Credit Settlement Amount Question

Mar 022011
 

Dear Forum Members,

 

I have a collection from Midland Credit Mgt. for a total of $6,250, which is from mid 2008.  I live in Florida, which the SOL is 4 years on credit card debt.

 

My question, what should I offer them as a settlement payment?  I have heard 25% is a good starting point, but I was wondering if even less would be better.  I know I should do a PFD, but I have heard they do not bother fighting a dispute once an account is settled (could be wrong on this though).

 

Thank you for your help.

Looking for Goodwill Success

Feb 252011
 

My fico’s are on the rise, my baddies have been mostly defeated and I feel that I’ve moved out of that initial where do I go from here phase and am now in phase 2, the aftermath.

 

My question is, does anyone have any successful information on the following last of my baddies:

 

Cap One – Charged Off, Sued me, Paid, Settled  2006 – 2010

Chase     – Charged off, paid off, 2006 – 2010

HSBC      – Charged off, paid off, 2006 – 2010

GEMB(American Eagle) – Charged off, paid off, 2005 – 2009

Midland Credit Management – Chase charge off, paid off 2010

West Asset Management     – Direct TV, paid off 2010

United Collections Bureau -  Medical Bill from 2006, paid in 2007

 

All paid off, and unfortunately they are the last of my items reporting any kind of bad information. Cap One is who I want off the most, they report fine on 2 of my reports, but on EQ they are reporting me as  90+ days late 39 times which I’ve disputed but that is legit.

 

I would just say forget about it and enjoy being in debt-free bliss BUT I start Law School in a few months and I’ll need to start applying for financing so I can afford the $2000 books.  Any information on possible contacts or strategies that have worked would be greatly welcomed and likewise I would be happy to share my resources as I’ve battled many other companies off my reports to get down to just having these last few.

Just got an alert that Midland Credit ran my credit

Dec 272010
 

Midland Credit Management ran my social without my permission… how can they legally do this? What should I do? 

Aspire Visa Card

Dec 222010
 

I received a letter from TMZ lawyers in regards to a class action suite against CB&T regarding my Aspire Visa Card.  This card is currently reporting twice on my credit reports.  Once with the OC for $882 and again with Midland Credit (CA) for $1012.  I’m not sure how to proceed at this point.  This is a relatively new issue reporting negatively on all three credit reports scheduled to fall off in mid-2015.  I’d like to try to resolve.  Should I wait for the outcome of the class action suit?  Or start process of PFD?  Any thoughts would be appreciated.

 

Current scores:  TU – 615; EQ – 588

REALLY need your help and advice!

Dec 072010
 

Hello to all.

 

I am trying to fix up my credit for a secret clearance I am applying for, for my job, and I really need your help.  Currently, freecreditreport dot com is stating my credit score at 562, and myfico score watch is showing 515.  I am going to list my creditors so that you can know exactly where I am at.  My goal is to get as many “baddies” removed as soon as possible (PFD’s) to raise the chance of getting a clearance.  I am not worried about a credit score so much (but I do want it to rise), I am more looking to get the bad items removed so that I look better on the report.

Here are my items in collections:

 

Experian per FCR.com:

 

Reporting Agency

 

Amt Due

 

Opened

 

 

 

 

 

Account Recovery Systems

 

312

 

6/1/2009

AIS Services LLC

 

710

 

3/1/2008

American Property Recovery

 

128

 

11/1/2009

AMSHER Collection Services

 

401

 

1/1/2006

Arrow Financial Services

 

813

 

7/1/2008

Credit Management LP

 

206

 

10/1/2008

Enhanced Recovery CO L

 

1573

 

2/1/2010

Equidata

 

131

 

9/1/2010

Healthcare Funding SLT

 

119

 

3/1/2010

Merchants and Professional

 

79

 

2/1/2008

Midland Credit Management

 

516

 

9/1/2010

Midland Credit Management

 

655

 

