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I have 1 collection on my report.
The Bureaus
HSBC
original amount owed= $1019
date of 1st delinquency- 2/2008
balanced owed- $1381
I called the number for The Bureaus and the representitve said the account had been sent to their sister company, TCS, and that I would need to contact them. I was told The Bureaus could not speak to me about the matter, even though it was them listing the collection.
Anyways, so I called TCS and they told me I could settle for $760, and just updating a zero balance.
Heres my questions:
-Whats the best way to handle this?
-Since the 1st delinquincy was 5 years ago, Im in CA, should I not do anything and let it fall off in 2 years? I would like to try to buy a house soon. (6 months)
-Should I offer $400 and ask that it be deleted?
-How much will this raise my score by taking care of this? Is it worth it?
Thanks for the help!
@lucywalker wrote:I have 1 collection on my report.
The Bureaus
HSBC
original amount owed= $1019
date of 1st delinquency- 2/2008
balanced owed- $1381
I called the number for The Bureaus and the representitve said the account had been sent to their sister company, TCS, and that I would need to contact them. I was told The Bureaus could not speak to me about the matter, even though it was them listing the collection.
Anyways, so I called TCS and they told me I could settle for $760, and just updating a zero balance.
Heres my questions:
-Whats the best way to handle this?
-Since the 1st delinquincy was 5 years ago, Im in CA, should I not do anything and let it fall off in 2 years? I would like to try to buy a house soon. (6 months)
If you are planning on purchasing a home, some lenders require you to pay COs before they will approve your mortgage.
-Should I offer $400 and ask that it be deleted?
I like this answer.
-How much will this raise my score by taking care of this? Is it worth it?
It depends on what else is on your CR, good and bad.
Thanks for the help!
You can always offer less than the full amount, but that is asking for two concessions on their part...... CR deletion and settlement for less.
Your chances of acceptance might be better if you make a higher offer.