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Credit Card CO Question

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Regular Contributor

Credit Card CO Question

I have a (possibly stupid) question about Credit Card CO's. 

 

I have 2 CO's - neither of which I can afford to PIF.  Is it ever a good idea (or can you even) try to set up a payment plan for a CO?  I am just trying to figure out how I can tackle these CO's because they are hurting my utilization in a big way and I really want to do SOMETHING with them.  They are both past SOL for my state (PA). 

 

Looking forward to responses!  :-)  Thanks!

Starting Scores: EQ (MyFico): 561 TU (MyFico): 579 - 2/15/13
Rebuilding Scores: EQ (MyFico): 597 (6/11/13) TU (MyFico): 606 (6/12/13)
Current Scores: EQ : 665 TU : 649 EX : 704

Cards: SDFCU $250 | Cap1 Secured $750 | Victorias Secret $500 | Amex BCE $4k | Chase FU $2k | Cap1 QS $1k | PenFed Promise $3.5k | Wayfair $1k | Care Credit $1k
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4 REPLIES 4
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Epic Contributor

Re: Credit Card CO Question

There are no stupid questions.

 

I wouldn't make any payments yet.  Even if the SOL has expired, making even a partial payment can restart SOL.

 

Message 2 of 5
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Regular Contributor

Re: Credit Card CO Question

So my best bet would be to just save money every month and try to come up with a lump sum to settle with them?

Starting Scores: EQ (MyFico): 561 TU (MyFico): 579 - 2/15/13
Rebuilding Scores: EQ (MyFico): 597 (6/11/13) TU (MyFico): 606 (6/12/13)
Current Scores: EQ : 665 TU : 649 EX : 704

Cards: SDFCU $250 | Cap1 Secured $750 | Victorias Secret $500 | Amex BCE $4k | Chase FU $2k | Cap1 QS $1k | PenFed Promise $3.5k | Wayfair $1k | Care Credit $1k
Message 3 of 5
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Epic Contributor

Re: Credit Card CO Question

That's what I would do for now.  I am trying to find PA codes to read and am having a hard time doing that.  Some states have easier codes than others.

 

I'll let you know what I find out.

Message 4 of 5
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Regular Contributor

Re: Credit Card CO Question

Thank you!  :-)

Starting Scores: EQ (MyFico): 561 TU (MyFico): 579 - 2/15/13
Rebuilding Scores: EQ (MyFico): 597 (6/11/13) TU (MyFico): 606 (6/12/13)
Current Scores: EQ : 665 TU : 649 EX : 704

Cards: SDFCU $250 | Cap1 Secured $750 | Victorias Secret $500 | Amex BCE $4k | Chase FU $2k | Cap1 QS $1k | PenFed Promise $3.5k | Wayfair $1k | Care Credit $1k
Message 5 of 5
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