Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
settleornot

2 Contributions
0 People Helped
I owe $2000 on a credit card & am 120 Days late. CCC has offed settlement of $800.Should I accept?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1884 Contributions
3682 People Helped
Most Helpful Response

I've never heard of a CCco offering

Helpful to 1 out of 1 people

A pay off when only 120 days past due, But if it is you probably want to take it.  That doesn't happen often, paying 40% of the balance sounds like a good offer. I dought you would be able to negotiate any kind of "pay to delete" or other benifit to your report.  Realize that They are going to close the account and it will probably end up with the derogitory remark on your report that will stay there for the next 7 years, so you have to consider the long term effect on your scores. If this account has been reporting late pays for awhile, it is probably to your benifit.

Good Luck

Reply by
settleornot

2 Contributions
0 People Helped

The credit card is Citicards. It is a Zales account. 

2 Contributions
0 People Helped

They have already closed the account. The original balance on the cc was $1800, two years ago. But because I was late, the interest rate jumped up, along with late fees, over the credit limit fees..... the debt is more now than it was in the beginning. The minium payment due is $667. The settlement offer is $806.  I would like to take the settlement and get this account behind me. I want to try to buy a house in the next year, so I am trying to get my credit cleaned up. 

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.