No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I cant speak to the chances of getting a better offer, but it is my opinion that the one they have put on the table is a very good one.
They are stating that they will accept less than payment in full, and yet not report to the CRA the additional special comment from hell that it was "settled for less than the full amount." That comment is very harmful when entered by the creditor, advising others that you have, in the past, not fulfilled your total debt obligations. Some even state that FICO scores this special comment in a derogatory manner.
Under their offer,the account would be reported paid, and with $0 balance due, with no statement that payment was for less than the full amount. It is not an offer without strong advantages.
@RobertEG wrote:I cant speak to the chances of getting a better offer, but it is my opinion that the one they have put on the table is a very good one.
They are stating that they will accept less than payment in full, and yet not report to the CRA the additional special comment from hell that it was "settled for less than the full amount." That comment is very harmful when entered by the creditor, advising others that you have, in the past, not fulfilled your total debt obligations. Some even state that FICO scores this special comment in a derogatory manner.
Under their offer,the account would be reported paid, and with $0 balance due, with no statement that payment was for less than the full amount. It is not an offer without strong advantages.
Any notation of "settled" is scored the same as a charge off. This is not just an opinion. This is a statement of fact from a highly placed authority at myFICO.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".