Bad Credit Advice

[Anonymous]

Hello,

This post is for my girlfriend, who has bad credit. She currently has 4 negative on her CR. She has collections accounts and no current credit card open. What should she do about the negatives? Should she write some letters? If so, which one and where can we find it? The high amount that she owe is $1800.

Thanks for your advice in advance.

[RobertEG]

 A lot depends on what she is trying to do, and the age of the OC account derogs that led up to tghe CA.

If just paying the debt now in order to prevent further action, such as legal action, she can just pay in full (PIF), and then ask for a good will (GW) deletion from her CR

IF CR deletion is also sought, she has a different, and somewhat riskier, option of first offering them a pay for delete (PFD) offer before paying, and hope for their acceptance.   While the potential benefit of a PFD offer might be worth trying, the CA does not have to accept or even respond to a PFD offer.  If she takes the PFD route, I would highly suggest that she first know the expiration of the state statute of limitations in the event that the CA pursues legal action, and also that she know the date of first delinquency (DOFD) on the OC account.  The DOFD will tell her the normal falloff date of the CA from her CR.  If the CA is soon scheduled to fall on its own age, then there is no need to ask for a PFD.

Addiationally, the higher the amount of the debt, the higher the chances normally are for legal action.