I used to post here about 5 years ago. I fixed my bad credit from college, and got some cards. I was on my way to good credit then I was laid off. Creditors weren't willing to work with me. Anyway, I had an Aspire credit card, which was closed in 2001. It was charged off. Today I received a letter from Alegis Group LP with an offer for a credit card from Plains Commerce Bank for an Ascent Credit Card. Sherman Acquistions II LP owns the debt now. Supposedly as I pay the debt down the available credit will appear and I will be able to use the card. I don't have enough to settle the debt outright. I could use a credit card. I have a job now and can make payments. I would like to buy a house in 2-3 years. This debt will not be off my credit report at that time. Has anyone done this program? What is it like? Can you pay the credit card payments online? Are they timely with statements? Do they report to all 3 credit bureaus? Will this make the CC and the Collection agency account R1s?
Actually you should get it in writing that they delete the old tradeline and "open" a new account with that previous credit limit so it shows pays as agreed. Or, are they willing to keep the old tradeline and place it as pays as agreed with no lates?
