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DMP- Account question

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uktaurusbulba
Contributor

DMP- Account question

I have a discover card from 3/95 that was never late until I joined the dmp and payments were messed up. I now have a 30 late from 02/08, and 60 days in 03/08 and 04/08. Do you think a pfd is a better idea than goodwilling? Or should I simply let the accounts age? My concerns are getting financing for my business. I heard lenders will not lend to anyone with 60+ lates on there reports period. If this is the case, Id have to wait like 7 years to get a business loan, which is not a good option. My score for equifax right now is 550. It says that if I pay down 90% of my balances over a 24 month period, my scores will be between 700-740. Thats fine as long as these lates arent held against me.
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Anonymous
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Re: DMP- Account question



uktaurusbulba wrote:
I have a discover card from 3/95 that was never late until I joined the dmp and payments were messed up. I now have a 30 late from 02/08, and 60 days in 03/08 and 04/08. Do you think a pfd is a better idea than goodwilling? Or should I simply let the accounts age? My concerns are getting financing for my business. I heard lenders will not lend to anyone with 60+ lates on there reports period. If this is the case, Id have to wait like 7 years to get a business loan, which is not a good option. My score for equifax right now is 550. It says that if I pay down 90% of my balances over a 24 month period, my scores will be between 700-740. Thats fine as long as these lates arent held against me.


What is the current status of the account? Closed/open? Paid/unpaid? Charge off?
Message 2 of 3
uktaurusbulba
Contributor

Re: DMP- Account question

The current status is open and pays account as agreed. In the description area, it says 'account closed by credit granter.' Because it is in DMP, I think it will close upon final payment. I guess having it erased off my credit history may be bad because it is an old account but having the 60 day late removed will be beneficial.
Message 3 of 3
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