Need advice on credit card debt

[Anonymous]

Hi my name is peterson, So I owe Discover 6 months and captial one 5 months. Discover is threating too sue me, I don't have no assets or no fixed W2 income, captial one threating to send too collection if i dont pay back what i owe soon. My situation is because covid-19 I lost my job a while back and couldn't afford these credit card payments even if they reduced it. These are the only 2 credit cards am behind. I am in a position where i can pay them back now since they gave me an offer to restart with a lower payment both companies. The thing is I know my credit score took a hit due too not paying them for serveral months. You think its possible to negoiate with them to take the negative history off my credit score if so how would you guys go about it?

[SUPERSQUID]

Its always best to communicate with them before things get really messy. i had a similar experience, although i wasnt late at the time i was between jobs and on unemployment. this was about 12 years ago. i had quite a few cards and kept up with all of them but then 2 of them with the same major bank jacked my interest rates sky high. i called them and explained that with the new super high interest they added to the cards i was in danger of default. they worked with me. what they did was convert both cards into 60 month personal loans at reasonable interest with a fixed monthly payment i could afford. talk to them, perhaps they can do a similar thing.

if you are willing to pay and explain what happened and show eagerness to pay them back i am sure they will work with you.

[Anonymous]

Well discover espically calls my phone every 2 hrs lol, I will chat to both and see what can be done. Thanks for the advice. 

[OmarGB9]

Best you can do is call and ask them to work with you to help you make the payments and keep from being sued, but no, unfortunately they will not remove the negative status on the accounts. 

[SDMarik]

The only thing you can do here is get back on track and stop the negative reporting, if you can get them paid off or back into a payment plan that you can maintain just do that and look forward.

If Cap 1 has not sent to collections yet, preventing that would be huge.

Unfortunately,  neither Discover or Cap 1 will delete any of the legitimate negative information from your credit report. Just put this in your rear view and start re-building positive payment history asap. Letting this get to a charge off, lawsuit, or possible judgment will wreck your credit way worse than the late payment history.

[Anonymous]

Well captial one went too charge off, but they worked with me with a good payment plan, and discover gave a really good payment plan too I couldn't turn down. I have 6 other credit cards that are in good standing so hopefully this one charge off doesn't stand out too much. The balance on this one is -$2300, which the total credit limit $2000. Hopefully i can come up with the full amount one day and negioate with them to remove the charge off my account.

[righthererightnow]

Yes, would recommend getting in contact and setting up payment plans to catchup. Also search 'goodwill letters' in this forum. Maybe you can do both, and get some of those lates (if not all) knocked off. Congrats on the rebuild!

[jrwa81]

Unfortunately, there probably isn't going to be a whole lot that you can do to have the missed/late payments removed from your credit report.  These companies are required to report accurately and it sounds like they are doing so in this case.  You can try a GW letter, but where you have missed multiple payments, they are much less likely to be agreeable to removing derogatories.  Whenever you know that you are going to have difficulty paying your bills, it's always best to contact your creditors before you miss any payments and explain the situation.  Let them know that you are having trouble paying and ask them to work with you.  Never just let it go without any communication because that is what leads to the situation that you are currently in as far as facing lawsuits and collections.