I would call and ask if they would agree to notate the settled payment as "PAID IN FULL" or just "PAID" as opposed to "SETTLED FOR LESS" or "SETTLED".
The biggest downside to settling is how it may be viewed by other creditors as they decide whether to extend credit to you. Settling indicates a refusal or inability to repay the entire debt, so may have an impact on approval or how much of a credit line you are granted if the decision is made by manual review of your reports.
The other minor concern is having a future relationship with Cap1. Seems you'd have better chance of forgiveness resulting in good future experiences with them if you pay them what you owe.
However, it ultimately comes down to your current financial ability and your personal feelings. If paying in full will hurt your pockets, then settle. If you are not necessarily concerned with having a future relationship with them, then settle. I really don't know how forgiving Cap1 is..they may not hold grudges like other lenders so whether you settle or PIF may not even matter much in that respect.
Either way, bringing that balance to zero and letting the account age is most important.
The biggest downside to settling is how it may be viewed by other creditors as they decide whether to extend credit to you. Settling indicates a refusal or inability to repay the entire debt, so may have an impact on approval or how much of a credit line you are granted if the decision is made by manual review of your reports.
The other minor concern is having a future relationship with Cap1. Seems you'd have better chance of forgiveness resulting in good future experiences with them if you pay them what you owe.
However, it ultimately comes down to your current financial ability and your personal feelings. If paying in full will hurt your pockets, then settle. If you are not necessarily concerned with having a future relationship with them, then settle. I really don't know how forgiving Cap1 is..they may not hold grudges like other lenders so whether you settle or PIF may not even matter much in that respect.
Either way, bringing that balance to zero and letting the account age is most important.
Soo..basically they will report "Settled in Full" to Cap1, and then Cap1 will update your report. You can still call Cap1and ask if, once they receive settlement payment confirmation from Alliance, if they'd be willing to adjust the way its reported. It surely doesn't hurt to ask.
That's the spirit!! In this rebuild game, you cant let all the NOs discourage you because if you do, you may miss that one chance at a YES.
Good Luck!!
Good Luck!!
First Premier is adamant about not removing accurate reporting. You will likely have zero success in Goodwilling them. They have a publically published policy: www.premierperspectives.com/goodwill-letter-requests/ -- So don't be surprised when you receive the standard "We are reporting accurately" response from Julie. Not saying you shouldn't try though - you never know!
Generally, FP will only remove if you can prove incorrect reporting on their part -- so if you can find some inconsistencies in the way the account is reporting across the three bureaus (DOFD, or payment history maybe), you can try to pursuade them on that basis - I've seen where others have had great success getting them to delete based on inaccurate reporting.
As for Comenity, I don't have any info on them -- but you should start a new post for better visibility so other folks to chime in - I'm sure someone has contact info.