6/1/2008

Payliance

 

57

 

2/1/2008

ProCollect

 

1921

 

11/1/2008

Williams & Fudge

 

1233

 

3/1/2010

Williams & Fudge

 

27351

 

3/1/2010

 

Equifax per MyFICO Score Watch:

 

Reporting Agency

 

Amt Due

 

Opened

Cornell University

 

1233

 

Mar-10

Cornell University

 

27351

 

Mar-10

Unknown

 

159

 

Aug-09

Unknown

 

226

 

Aug-09

Unknown

 

104

 

Nov-09

Healthcare Funding SLT

 

119

 

Mar-10

ProCollect

 

1921

 

Nov-08

Enhanced Recovery

 

1273

 

Feb-10

Cox Cable

 

139

 

Sep-10

Unknown

 

32

 

Apr-07

Account Recovery Systems

 

312

 

Jun-09

TX Gas

 

79

 

Feb-08

Comcast Houston

 

206

 

Oct-08

Payliance

 

57

 

Feb-08

 

If you have any experience with PFD’s with any of these companies, please let me know.  I have about $3000 I can use for PFD’s and want to get that process started. 

 

How long does it usually take from asking for a PFD to the account being deleted from your report?

 

Thanks in advance for all the replies and advice.  I really appreciate it!

What should I do next?

Nov 222010
 

Hello everyone!

 

I’m new here, so please be gentle if my questions have been repeated elsewhere.  (I’ve been on other forums where long-time members only reply “go read such-and-such topic”) 

 

The objective: Improve my overall credit picture, credit score, and obtain a loan for a used car ($10,000 – $15,000).

 

The situation:  My EQ score is 614.  I have no positive open accounts.  I have 8 closed accounts.  7 accounts are negative, 1 positive.  The one positive is a car loan that I finished paying on 06/2002.  The negatives are Arrow Financial (CA for 1st Premier), 1st Premier (OC), Portfolio Recovery (CA for Captial One), Capital One (OC), Consumer Portfolio Svc. (CA for car loan), Midland Credit Management (CA for unknown OC), and Direct Loans (student loan OC).  Now, there are a few things I’ve noticed since pulling my credit report from EQ.  For starters, all the OC’s were charged off/in collections and all OC’s have passed my state’s SOL.  The Direct Loans has been paid off and reflects a $0 balance, but still shows it’s a collection account.  Only 2 OC’s are listed, but 3 CA’s are reporting, so one of the CA’s has an OC that seems to not be reporting.  So, essentially I have 3 accounts with a $0 balance, and 4 with varying balances (all below $1,000 except for the repo. car loan (Consumer Portfolio Svc)).  The baddies are scheduled to fall off my CR on 10/2013, 09/2013, 01/2013, 10/2013, 09/2013, 09/2013, and 04/2014 (July, August, and September of 2006 were bad times for me financially).

 

My question is, what should I do next to improve my CR AND CS?  I’ve been considering PFD’s, but I’ve heard they don’t increase your score, especially since the balances are all with CA’s.  If I contact the OC’s with a PFD, assuming they accept and force the CA’s to report $0, will that affect my CS?  Is it even possible to offer a PFD to the OC since they show a $0 balance?  Should I offer the PFD to the CA instead?  Almost all the negatives will be gone by 10/2013, so whatever I can’t get removed I’m somewhat willing to wait for it to fall off.  Also, since I don’t have any open accounts (no mortgage, car, or credit cards), I’ve been considering opening a secured credit card or two and “sock drawer”-ing them to try to reestablish good, open credit.  I’d prefer to open 1 secured CC and one store CC, but I’m afraid to apply at random stores for fear of lowering my score further.  Are there any stores that people know of that will lend to bad credit applicants?  (I live in north Florida, by the way).  I figure I can get into the 650 club at some point next year, and eventually the 700 club, but I’m wondering what’s the best and perhaps fastest routes to getting there.

 Older Entries