looking for some advice. Have an account with Barclays that I want to settle but don't know the correct approach to help me boost my score. I called them and told me that they have their own collection company and transferred the call which I talked to them an they agree to settle for less but will not delete from my CR it will show settle for less. Wondering if doing that would even hurt my score more. Any advice will be appreciated.
If its a charge off. Settled or paid will stop the updating of the balance owed and looks a whole lot better to future creditors that you paid your debts. As far as the CO reporting. It will hurt the entire 7 yrs. Getting a CO deleted is slim to none. Better chance to get hit by lightning holding a golf club on a golf course in a storm. But do try to see how low they'll go to settle if this is what you can afford. If you can pay in full (PIF) even better than having consumer settled, paid less amount owed on your reports. Good Luck!
My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's.