What kind of deal is this? They want to pay off an old Emerge charge off of $1000 that is about 2 1/2 years old. Says they will notify big 3 to say its paid and then match a percentage of my money to help eleminate the original debt at 0% interest. Plus give me a $400 credit line(with interest)....Why???
I've gotten offers like this from Cap1. They typically involve paying off the old debt, usually at 100%, and giving you credit as you pay off the debt.
I've seen situations where a defunct business called "The Credit Store" did this with an old (well beyond SOL) ITT credit (car loan) account ... they were hooked up with "the Bank of Hoven" (now Cross Country Bank), and they were working on a very deceptive basis ... they called the victim and offered the card and she said she would consider their offer, and they sent the card, opened the account, started sending bills, reported it CO to the CRAs ... and folded very quickly when confronted. Their cynical motto was "Giving People The Credit They Deserve".
upon further review it is from Compucredit in the fine writing. Which if memory serves me right is emerge??
Maybe I should start a new thread for this but Dan, would you mind letting us know how in the world you accomplished the results in your sig line? Maybe you've already posted this info but that is fairly impressive! I would stay away from these offers unless you just absolutely need the TL for something as it does nothing except basically re-age old debt under a new TL.
Re: Re: Aspire..wants to PAY my old debt?? balance was 18k, now 1,600! utilization was 95%, now 10% I think that says it all. Nothing brings the FICO up like paying the balances down.
Re: Re: Aspire..wants to PAY my old For my story, I will point you here: http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=54102 and more details here: http://consumers.creditnet.com/straighttalk/board/showthread.php?threadid=52490
Re: Re: Aspire..wants to PAY my old debt?? So what is the lesser of 2 evils? A paid collection, and a new trade line. Or an unpaid collection 2 years old? Will FICO go up or down with each scenario???
Re: Re: Re: Aspire..wants to PAY my old debt?? I believe the older the debt, the less impact it has on your FICO score.
Re: Re: Re: Aspire..wants to PAY my old debt?? Why not include deletion as a requirement with your payoff? If they agree to delete if you pay it, then you do not have to worry about the negative TL at all.
Re: Re: Re: Aspire..wants to PAY my old debt?? I am going to call them to see what my options are. If I remember right(I am at work) they will show a paid trade line. I will at least ask them to remove late pays, since they are bombarding me with settlement offers....they probably wont delete entire line although of course that would be great!
Re: Re: Re: Aspire..wants to PAY my old debt?? Be cautious how you speak to them. You want to avoid a situation where they believe they have permission to go ahead and send you the card and roll the old balance onto it ... unless of course, permission is what you mean to give. But my point is, in my DW's case, they assumed permission in a situation where she did not believe she had given any. So you want to pepper your discussion with disclaimers, use the word "hypothetically" and "supposing", etc. a lot so that they'd have to chop a tape to ribbons to string together words amounting to "consent".
Re: Re: Re: Aspire..wants to PAY my old debt?? Thanks for the words of advice! I wont even call from any of my phones, because even if you block a call they somehow get your number. I will wipe a pay phone off and go that route! LOL. I just want to help my FICO, and need to see what they say about my tradelines....
