How does settling a debt from a CA differ from a paid in full in terms of my FICO score?

[Anonymous]

I can either pay a settlement of $221.74 or pay $285.49 in full..is there any information how paying the settlement of paying in full affects my FICO score?

Thank you!!

[llecs]

Either way, your score will drop without getting a PFD first.

[Coreyswife4ever]

I'm not an expert or anything but before you pay anything I would try to settle for less and send them a letter for paid for delete.  Usually when they offer a settlement amount it's usually 50% of the total debt owed.  I just received two letters offering me a settlement for 50% of what's owed.

[Anonymous]

What is a PFD? I'm sure my score will drop, but I would like to get my score back up the most efficent way possible, thank you for all the help!

[Anonymous]

PFD = Paid for delete, see links below.

Is this beyond SOL? Have you DV'd?

[Anonymous]

Sorry, I'm kind of new to this here. It's not as simple as I thought!

For the DV (Debt Validation) I receieved a letter in the mail, and contacted the place that I initially owed the funds to so I could verify.

I'm not sure the SOL (Statues of Limitations) and how that process entails, I'll have to brush up on it.

Thanks for the listing of the abbreviations! 

I already paid one small debt that was owed, which I paid in full. I'm in the process of writing a letter verying this information. I would assume it's too late for a PFD. 

[Anonymous]

---

tullz85 wrote:

Sorry, I'm kind of new to this here. It's not as simple as I thought!

For the DV (Debt Validation) I receieved a letter in the mail, and contacted the place that I initially owed the funds to so I could verify.

You should send a DV request, written, to the CA. See link below.  But, only send if you can PIF or it is beyond SOL.

I'm not sure the SOL (Statues of Limitations) and how that process entails, I'll have to brush up on it.

For simple SOL, click the SOL link below. To read more about SOL, click the state resources thread below.

Thanks for the listing of the abbreviations! 

I already paid one small debt that was owed, which I paid in full. I'm in the process of writing a letter verying this information. I would assume it's too late for a PFD. 

Yes, if already paid. Send a GW letter.

---

[Anonymous]

I think this will be my last question for you at the moment, thank you again!!

So, sending a GW letter would in essence remove the late charges off of my credit report but still show a PIF on the credit report if I'm correct from what I've gathered? I understand my FICO is composed partially of timely payments to raise my score, that should help raise my score then correct?

[Anonymous]

Depends on what you ask for in your GW letter.

If you are sending it to a collection agency, you want to ask for the complete removal of the account.

If you are sending it to a OC that is reporting only lates, you'd ask for lates to be removed.

If you are sending it to a OC that is reporting a CO, it would be best to ask for removal of the entire account.

Sending GW letters to the OC can be tricky, as they do have positive aspects of them that might be helping you, unlike a collection that will never help you.

Before sending to a OC, post exactly what the OC is reporting, date opened, date of negative you want removed, and if you have other accounts as old as this one or not.

[Anonymous]

When I write mine later today to the OC, am I allowed to post it here without getting flagged or banned or anything so that it can be reviewed and critiqued? I'd just like to make sure I have this understood correctly!

And, it also makes more sense to try to write the OC even if I PIF to the CA correct?