Should I correct the opening bal (which is higher ) on a collection to show lower util?

[Anonymous]

I have a CO for a car loan opened 9/2001 w/$2,875 bal.  the CA who took me to court and know show I have a balance of $5,427 still owing with a begining bal of only $5,644.  I have made 12 pymnts ($3600) all ON TIME.  (As soon as I refi in July, I plan on offering a settlement)  MY QUESTIONhould I ask the CRA's to report the true opening bal of $10,491 (after intrst and crt cost )to lower my overall util?  Will it help my scores?  I am refi in June.

[smallfry]

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@Anonymous wrote:

I have a CO for a car loan opened 9/2001 w/$2,875 bal. the CA who took me to court and know show I have a balance of $5,427 still owing with a begining bal of only $5,644. I have made 12 pymnts ($3600) all ON TIME. (As soon as I refi in July, I plan on offering a settlement) MY QUESTIONhould I ask the CRA's to report the true opening bal of $10,491 (after intrst and crt cost )to lower my overall util? Will it help my scores? I am refi in June.

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I think you might get a tax bill from the IRS if you do that.

[Tuscani]

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songman50 wrote:

I have a CO for a car loan opened 9/2001 w/$2,875 bal.  the CA who took me to court and know show I have a balance of $5,427 still owing with a begining bal of only $5,644.  I have made 12 pymnts ($3600) all ON TIME.  (As soon as I refi in July, I plan on offering a settlement)  MY QUESTIONhould I ask the CRA's to report the true opening bal of $10,491 (after intrst and crt cost )to lower my overall util?  Will it help my scores?  I am refi in June.

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No.. your only goal at this point should be a lump sum settlement with a PFD.