myFICO Community Help!

[Anonymous]

Ok.. So both of these companies are willing to receive payment for deletion my question is, is it worth me paying the $1,100 give or take and get both these negatives off my reports. my score if 553 ex fako and I plan on taking out a secured card either with citi or boa. or should I ride out the seven years, save my money and increase my credit with the secures???? will these negatives keep my credit from going up from the secured cards??? this is how it looks on my report....

CBCS Potentially Negative Closed 888-413-0093  Mailing Address: PO BOX 164089   COLUMBUS, OH 43216           Account Name CBCS     Account # 91XXXX     Account Type Collection Department / Agency / Attorney     Balance $741.00     Date Opened 10/1/2011                           Account Status Closed         Mo. Payment         Close Account Details Past Due $741.00         Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department         High Balance           Limit           Terms 1 Month         Comments
PAUL MICHAEL MARKETING Potentially Negative Closed 718-740-1401  Mailing Address: 18609 UNION TPKE   FLUSHING, NY 11366           Account Name PAUL MICHAEL MARKETING     Account # 579XXXX     Account Type Collection Department / Agency / Attorney     Balance $329.00     Date Opened 10/1/2010                           Account Status Closed         Mo. Payment         Close Account Details Past Due $329.00         Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department         High Balance           Limit           Terms 1 Month         Comments

[Guava]

If it were me, I'd pay them in exchange for deletion. 7 years is a long time; in the future, you may want prime cards or auto loan and having 2 collections off your report will help (collections hurt lots!) and there's a possibility the company will pursue legal action against you.

[RobertEG]

Putting the issue of FICO scoring aside for the moment, having a CR that shows unpaid bad debt is strong warning to new potential creditors that the consumer does not pay debt.

That alone could kill any request for new credit. 

Both were referred for collection within the past two years, implying that there may be years to run before they reach 7 years plus 180 days from the DOFD on the OC account.  What are the DOFD's? 

A side issue pertains to what they may do, as opposed to what you do.  They may choose not to just forget the debt.  What is the SOL status on each?

[llecs]

OP, I'd take it for reasons mentioned already. While these CAs are cool about accepting a PFD, they might sell it to another down the road who might not accept PFDs. As Robert hinted, if there's an SOL issue they can sue too. I'd leap at the chance. Be sure to get it in writing.

[pizzadude]

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@Guava wrote:

If it were me, I'd pay them in exchange for deletion. 7 years is a long time; in the future, you may want prime cards or auto loan and having 2 collections off your report will help (collections hurt lots!) and there's a possibility the company will pursue legal action against you.

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+1.  I would pay it once you secure a PFD agreement in writing.   Collections will ding your FICO score in a significant way for as long as they are on your reports.

[LS2982]

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@Anonymous wrote:

Ok.. So both of these companies are willing to receive payment for deletion my question is, is it worth me paying the $1,100 give or take and get both these negatives off my reports. my score if 553 ex fako and I plan on taking out a secured card either with citi or boa. or should I ride out the seven years, save my money and increase my credit with the secures???? will these negatives keep my credit from going up from the secured cards??? this is how it looks on my report....

CBCS Potentially Negative Closed 888-413-0093  Mailing Address: PO BOX 164089   COLUMBUS, OH 43216           Account Name CBCS     Account # 91XXXX     Account Type Collection Department / Agency / Attorney     Balance $741.00     Date Opened 10/1/2011                           Account Status Closed         Mo. Payment         Close Account Details Past Due $741.00         Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department         High Balance           Limit           Terms 1 Month         Comments
PAUL MICHAEL MARKETING Potentially Negative Closed 718-740-1401  Mailing Address: 18609 UNION TPKE   FLUSHING, NY 11366           Account Name PAUL MICHAEL MARKETING     Account # 579XXXX     Account Type Collection Department / Agency / Attorney     Balance $329.00     Date Opened 10/1/2010                           Account Status Closed         Mo. Payment         Close Account Details Past Due $329.00         Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department         High Balance           Limit           Terms 1 Month         Comments

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If they are willing to do the PFD by all means DO IT!! Get those off of your reports they are easily worth 30-40 points FICO if removed!

Make sure you get them to send you written acceptance of the PFD.

[Anonymous]

definitely going to do it then. cbcs told me once its pay they will give me a conformation number and i will get the letter of deletion for my records within a week, the other told me to come in and pick up the letter and bring my payment with me. 30-40 points just for them being deleted??????? no way!!!!!! if so im siked... im pretty grateful to have found this forum you guys have no idea.. at 24 years i would have no idea on these decision if it werent for this community thanks guys...

[Anonymous]

robert thanks alot for your input, definitely going to jump on the oppurtunty even though its gonna cause me a grand.. you kind of lost me with the acronyms could you elaborate not to familiar with the lingo lol.. DOFD's, SOL???

[proudnavymom]

DOFD-date of first delinquency--this is the date the CRA's go by to determine when the 7-7.5 years is up for a negative to drop off your CR

SOL--Statue of Limitations--if a debt is still within the SOL, you can still be sued.  If is outside the SOL, you can still be sued, but you can use the defense that it is outside of SOL.

I hope I have explained it correctly.

[Anonymous]

you did thanks alot. well since these arent that old that means they can still sue. but like many in here said, its not worth me waiting seven years for them to drop off especially if I will be trying to obtain credit prior to then. so just going to pay it and get them deleted. question, lets say I pay next week how will I be able to see if they are off if I already got my annueal report for this year????/ and if they do get deleted does my score really go up like someone mentioned earlier??