Question and potentially valuable Bull City Financial Solutions info

[Anonymous]

Hey guys,

I have a question, and some potentially valuable information for anyone that has Bull City Financial Solutions collections on their report.

I have 9 entries from Bull City in my collections from 2.5 years ago. They're all medical. I called them last week, and paid one of them ($167). I asked then if they would pay for delete, and they said no. I paid it anyway. I called them back today, and said I wanted to pay off the remaining $2800. I was as pleasant as I could be, which I think definitely helped. I explained that the only way that I would follow through with my desire was if these could be deleted from my report, as they are medical, and the circumstances that led to them being in collections were unavoidable on my part and not due to being irresponsible, and it's not in my best interrest to pay and have the clock reset. 

He told me that he understands (he was real pleasant, actually, as was the previous rep) and said that I have two options: I can do an installment for the full amount, and then they would request it to be deleted, or that I could take care of it all at once for $1400 (50% off) and then they would request deletion. I expressed my skepticisim. He asked me to hang on a minute, came back, and then asked me to check my credit report with one of the three CB's. The $167 I paid last week was deleted. That fast! I couldn't believe it. So, they do PFD. I hope that helps someone else doing a search, like I had, but coming up empty. 

My question is this. For the one account that was deleted, it looks like, for Experian at least, the only one I could check instantly so far, my score only went up three points. If they are all only going to have that little of an impact, I feel like it's smarter to wait another 4 years for them to fall off, and use that money to put towards a Discover secured, and Navy Fed rewards secured, so I can rack up extra good payment history over the course of the next 4 years. I have the $1400, but I don't think it would be worth it to me for 20-24 points. 50 points, now we are getting somewhere. Will the larger accounts have more effect? 

[thornback]

Pay it. The largest point gain generally comes when the last collection is removed- assuming these are your only derogs? Even if not and you only get a few points from removal - you'll see the benefit over time. You still have 4.5 years left of reporting for those collections - leaving them unpaid can result in monthly or sporadic updates from the CA (if they havent been doing so already), which will ding your scores each time. Those collections will suppress any progress new accounts may yield. A key to rebuilding is getting your reports as clean as possible. Try not to focus on immediate gratification - focus on the long term goal.

You can start your secured cards with a lower limit if needbe. A $200 limit has the same benefit as a $1400 limit when it comes to FICO. 50% is a great discount for removal and the offer may not be there later.

[thornback]

Just want to also point this out for good measure - steps to removing medical collections. This is what folks are usually advised to do for med collections -- but you already have a PFD offer which is why i suggested you to accept and pay... unless you can re-bill your insurance...

1. Call the OC and see if insurance can be billed, (or-rebilled), collections ultimately paid by insurance get removed per new rules that came from CRAs settlement with 22 state AGs. If not then
2. see if you qualify for Charity Care, if not then
3. ask that they recall the collection in exchange for full payment
4. Send the reporting CA a PFD offer
5. Google the HIPAA Process and contact its creator for help, this process cannot be discussed in any forum of myFico.

[Anonymous]

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@thornback wrote:
Pay it. The largest point gain generally comes when the last collection is removed...

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You make excellent points. Thank you. That is not all of the derogs I have, but it is most of them. There are 4 others that should be deleted when I finish paying the agreement entered with the CA in 3-4 months. From there, I will attempt to Goodwill some charge-offs. I will give them a call tomorrow and pay them. 

[glendazamot]

Hi! @Anonymous 

Very valuable information! I'm in fact dealing with Bull City and they won't confirm they'll remove. Mine are medical bills as well.

Did they end up removing? Also, did you get a huge bump from the deletion?

thank you for the info!

[Anonymous]

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@Anonymous wrote:

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@thornback wrote:
Pay it. The largest point gain generally comes when the last collection is removed...

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You make excellent points. Thank you. That is not all of the derogs I have, but it is most of them. There are 4 others that should be deleted when I finish paying the agreement entered with the CA in 3-4 months. From there, I will attempt to Goodwill some charge-offs. I will give them a call tomorrow and pay them. 

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Paying CAs when you have more than 1 give little to no points. When the very last one is removed is when you get the score jump.

So if you wait 4 years for those to fall off and pay the other 4 CAs that PFD, you will have little to no score gain.

You should definitely pay/settle them all for delete and when the last one drops, you will get a better score boost.

[Anonymous]

Thanks for the input. I have paid off all collections, unfortunately I cannot do anything about 4 charge offs (around 1500 total) I called them and they were in willing to let me pay. On the plus side, my score is now 650, up 120 points since I first began a little over a year ago, I've 2500 in credit, 0% usage,  and a new car that's almost paid off, am stretching it out to a year but at 12 percent interest the quicker, the cheaper. 

thanks for reply

[glendazamot]

@Anonymous 

Did you see my question above in regards to Bull city?

[Anonymous]

Sorry about that! Yes, it's gone. Took about a month. They wouldn't confirm with me either. If I remember correctly it was about 15 points, but of course over time I'm sure it was more than that. The debt was roughly 1.5 years old if I recall. Keep in mind my score increased since then between 120--40, I can't remember exactly. That was one of the, if not the last removable accounts from my report. I think it was originally 1800 but I paid 1200, something like that. Maybe those details are in my original post. All I know is I wouldn't officially have fair credit right now if I hadn't paid them.