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Posted in Credit Cards
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Question By
jweaving

1 Contribution
20 People Helped
Does making a settlement on a card negatively affect my credit score?
I'm considering an offer to make a settlement on a credit card.

Will settlement affect my CREDIT SCORE, not my credit history. I recognize that it may still show any missed payments or that the account was closed by the bank.

Payments to settle the balance in full are just absolutely unreasonable at this point. The settlement option seems better to pay the debt and not show bankruptcy on my report.

What is everyone's thoughts?

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Top Contributor
10320 Contributions
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First you need to learn about the statute of limitations on collections to see what it is in your state, since it varies.  The you need tp learn how to negotiate a 'pay for delete' agreement which might get this account off your credit sooner that the 7 years you would normally have to wait.  You question indicates you have not yet read any of the articles which are here to teach how credit works and how to build your score and such knowledge is extremely useful and valuable.  When you understand credit, you'llknow how toplay the game correctly.

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