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datrik | Pay in full and receive credit or settle and cease credit relationship? |
Account is in charge-off and reported to bureaus as so. Amex is giving me 2 options.
1. Pay in full($2180) and recieve a card with them to help reestablish credit.
2. Pay 60%(~$1200), settle debt, and cease relationship with Amex.
Both options report the same to my credit report: paid charge off.
Wanting to get a mortagage ASAP and need to clear this up before banks will give me one...
What is my best option. I can afford either one. I don't necessarily want or need a credit card, but if it will improve my credit, is it worth the extra $900?
thanks for your guidance!!! |
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Hushyanoize
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not worth the extra $$$. after a while many credit cards will be sending you mail. if it is reported the same, and you do not need a card, forget paying the extra dough.
gl getting back on your feet. |
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whitecloud
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never touch credit you dont need it ,,,, |
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Very Unique
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Don't take the card. Your score will look better if u pay in full. If you only pay 60% the mortgage company might say that u werent responsible enough 2 pay your debt, therefore, u r not rdy for a loan. |
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ronald b
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You need to pay what you owe, you will never achieve any kind of credit rating until you get your head straight and realize that being able to pay amex and then not doing so is as bad as stealing from your neighbor. Pay up and please make sure you can pay your new mortgage before you agree to put your self in debt again. |
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me2
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You made the charges so in my opinion pay them the amount you owe then tell them no thanks on the card.
Of course in reality I would probably the second option because the first is probably othing more than late fees and service charges. You can rebuild your credit by getting small loans from a local bank.
for instance take out a 500 dollars loan and then pay it back in a month or two. that is less interest and it may be that bank that will give you the mortgage |
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the dream
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Be careful; I knew of an individual who paid in full with the promise the card would be kept active. They took advantage of him by keeping it active but making the credit limit 0. Get everything in writing. |
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Crystyl
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As others have said, don't take the new card if you don't need it.
If you do choose settle the debt at tht 60%, make sure to get something in writing from the creditor that the account is considered "paid in full." I failed to do this with one account that I settled, and to this day two of the "big 3" credit reporting agencies still show it as having a balance due while the other states something to the effect of "legally paid in full for less than the full balance." When attempting to correct the two credit reports, they tell me that the amount is still due, while the original creditor says it is not. |
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paulamathers
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No. There are other ways of improving your credit rating - get a credit card with another company (dont spend anything on it because it shows that the more people who are willing to lend you money, the more creditworthy you must be and therefore gives you more points - BUT not too many cards as it will show you as being over stretched and lower your score), take something out on credit then pay it all off in one go as soon as you get the first bill. Save yourself the extra money and put it towards the deposit on your house. You need to wait 28 days after paying AMEX before its completely removed from your credit rating. |
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Mindy
 |
If you pay the balance in full then of course it will look good on your report and you will retain the credit card and it is always better to pay the debt in full then to take a settlement. If you take the settlement then your credit report will show that you settle the debt for the 60%. What the credit card company and /or collection agency won't tell you is the remaining balance will remain on your credit report for the next seven year and will still affect your credit score.
If you can pay the debt in full then you are better off in the long run. BTW, I am a Credit and Collections Analyst in Washington State. I have been doing this for 10 years now. |
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Allen L
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Is worth 2 points on your credit score |
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Just Some Guy
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well, if you can afford either one, why don't you pay what you owe? |
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Amberlyn4
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Take pay in full and reestablish credit. Because you paid in full it will look better to a mortgage company and ups your chances of getting a decent rate. With a new house you never know when that credit will come in handy. |
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