I hadn't used a credit card for over 6 months (but still paying the balance) and when I attempted to use the card, I found that it was closed. Frustrated, I decided to settle the debt to just be done with it. However, I requested the debt on my credit report state Paid As Agreed or Paid, rather than Settled. It wasn't a bad debt, so I don't want adverse information reported on the credit report. The closed the account because I wasn't using the card. Is it impossible for the creditor to report as Paid? The pay off is pending until the end of the month, should I just cancel and let it go to collections and go from there? If so, how long does it typically take to be turned over to the collection agency? What are your suggestions?
Oh Lord no, don't let a perfect account go to collections and charge-off. Settled is better than that. Why don't you just pay it month per month? Don't cut off your nose to spite your face. People are getting cards closed and limits slashed everywhere. It's just the market so don't tank yourself out of frustration.
