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Posted in Auto Loans
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Eallred05

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Credit payoff information
Hello I was wanting some information regarding an auto account I have. We have a balance of $5300 and are trying to pay less to save some money. The creditor said that he could take off a little over $1,000 but it would be noted on my credit as a settled account not paid in full. Is that something that will affect my credit in a negative way? Is it a better decision to pay the full amount instead? Thank you.

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Is it in collections?  Paid in full collection is still a negative mark; the only time it helps is with mortgage where the loan company will require any collections and charge off's to be paid.  Not paid in full is something I would NOT take an offer.  I would get it in writing to pay x-number a month and at the end after the debt is satisfied that the tradeline will either be deleted or show it was never late and is a good account that's closed.  Don't get this promise over the phone either.  Get it in writing and signed if it's in any sort of collections.

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