a GW more than likely will not work.

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Since the amounts are paid GW is the only way the negative information is going to be removed (barring an immaculate fall-off).

Send GW letters to any party reporting a negative TL you want GW on. A saturation attack is required - once a month per letter for as long as it takes. It could take years. The adverse information may never be removed.

[Anonymous]

Since they did not pay the entire balance and you know they can come after you for the rest, why not offer a PFD.

GW is not the only thing that will work, if it does.

[Anonymous]

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@Anonymous wrote:

Since they did not pay the entire balance and you know they can come after you for the rest, why not offer a PFD.

GW is not the only thing that will work, if it does.

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I suspect the OP settled these account for a reason. Inability to PIF was most likely it.