@Anonymous wrote:Hello all:
I am trying to get my credit back on track. My score dipped rather low and I am in the process of getting it back on track. I paid off ALL of my credit cards; the only other things on it are my mortgage, car and student loans (all are current with NO issues).
My question:
I have 4 items in collections:
1. Midland Funding (opened 05/2016) for $460;
2. Credence ($2836 - Long story but got screwed over by AT&T when closing account) Opened 03/2020
3. LVNV Funding (opened 07/2020) for $830 (so far they are the only one I can reach and they offered to settle at $581.04.
4. JCAP (Opened 04/2021) for $649; (old debt but just placed on my credit report);
So the question I have is what my best options are for a better repair of my credit. I can try and get PFD's but I cannot pay all this debt all at once and would like the best bang for my buck. Is settled just as bad? I have savings set aside (around $3000) to try and pay off most if not all the debt hopefully.
I own my home but want to get my score up in case we want to buy/sell a home in the next year or 2. Thanks all!
With Midland and Resurgent (LVNV) settled or paid they will delete the collections off your reports. Call Resurgent who handles LVNV:
"If an account is paid in full or settled in full after we begin credit reporting, we will submit a delete request to the credit reporting agencies after the payment resolving the account is processed. Note: We do not control the timing within which the credit reporting agencies process our requests."
JCAP will do the same. "Our policy is that we will request the credit bureaus delete the tradeline approximately 30 days after the final payment has been posted that resolves the account as paid in full or paid in full for less than the full balance."
Credence doesnt do PFD. At least I couldnt find it. Call and ask. Next. Never have all your cards report a $0 balance. You'll take a score hit. Let one report $20 (Not knowing your card limits) at statement date and then pay before the due date. Rinse and repeat.
@Anonymous wrote:Hello all:
I am trying to get my credit back on track. My score dipped rather low and I am in the process of getting it back on track. I paid off ALL of my credit cards; the only other things on it are my mortgage, car and student loans (all are current with NO issues).
My question:
I have 4 items in collections:
1. Midland Funding (opened 05/2016) for $460;
2. Credence ($2836 - Long story but got screwed over by AT&T when closing account) Opened 03/2020
3. LVNV Funding (opened 07/2020) for $830 (so far they are the only one I can reach and they offered to settle at $581.04.
4. JCAP (Opened 04/2021) for $649; (old debt but just placed on my credit report);
So the question I have is what my best options are for a better repair of my credit. I can try and get PFD's but I cannot pay all this debt all at once and would like the best bang for my buck. Is settled just as bad? I have savings set aside (around $3000) to try and pay off most if not all the debt hopefully.
I own my home but want to get my score up in case we want to buy/sell a home in the next year or 2. Thanks all!
Better to pay them off rather than settle, unless you're lucky enough to get them to delete the negative item with a settlement for less than the full amount.
@Anonymous wrote:So, I called Resurgent and they said that the debt was sold to "Glass Mountain Capital" although my credit report still shows LVNV. However, they told me that LVNV will NOT do PFD. He said he can request it but he "KNOWS" they won't. I am not sure how to proceed with them.
UPDATE: I got back ahold of Resurgent and they took care of everything..so that's 2 that provided me with letters for PFD and were paid off!
I did get ahold of JCAP and they stated they will remove within 30 days of payment..sent me proof of this and as such I have paid that off.
UPDATE: MCM is now paid off as well and they said they will notify credit bureau's to remove.
Just one left and I haven't heard from them!!
Further, I did keep $50 on one of the cards.
I spoke to Resurgent before I made this post. It used to be listed on LVNV's website that they PFD. The lady said Resurgent handles LVNV and they do PFD. She told where to look on the website which is what I copied and pasted. But since it sold. I never heard of those guys. Good on Midland and Jefferson. I'd call Glass real quick and see if you can settle with them before they hit your reports.