HSBC PFD question

[bertb34]

Hi.

I'm confused after reading various PFD posts.

I have a $300 outstanding balance on my HSBC credit card account which is closed and has one 60 day late dating from 2007. I decided not to pay off the entire balance as I think I can PFD.

However, in the PFD sample letters I see posted the first line indicates "This letter is to inform you that the validity of this debt is disputed".  Can I send a PFD to HSBC without disputing the debt or am I missing something here?

Should I just pay it off and not worry about them removing the tradeline or is it worth PFDing?

Any help or advice would be greatly appreciated.

Thanks in advance!

[llecs]

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bertb34 wrote:

Hi.

I'm confused after reading various PFD posts.

I have a $300 outstanding balance on my HSBC credit card account which is closed and has one 60 day late dating from 2007. I decided not to pay off the entire balance as I think I can PFD.

However, in the PFD sample letters I see posted the first line indicates "This letter is to inform you that the validity of this debt is disputed".  Can I send a PFD to HSBC without disputing the debt or am I missing something here?

Should I just pay it off and not worry about them removing the tradeline or is it worth PFDing?

Any help or advice would be greatly appreciated.

Thanks in advance!

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If all that is showing is a 60 day late and no "charge-off" mention, then I'd pay it without a PFD and GW the 60 day. In the long-term, the history will help more than the late will hurt.

That statement protects you. Last thing you want to do is to admit to anything. Remember, they can say "no" to the PFD and decide to sue. Plausible deniability that you have a HSBC acct.

[bertb34]

I don't think I need the history at all as I have several other cards that have much higher limits ($15k and $5k) and perfect payment history and an auto loan as well.

Would you still simply pay it off as opposed to a PDF?

Thanks for your help!

[llecs]

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bertb34 wrote:

I don't think I need the history at all as I have several other cards that have much higher limits ($15k and $5k) and perfect payment history and an auto loan as well.

Would you still simply pay it off as opposed to a PDF?

Thanks for your help!

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It is all based on average age. If that account is older than your other accounts (open or closed), then removing it could drop your score, even with a 60 day late on it). Now if it is newer than your other accounts, removing it won't hurt your history.

I would pay it off if the only bad thing on each CR was a 60 day late. Now if it said CO anywhere or 120+ days over and over, then my opinion would differ.

[bertb34]

It is much more recent than the others so I will try and PFD it and leave the line mentioning "....validity of this debt is disputed" as you suggest.

Thanks for the advice