Settling with Discover card need help!

[Anonymous]

What does ''process of GWing them to remove the tradeline" mean? Sorry I very new to worrying about credit. I used to not have to worry about credit until very recently?

[Anonymous]

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@Anonymous wrote:

What does ''process of GWing them to remove the tradeline" mean? Sorry I very new to worrying about credit. I used to not have to worry about credit until very recently?

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Sorry.  I just meant that you could send them goodwill letters requesting that the tradeline be removed.  You would have to wait 7 years for the account to fall off your reports, so if you can convince them to remove the tradeline sooner, then it will help your scores rebound.  Below is a listing of the most of the acronyms used on the forum.

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

[wa3more]

insolvent means your liabilities exceed your assets, you have negative net worth

If you have no mortgage (good for you) then it sounds like your net worth might be positive since most people's largest debt is their mortgage.

[Anonymous]

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@wa3more wrote:

If you were insolvent at the time of settlement, you can file form 982 to avoid tax liability on the 1099 income.

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+1