@Anonymous wrote:
I have a CC with Creditone that is 139 days past due. it hasnt charged off yet, but will in a couple of weeks(or so i was told.) I was told by Creditone that if i pay the minimum balance of 284.00 that it will be sent back to creditone from collections and my account will be in good standing, as long as i continue to make my monthly payments($40 a month).
I know CreditOne stinks on ice, but honestly, I'd take that deal in a NY second! 139+ late is MUCH better than a CO. Remember, that account will one day report as a positive account and be on your CRs (and therefore, helping your score) for 10 years --- the last 3 of which will be GOOD history. Once it goes to poopy, ain't nothin' going to bring it back and it'll stick for 7 years of BAD history.
So how will paying the 284.00 minimum affect my Score?
For one, it will no longer report as "Delinquent" -- just "120+ late, current, pays as agreed." It'll also avoid you a rotten, stinking "Charged-Off" status, and it'll help your revolving credit utilization.
Im assuming that because its being reported as being so late, this is affecting my score real negatively.
Yup. Prolly also the balance is dinging your utilization, too.
but if it goes to chargeoff status wont that be worse?
YUP. Most definitely.
by the way my balance on the CC is 1200.00 it was initially 800.00 but all the late fees and over the limit fees made it ballon to 1200.00. And if it is best that i pay the 284.00, do i make a request in regards to how they repot it to the CRA's? ........WHAT DO I DO?
Explain the situation to them (whatever situation caused you to be late) and after some on-time payments, ask, no ... BEG for some Goodwill Adjustments, asking for the ugliest of the lates to be removed. Stress that you had hit hard times, but obviously wanted to make good on your debt to them (which you would have shown by taking them on their offer to allow you to keep the account open and make payments).
But first and foremost, I'd keep that string of lates from becoming a CO ... and then a judgment (far future, but possible)!!
Best of luck to you!!
